Welome to Soulence Tax and Accounting
Here at Soulence we celebrate the entrepreneurial spirit. We believe that this country was founded and continues to depend on the heart of business owners. Our employees have a combined 37 years of experience working with business owners, and we are dedicated to helping old and new business owners to understand and structure their businesses according to the many tax laws as well as how to minimize their tax liability.
Please explore the links on this page to discover how Soulence Tax and Accounting can help give you peace of mind when it comes to your business and personal finances.
Soulence News:
The Rules are Changing for Loans, Banking, and Credit Cards
Washington recently passed a Wall Street Reform Bill that is designed to place more restrictions on lending and create more spending protection for consumers and merchants. The bill is about 2300 pages long, so here is a breakdown and a few highlights of some of the things that may affect you directly.
Loans
1) Home Mortgages will be going through a lot of changes. Most prepayment fees will be eliminated. Lenders will now have to make sure the applicant can pay for the loans they sell. Lenders will not be able to try to steer applicants toward more expensive lending options. Refinancing fees will be lowered.
2) If you buy a car, you need to read the sales contract very closely. Car lender practices are not examined by the Consumer Protection Bureau. This means car lenders can get away with extra fees and higher interest rates.
3) The bill provides for emergency bridge loans for qualified individuals who have become unemployed and are likely to find re-employment. The bridge loans will assist these individuals make mortgage payments until employment is found.
Banking
1) The FDIC has raised the insured individual deposits from $100,000 to $250,000. This change is effective immediately.
2) Overdraft fees are going to be much more restricted.
3) Check your bank statements for new fees. Revenue for banks is going to be hit with the bill, so they may start looking elsewhere to make up for the loss.
Credit/Debit Cards
1) The Federal Reserve is going to try and make sure the Credit and Debit card companies’ fees are reasonable in proportion to the cost to run transactions for merchants.
2) The use of credit and debit cards may be limited in certain transactions. Merchants will be allowed to reject a transaction if it is not profitable.
One other change that we will see is that taxpayer bailouts are no longer allowable. If institutions gamble and fail, the taxpayers will no longer be a source to repair the company.
If you have any questions about these changes, please feel free to contact us.
For more information about this topic and other financial news, Click Here to sign up for our Free Monthly E-Newsletter.
