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Tag: Personal Finance
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How to Protect Your Business and Personal Bank Accounts
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Opinions expressed by Entrepreneur contributors are their own.
In 2021, Americans lost approximately $5.8 billion from identity theft. There were 2.8 million consumer identity theft incidents reported, which means there could have been much more. Of that, $2.3 billion were from imposter scams, and $392 million were from consumer online shopping. For businesses, 47% of all businesses had one form or another of fraud affect them. According to the FBI, in 2020, scams cost U.S. businesses over $1.8 billion. And since 2020, fraud cases are up by over 70%.
If you’re not alarmed by this info, you should be.
The hard truth is that even though many companies you deal with will try to keep your personal and business information private and inaccessible to these criminals, it ultimately comes down to you being fully aware of the various types of identity theft there are, and most importantly, how to prevent it from happening. If you take the stance that this is someone else’s responsibility, you’re placing yourself and your business at high risk simply by having the wrong attitude!
So, here is some great info that you can take action on for both your business and personal protection:
Related: How to Prevent Identity Theft in Today’s Digital World
1. What is identity theft?
The below definitions come straight from the Bureau of Justice Statistics website: The definition of personal identity theft includes three general types of incidents:
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unauthorized use or attempted use of an existing account
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unauthorized use or attempted use of personal information to open a new account
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misuse of personal information for a fraudulent purpose.
The definition of business identity theft (also known as corporate identity theft) is:
- The illegal impersonation of a business.
In that broad description of business fraud, it includes any type of business structure that has an Employee Identification Number (EIN), also known as a Tax Identification Number (TIN) — meaning that this can range from a sole proprietor making peanuts to a large C-corp generating millions.
2. Various types of identity theft
There are many ways that people can get your business/personal information. Here are the most common:
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Online: This is what most folks think of when they think of identity theft. This involves crimeware, which is considered malicious software used to steal personal information. We usually call these things worms. The most common types include phishing, spyware and Trojan horses through emails. And the best way to prevent this from happening is to avoid unsecured networks, such as those found in airports, coffee shops, etc. Delete any emails that seem suspicious. Another idea is to keep your spyware protection software on your computer systems as up-to-date as possible.
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Offline: This is almost 90% of how all fraud starts! Let’s call this one “old school.” This is when you receive calls or emails that request your business and/or personal information. Scammers will impersonate any number of companies, like banks, insurance and even IRS agents! The scammers will always say that you owe them money for one reason or another (by the way, did you know that your bank will never call and say you owe them money? Nor will the IRS). What’s the best way to fight this type of fraud? First, never give out your business or personal information to any company, no matter how legitimate the phone call or email seems. Second, simply hang up if it’s a phone call and/or do not reply to any email — just hit delete.
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Large-scale identity theft: This is when a hacker gets past a firewall at a company like Target and can then access your account numbers, credit card and/or debit card numbers along with PIN numbers. In this type of instance, there isn’t much you or I can do to prevent this type of breach from happening. What we can do is be prepared for a rapid reaction. This type of theft will make national news, so if you hear of this happening, respond immediately by changing your all usernames and passwords and canceling and then ordering new debit and credit cards.
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Internal employee identity theft: This is when you have employees with access to vital banking and account information. They may wire or Zelle funds to themselves or anyone. They can steal checks from your office and write those checks to themselves or others. They can also sell this information to people for cash if they choose to. The reality is that if you have provided this employee with access to your bank account, then the banks cannot do much since you allowed someone access. Therefore, the bank is not at fault, and while they will do what they can to help and get some money back, they are not responsible, you are. The good news is that the court system can do something about this situation. The only way to prevent this is either by doing all your banking yourself, and/or being REALLY picky about who gets access and to what information.
Related: Make Your Businesses Invulnerable to Corporate Identity Theft
3. Examples of business identity theft
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Bogus social media accounts: Check your social media accounts, and see if there are any Facebook pages, Instagram pages or other social media sites you use that are pretending to be your business.
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Bogus websites: Naïve customers are directed to these sham websites through search engines, various social media ad campaigns or phishing email scams.
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Phishing emails: These fake emails are sent by scammers to employees and usually have a type of spyware attached to them that will activate once you click on a link.
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Bogus tax information: Scammers use stolen business information to file fraudulent tax returns in order to attempt to receive a refund.
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Ransom of your trademark: Criminals steal your business name/logo and register it as an official trademark of their own. Then, after they wreak havoc, they’ll actually demand a ransom to release the trademark!
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Bogus invoices: You’ll get this from a scammer pretending to be your vendor asking for money. It will look legit as it will have the logo, etc. on it.
4. How to prevent personal and business identity theft:
There are many, many ways to help prevent identity theft. Here is a short list to get you started:
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Shred any and all statements: Credit cards, bank, mortgage, etc. Better yet, set up auto-pay and use online statements instead.
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NEVER provide personal/business info over the phone: Never do this unless you made the call and can identify the person/company.
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Software protection: Consider getting some type of protection onto your personal and business computer.
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Get identity theft protection: Think of companies like LifeLock.
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Don’t keep your SS card in your wallet/purse: Maybe even consider this for ALL your credit and debit cards?
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Create longer passwords: If you can get 10-15 digits in there, with a mix of letters, numbers and special characters, then you have a good one.
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Check your credit reports: Be sure to check your credit reports at least monthly if not more often. You can get them from the actual credit companies, not the knockoffs.
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Be wise about shopping online: Practice common sense here. Use sites like Amazon and not some unknown site.
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Be wise about social media: Maybe only send friend requests to folks you actually know, and give a double-check on an account that looks weird or off in some way.
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Unsecure networks: Stay away from places like coffee shops that have Wi-Fi but are not secure.
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Healthy skepticism: When someone is contacting you by email or phone, be VERY sure of who they are before clicking any links or providing any info.
Pro Tip: Ninety percent of fraud is still initiated by receiving a phone call, NOT from someone mysteriously accessing your bank account. I help customers each week with fraud, and the truth is that the fraud happened because they GAVE a fraudster the username and password over the phone. Every. Single. Time. Just be smart, folks.
Related: How to Protect Yourself and Your Business From Fraud
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Microsoft, McDonald’s and Nike set pace as Dow runs Monday gain to 200 points
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McCarthy leans on ‘five families’ as House GOP plots debt-limit tactics | CNN Politics
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CNN
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The White House and Senate Democrats have calculated that Speaker Kevin McCarthy won’t have enough votes to raise the national borrowing limit and will end up caving to their demands to avoid a first-ever debt default – with no strings attached or any conditions whatsoever.
House Republicans are trying to prove them wrong.
Behind the scenes, McCarthy is beginning to chart out a new strategy to ensure the House GOP can muster 218 votes to raise the national debt ceiling and tie that to an array of cuts to federal spending, as the standoff with the White House shows no signs of easing.
In the speaker’s office last week, leaders of the so-called “five families” of the House GOP – representing the various ideological wings of the conference – met for the first time to discuss the range of possibilities and to kick around ideas about raising the debt limit, according to multiple attendees. McCarthy didn’t attend the session but enlisted a close confidant, Louisiana Rep. Garret Graves, to lead the discussions, with top committee chairmen and other members of leadership also participating. Talks are expected to pick up when the House returns from a two-week recess after the Presidents Day holiday.
The goal, according to multiple Republicans, is to begin to develop a consensus about a proposal that can pass the House with GOP votes and strengthen their conference’s negotiating position as Washington stares into a looming debt default this summer. The belief among Republicans is such a plan would force the White House and Senate Democrats to back off their insistence that they will only accept a “clean” debt ceiling increase without any spending cuts attached.
The move gives a window into McCarthy’s management of his razor-thin majority, allowing his most conservative members to try to find consensus with more moderate lawmakers – replicating a dynamic that ultimately allowed him to win the speakership after a messy, 15-ballot fight. But it also is a break to how one of his predecessors, John Boehner, dealt with the debt limit the last-time the country nearly defaulted – in 2011 when many of the decisions were made by the leadership, prompting a revolt among the rank-and-file.
The private GOP talks have been positive so far, attendees said, even as they acknowledged they are in the very early stages, weighing a range of potential budget cuts and not nearing any agreement yet.
Rep. Patrick McHenry, the North Carolina Republican who chairs the House Financial Services Committee, said the meeting amounted to a “healthy discussion” that showed “goodwill” in an effort “to come up with an approach that unifies Republicans and enables us to unlock the rest of the legislative year.”
“That’s the purpose of the conversation: How do you move the debt limit out of the House of Representatives?” McHenry told CNN.
The discussions are expected to run parallel to talks between McCarthy and President Joe Biden, with the speaker making clear he believes the next step will be to continue discussions with Biden. The group could potentially help McCarthy present a GOP proposal to the president in future conversations and help vet any White House offer.
But despite both Biden and McCarthy sounding positive after their first face-to-face encounter earlier this month, there’s been little tangible progress toward finding a deal as Democrats continue to hold firm to their demands to raise the borrowing limit with no horse-trading with Republicans.
Republicans believe that the White House is slow-rolling Biden’s discussions with the speaker in order to ratchet up pressure to pass a clean debt ceiling increase, something McCarthy has publicly and privately rejected.
“They say they don’t want to put the economy in jeopardy,” McCarthy told CNN when asked about the lack of progress with Biden since the last White House meeting. “I think that would be the wrong approach.”
Behind the scenes, McCarthy has been proactive in ensuring regular communication between the five families, a nickname from the “The Godfather” of warring New York mob families who tried to maintain the peace.
“There’s a level of trust and engagement within the five families that I have not seen in the previous four years,” said South Dakota Rep. Dusty Johnson, chairman of the Main Street Caucus, a center-right group. “We’re working really well together.”
Rep. Dave Joyce of Ohio, who leads the pragmatic-minded Republican Governance Group, said the group meeting with Graves was “very productive, and we will continue to have those until we come up with something.”
Another reason Republicans are eager to outline their vision: Democrats have hammered them for not having a plan – and have tried to speak for them. Indeed, perhaps the most memorable moment of Biden’s State of the Union address was when the president suggested Republicans want to cut Social Security and Medicare, eliciting jeers and boos from GOP lawmakers in the audience.
“It’s intellectually dishonest,” Joyce said, noting that McCarthy has said repeatedly that Medicare and Social Security cuts are off the table.
Some Democrats have speculated that they could peel off at least six House Republicans to back a so-called discharge petition – a lengthy process that forces a bill to the floor if 218 lawmakers sign on – once they get closer to a debt default and still don’t have a resolution.
But moderate Republicans are ruling out using the discharge petition for a clean debt ceiling hike and are insisting on extracting spending cuts in exchange for raising the nation’s borrowing limit – a sign that the conference is in lockstep with McCarthy’s negotiating strategy.
“If it’s tied to a clean debt ceiling, I wouldn’t do that,” said Rep. Don Bacon, who represents a Biden-won district in Nebraska. “The President’s got to give us some compromise.”
The hardline House Freedom Caucus, which ended up forcing McCarthy to make key concessions to win the speakership, is one of the five groups taking part in the debt ceiling talks.
Rep. Scott Perry, a Pennsylvania Republican who chairs the group and attended the five families meeting, said there’s a consensus on this point: “We’re not going to accept ‘no negotiation,’” a reference to the White House’s position. “And there’s not going to be a clean debt ceiling, alright?”
South Carolina Rep. Ralph Norman, also a member of the hardline group, agreed.
“We got to get 218,” he said of the early talks. “We’re trying to get the framework. We want all buy in.”
Norman argued that it didn’t make sense for the groups to publicly float competing proposals, even though one of the so-called families, the Republican Study Committee, has outlined its preferred approach, although the group did not lay out specific cuts or spending proposals.
“There’s no sense in us, one group putting something out, another group puts something out,” Norman said.
Norman, who initially opposed McCarthy’s speakership bid but ultimately backed him, said the California Republican’s effort to build consensus has helped his standing within the conference.
“To his credit, Kevin has done a good job of getting us all together and getting us on the same page,” Norman said.
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U.S. Shoots Down Fourth Object Over North America
The object was 20,000 feet above Lake Huron, the Pentagon said, underscoring its stepped-up defense of North American airspace since discovery of a suspected Chinese spy balloon.6
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This 52-year-old retiree left the U.S. for Portugal. Here’s how he spends his weekend—on less than $40
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In 2015, my family and I took a vacation to Lisbon, Portugal. We immediately fell in love with the beautiful weather, the rattle of cable cars, and the welcoming locals.
Just two days in, we decided to leave the U.S. and retire in Portugal — and it was one of the best decisions we’ve made. We spend far less money on necessities in Lisbon than we did in Washington, D.C. We’ve also found that fun leisure and food experiences are just as, if not more, affordable.
On weekends when I’m out and about, I spend less than $40 a day:
Start the day with coffee and breakfast
Price per person: $6.31
Lisbon is paradise for breakfast lovers. When my wife and I are in the mood for something light, our favorite spot is the Copenhagen Coffee Lab in Principé Real, a lively neighborhood in Lisbon.
For a bigger breakfast, we go to the nearby Seagull Method Café, where we order cottage cheese and fruit pancakes for $6.31 a plate.
Take a train to the seashore and rent bikes
Price per person: $11.34
A one-hour train ride from Lisbon’s historic Cais do Sodré station to the fishing village of Cascais costs $4.92 (round trip).
Cascais is picturesque, with tiled buildings and black and white cobblestone plazas. It’s a gorgeous place to spend the morning.
Downtown Cascais has plenty to look at, including beautiful tilework and architecture.
Photo: Alex Trias
Near the center of town is the Jardim dos Frangos (translated to the “chicken garden”) where peacocks, roosters and hens, followed by their chicks, wander freely through the pine and shaggy eucalyptus trees.
After walking around, my wife and I rent bicycles for $6.42 and ride alongside the ocean.
The bike path to Guincho Beach offers amazing views of the region’s cliffs and the Atlantic Ocean.
Photo: Alex Trias
The bike path is relatively flat and takes us past the scenic cliffs of Boca do Inferno and a collection of shops and restaurants to the rough waters of Guincho Beach.
From there, we hike through the dunes and rocky cliffs, or sit and read a book. We might also pack food and have a picnic.
Explore Lisbon’s outdoor markets
Price per person: Free
Once an old industrial complex for textiles, LX Factory is now a collection of shops, restaurants and open-air kiosks. We like to stop by on weekends, and it is conveniently located on the train ride back from Cascais.
The LX factory is the perfect place to shop for Portuguese craftsmanship, or just to sit and have lunch.
Photo: Alex Trias
You won’t find brand name items at LX. From clothing to furniture, most things for sale are designed and produced in Portugal.
Our daughter loves bargain hunting at the Feira da Ladra, a popular flea market located within the Alfama district of Lisbon. The area is built on a steep hill filled with narrow, winding cobblestone streets, and it’s the perfect place to shop for antiques.
My favorite market in Principe Real is a cornucopia of antiques and art.
Photo: Alex Trias
I also enjoy the weekend flea market in Principé Real, where you’ll find plenty of delicious artisanal honey, cheese and cured sausages.
Prepare a gourmet meal for dinner
Price per person: $19.04
My wife and I love to cook. We find gourmet ingredients at the Comida Independente outdoor market, which is open on Saturdays, and the Time Out Mercado.
Both are located near Lisbon’s Cais Sodre train station.
Lisbon’s Time Out Market, the Mercado da Ribeira, is situated near the Cais Sodre train station and the banks of the Tagus river.
Photo: Alex Trias
For a quick and easy meal of gourmet mushrooms and eggs, I buy:
- A quarter kilo of freshly picked chanterelle mushrooms: $7.49
- Farm fresh organic eggs: $3.19
- A spray of truffle oil: $3.19
- Seaweed caviar: $4.28
I’ll serve the meal with a loaf of fresh bread from Gleba, a nearby bakery. Their loaves are made with home-grown heirloom strains of wheat for $5.29 per loaf.
For an interesting twist, I’ll create a special bread topping. I mix butter ($2.30) with white miso paste ($5.23) and seaweed crisps ($1.60).
And a bottle of Portuguese white wine for $4.80 goes well with virtually any meal.
End the day with dessert
Price per person: $3.21
Our favorite dessert spot, the Gelateria Nannarella, is a short walk from our apartment. It is well-known for its exceptional sorbets and gelatos. A small serving costs $3.21, with flavors like lemon and basil, stracciatella and, of course, chocolate.
In Lisbon, gelato is eaten throughout the day as a snack as well as a dessert, so there is almost always a line. But, like most good things in life, it’s well worth the wait.
Alex Trias is a retired attorney. He and his wife and daughter have been living in Portugal since 2015. He is the author of the “Investment Pancake” series on SeekingAlpha.com and has published nearly 500 articles about tax planning, investing, early retirement, and where to find the best meals in Lisbon.
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IRS issues tax guidance for taxpayers who received inflation-relief payments
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IRS says many state rebates aren’t taxable at the federal level. Some may face filing struggle, tax pros warn
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The IRS on Friday issued federal tax guidance for millions of Americans who received state rebates or payments in 2022.
The announcement came about a week after the agency had urged those taxpayers to hold off on filing while it determined if the funds are taxable on federal returns.
“The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns,” the agency said in a statement.
The agency said taxpayers in California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island won’t need to report these payments on their federal tax returns. Some Alaska taxpayers may also avoid federal levies on certain payments.
Taxpayers in Georgia, Massachusetts, South Carolina and Virginia may also skip federal tax reporting for some payments. But eligibility may hinge on factors from your previous tax filings.
Californians may still face filing challenges
“This is the right ruling by the IRS,” said Adam Markowitz, an enrolled agent and vice president at Luminary Tax Advisors in Windermere, Florida. “It’s unfair to punish taxpayers this late in the game if they were going to change anything.”
However, he said there may be challenges for California taxpayers because the state already issued them 1099-MISC forms for payments of more than $600, which reported the state’s “Middle Class Tax Refund” as a taxable payment to the IRS.
More than 16.5 million California taxpayers have received the payment, according to the state’s Franchise Tax Board. Overall, more than 31.6 million residents benefited including taxpayers and their dependents.
“The state of California really did everyone a disservice by issuing 1099-MISC [forms],” said Dan Herron, a San Luis Obispo, California-based certified financial planner at Elemental Wealth Advisors. He is also a certified public accountant.
If the state doesn’t amend and reissue those forms to the IRS, it may cause a mismatch when California taxpayers file their federal returns, he said.
Typically, a mismatch between tax forms and returns triggers automated notices, which may delay refunds or require taxpayers to contact the IRS to resolve.
“I don’t know how the IRS system is going to handle that,” Herron added.
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