But, with SEO having a multitude of facets - keywords, key phrases, meta descriptions, micro text, backlinks, load times, URL structure, crawl ability, NAP information, bounce rate, schema markup and more - that all play into effective optimization, getting your site to the top of results can seem impossible.

Thankfully, optimizing your e-commerce site, while it takes a lot of work, isn’t an insurmountable task. In this article, we’ll take a look at why SEO is well worth the time it takes to implement for your online store. We’ll also discuss how you can make your e-commerce site stand out from the masses with some handy SEO tips.

Why Online Visibility is Essential for E-commerce Sites

 Ranking in the top spots and benefitting from increased visibility is a major factor in your business’s success. Increased visibility means:

• Increased traffic
• More conversion opportunities
• Higher customer engagement
• Customer retention and increased repeat purchases
• Brand exposure and improved industry recognition
• Enhanced consumer trust and credibility
• A competitive edge in your market
• Opportunity for customer-base expansion
• Stronger influence on customer decision-making
• Understanding of and adaptation to market trends
• Potential for long-term business growth

Since your online store likely doesn’t have physical premises, SEO is the equivalent of a large, neon sign catching the eyes of potential customers.

How SEO Enhances Your E-commerce Site’s Visibility

SEO can enhance your website's visibility through various strategies. However, the fundamentals that most digital marketers know and employ are keywords and phrases.

1. You include keywords and phrases related to your products throughout your site’s pages, meta titles, meta descriptions, and micro text.
2. Search engines pick up on these keywords and categorize your site accordingly.
3. Customers search for related keywords, phrases, and questions when they’re looking for products/services like the ones you sell.
4. Your site, if your SEO is adequate, appears on the first search engine results page (SERP).

However, it’s not just keywords that play into your rankings.

User Experience

Through meticulous research, sellers, bloggers, and SEO experts have found that search engines measure overall site quality, mobile optimization, image, video and audio quality, and loading times. A common way to measure these things is through visitor dwell time and the pathways they take through your pages.

Usability Geek found that 88% of online customers would not return to a site after having a bad user experience. So, if your site isn’t prioritizing UX, potential customers spend less time on your pages, your store sinks through the rankings, and your visibility decreases. Essentially, the easier and more satisfying your site is to use, the higher you’ll rise in the results.

Readability and Authority

The CEO of TopRank online marketing, Lee Odden, once said that “content is the reason search began in the first place.” So, since we can assume that a low bounce rate on landing pages is a major factor in high SERP rankings, content that keeps customers on your site is incredibly important for SEO.

Helpful, entertaining, and educational information with good readability is what you should aim for on your store’s blog. This is not only due to customer satisfaction, but also linkability. If you provide content or products that other sites link back to, search engines recognize that you have authority on a topic, pushing you up in the results when users search for those topics.

Local SEO

In 2022, Bright Local found that an eye-watering 98% of internet users surveyed had used search engines to look up local businesses. But, the nature of e-commerce stores is that they’re entirely online. This means you lose out on local SEO, right? Well, not exactly.

You can create location-specific content that shows up on the SERP for users in the regions your store ships to. Local SEO can also help you target audiences based on their location preferences. To do this, you’ll need to use local keywords, optimize your Google My Business profiles, ensure consistency in your NAP (Name, Address, Phone Number) information across online directories, and geotag content and pages for specific areas where possible.

Search Engine Indexability

Though algorithms leave a large amount of SEO to visitor behavior, they still have the ruling hand when it comes to categorizing and showing your site to users. While a large part of SEO is catering to potential customers’ search habits, wants, and needs, you also need to be kind to the algorithms.

To index your site, search engines will ‘crawl’ through pages. This means if your site includes links with rel=nofollow attributes, pages that require logins to access, or pages disallowed in the robot.txt file, the search engine cannot crawl through it. A well-structured site map, clear URL structures, and clean, accessible content contribute to enhanced crawlability, helping search engines push you to potential customers.

Security

Your site’s security will play a role in its optimization, albeit indirectly. While more secure sites don’t explicitly rank higher, secure websites usually have higher traffic and longer visit times because they gain user trust. Since e-commerce is the most vulnerable industry to cyber attacks, you need to secure your site for adequate SEO.

An SSL certificate (HTTPS) for your site’s URL secures the connection between the user's browser and your store, encrypting data transmission. Search engines like Google often favor HTTPS sites. Plus, popular browsers may display security warnings for non-secure sites, deterring users from visiting. Finally, security plug-ins and anti-virus software will help protect your site against malware and hacking, in turn protecting you from getting de-indexed.

Tips to Enhance Your E-commerce Site’s SEO

Now you know why SEO is vital for your e-commerce site’s visibility, and exactly how the algorithms measure SEO, here are some tips to put it into practice:

1. Post content consistently - Don’t be duped into valuing quantity over quality, but do remember that an inconsistent posting schedule on your e-commerce site’s blog can hamper your SEO. Regularly publish relevant, high-quality content that engages your audience to attract backlinks and improve your site's authority.
2. Create backlink partnerships - If you’re struggling to generate backlinks, create partnerships with other e-commerce sites or relevant blogs in your store’s niche. In return for you linking to their content on your site, they’ll link to yours, improving both your site’s SEO and visibility.
3. Make content evergreen - You’ll want to craft content that remains relevant and stands the test of time. This is because evergreen content remains valuable for readers long after it's published, attracting sustained traffic and engagement. This all contributes to your site's authority and SEO in the long term.
4. Prioritize site speed and layout - Ironically, websites that load quickly and are easy to navigate keep users around for longer, leading them to rank higher in search results. Optimize images, reduce unnecessary plugins, and use a Content Delivery Network (CDN) to improve your site's loading speed. On top of this, create a clear site map and include relevant links in pages to help users get around.
5. Optimize descriptions and titles - The information on your product pages, including descriptions and titles, needs to be unique, descriptive, and optimized with relevant keywords. Quality product pages will help search engines understand your products, not only improving their visibility but also helping you target customers who are likely to convert. No text on your site is insignificant when it comes to SEO.
6. Utilize schema markup - Schema markup is the code on your pages that provides search engines with important information about your products, and your business as a whole. This structured data helps with categorization, and it means Google can present rich results, which are extra pieces of information about your sight that attract more clicks.
7. Consult/employ an expert - Consider seeking guidance from seasoned professionals or, if you have the resources, hire an experienced SEO specialist to guide your strategies. These individuals’ insights and expertise can provide direction, and ensure your SEO efforts are worth your time and money.
8. Monitor your site stats - Keep track of your site's performance using analytics tools, which, depending on your plan, are often built into your site host’s dashboard. Regularly review and update your strategies to align with your goals and improve your stats. While optimum review cycles vary, look over your SEO strategy every 3-6 months and make relevant adjustments to stay ahead of the

A Note on Search Engine Algorithms

When it comes to improving online visibility, SEO is a major tool in your arsenal. However, the highly competitive landscape online, especially where in-demand keywords are concerned, often means that top SERP spots are permanently taken by market leaders.

This situation makes it all the more challenging for small and new businesses that want to lay claim to top positions. You’ll need to align your e-commerce site with keywords and niches that are commonly searched for, but still easy to rank in. Of course, this is much easier said than done.

Not to mention, search engine algorithms are incredibly complex and regularly updated, sometimes making their ranking decisions completely indecipherable to regular users and business owners. Due to this, your SEO efforts, however time-consuming, may not provide instant or visible results, and this can lead you to the false conclusion that it’s all been for nothing.

With all this in mind, your SEO strategy needs to be relevant to your niche, yet easily adaptable and focused on long-term goals. Don’t forget that, because of search engine algorithms’ unpredictability and the competitiveness they promote between businesses, desirable results might take a significant amount of time and resources to achieve.

In Conclusion…

Visibility is essential for the growth and continued success of your e-commerce store. With increased exposure, your site will get more clicks and more opportunities to convert customers. Search Engine Optimization stands as the cornerstone for achieving and maintaining this visibility.

SEO ensures that your e-commerce site stands out in the crowded digital realm through several strategies. From the significance of user experience and readability to the vital role of security and local SEO, there are a variety of factors you’ll need to consider when optimizing your site.

However, SEO is an ongoing process that requires a great deal of attention and monitoring. While overthinking it and making frequent changes to your strategy can pose problems, once you’ve implemented the fundamentals, you’ll need to monitor your stats and shift focus if something isn’t providing results.

By implementing these strategies and staying on top of your SEO, you can significantly enhance your online visibility. Understand and embrace the SEO’s necessity for your continued success, and you’ll be well on your way to the SERP top spots.

Sources

• https://www.bigcommerce.co.uk/ecommerce-answers/what-does-online-visibility-mean-business/#
• https://golocad.com/blog/online-visibility/
• https://developers.google.com/search/docs/fundamentals/seo-starter-guide
• https://www.searchenginejournal.com/ux-design-seo/476959/
• https://s3.amazonaws.com/coach-courses-us/public/theuxschool/uploads/The_Trillion_Dollar_UX_Problem.pdf
• https://www.socialmediatoday.com/news/the-importance-of-great-content-in-seo-infographic/544439/
• https://www.engagebay.com/blog/seo-quotes/
• https://comradeweb.com/blog/local-seo-for-ecommerce/
• https://www.brightlocal.com/research/local-consumer-review-survey/
• https://www.semrush.com/blog/what-are-crawlability-and-indexability-of-a-website/
• https://ahrefs.com/seo/glossary/crawlability#
• https://www.searchenginewatch.com/2020/12/14/seo-and-cybersecurity-incorporating-cybersecurity-into-your-seo-strategy/

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Businesses require commercial insurance to assist in covering the expenses of property damage and liability claims. Without commercial insurance, a company's owners may be forced to pay for costly losses and legal claims out of pocket. Depending on the circumstances, this might be a financially catastrophic scenario for business owners. Therefore, businesses are obligated to obtain specified forms of business insurance in various states.

Is it necessary to get business insurance?

"Is business insurance required?" you might wonder as a business owner. No, is the quick response. There are several types of company insurance policies available. They are accessible to business owners in the case of a severe natural disaster or when confronted with a claim or lawsuit brought against the company or its personnel.

In practically every state, a specific level of insurance, such as workers' compensation insurance, is required for employees working under your company. Theft lost income from injured personnel, and other dangers are covered by a company insurance policy. If your company does not have business insurance coverage, you may have to pay for it yourself. If you don't have the necessary funds, this might destroy your firm.

Most states require you to obtain worker's compensation and unemployment insurance if you have employees. Disability insurance may be required depending on the location of your business. Business insurance is a product that allows business owners to protect themselves and their assets in a disaster.

What is Long Term Disability Insurance?

Sometimes referred to as "income protection," long-term disability insurance provides you with coverage if you become seriously sick or injured and can't work for an extended period of time. It provides a monthly payout until you can get back to work. If you become permanently disabled, your long-term disability insurance may continue paying you benefits until retirement age or beyond. Unlike traditional life insurance payouts, which happen after you pass away, disability insurance is a living benefit that covers you during your prime working years.

How Does Long-Term Disability Insurance Work?

When you purchase long-term disability insurance, it's essential to read through the contract carefully. These are the main points to look out for:

What's covered?

The insurer will specify what they consider a disability and the situations that qualify for a benefit payment. We'll talk about this in more detail later in the article.

How long is the waiting period?

Most long-term disability insurance policies have a waiting period of around three months. This means that you'll need to rely on your savings for the first three months. After that, if you're still sick, the insurance benefit will kick in.

What is the benefit amount?

The benefit amount tells you how much the insurer will pay you, how often (usually monthly), and whether it will be indexed to inflation.

What is the benefit period?

Some insurers will cover you for as long as you're sick, while others will only pay you for a limited time. We discuss this in more detail below.

Who Can Get Covered?

If you're employed by a business or run your own business, you can get coverage for long-term disability insurance through an employer group policy. However, you may want to get additional personal disability insurance even if you're covered through work.

Either way, you'll only be covered if you're actively employed on the date you get sick and if the illness forces you to cut down your hours or stop working altogether. 

You also need to be up to date with your premiums, or your policy may be void.

How Long Does It Provide Coverage For?

When shopping for long-term disability coverage, you'll likely see benefit terms of 2, 5, or 10 years. If you have a benefit term of 2 years, for example, the insurer will pay you monthly for up to 2 years. If you're sick longer than this, you'll need to find another source of income.

Some insurers offer coverage until age 65 or 67. This means that they will pay your benefit monthly until your 65th or 67th birthday.

What Does It Cover?

When you become ill or injured, you won't always stop working altogether. You may be able to work part-time or in a different role. Some insurers will pay you a partial benefit on your long-term disability insurance in either of these situations. Others will only pay if you can't work anywhere at all.

For example, an accountant who injures their arm and may not be able to type on the computer, but might still be able to partially work, though it might mean taking a pay cut. Some insurers will pay a partial benefit to cover the lost income.

Another example is having to cut down your working hours from full-time to part-time due to your illness. Some insurers will pay you a partial benefit to cover the income you lose due to working part-time.

When you purchase your long-term disability insurance, the policy document will specify how sick you must be to receive a benefit and whether partial benefits are payable. It will also identify if any illnesses or injuries are excluded, for example, self-harm.

The Bottom Line

Long-term disability insurance offers you peace of mind during a health crisis. It helps you avoid financial stress so that you can focus on the important things; getting well and getting back to work. Speaking with a professional life insurance advisor can help you find the right coverage for your needs. When you're in excellent health, running a small business is challenging. Given how reliant your innovation is on you, it only makes sense to safeguard it – and your family – from the consequences of your incapacity to work while establishing insurance policies.

Guest Post by Gregory Rozdeba  www.dundaslife.com

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When it comes to home financing, not everyone meets the approval requirements associated with conventional lending contracts. Hard money loans are a unique funding option commonly considered by real estate investors, both new and seasoned.

In this Rules of Thumb blog post from MoneyThumb, we’ll look at hard money FAQs commonly asked of lending professionals. These will hopefully dispel some misinformation you may have heard.

What Documentation Do I Need To Provide For A Hard Money Loan?

Answer: Hard money loan approval relies heavily on the value of the property being financed. In most cases, they require less paperwork from the borrower than conventional loans.

However, there are some documents that you should be prepared to supply, depending on the unique terms of your hard money contract. They include:

• Documentation of the potential value of the property you want to purchase
• A clear financial plan for your investment and projections for growth
• Proof of your ability to make a down payment covering from 30-40% of the home value
• Minimal documentation regarding your personal finances such as pay stubs, bank statements or tax paperwork

How Long Does It Take To Get Approved For A Hard Money Loan?

Answer: With the proper documentation on hand, we can provide pre-approval for hard money loans in as little as a day. Each case is unique, of course, but these funding solutions are well-known for their quick turnaround to help clients move on exceptional opportunities, fast.

What Type Of Property Can Be Purchased With A Hard Money Loan?

Answer: Borrowers use their hard money financing to purchase single- and multi-family residential homes, commercial property, homes in need of renovations, undeveloped land, and even industrial properties.

Do Hard Money Loans Always Have Very High-Interest.

Answer: It’s no secret that hard money, private money, and other alternatives to traditional financing typically have higher interest rates than conventional loans. That’s why it’s essential to work with a mortgage professional who has connections with several top lenders.

When lenders compete for your business, this drives lower interest rates. Even still, you should know that hard money loans should be used almost exclusively for short-term investments. This is especially true when they have adjustable rates that can become very volatile in a short time.

How Much Can I Borrow Against The Value Of An Investment Property?

Answer:  Hard money loans have no upward limit because they are fully funded by private investors. Even for homes in the millions, hard money lenders typically will not provide more than 75% of the loan-to-value (LTV) ratio on a property. That is, the loan amount divided by the value of the property.

This means you’ll need to come up with a down payment of 25% or more. If you’re planning to make renovations to a property, you may be able to receive funding based on the LTV for the estimated value of the property post-repair, called the after-repair value (ARV).

The post Hard Money Lending: All Your Questions Answered appeared first on MoneyThumb.

Challenges for Lenders in Finding Borrowers

One of the most important things for private lenders is being able to vet quality leads, and borrowers strive to find and select the right lenders to fund their projects.

The majority of private lenders have a system for generating leads. The challenge is to find quality leads. When a potential borrower fills out a loan request form, the deal may appear to be a good one, but a lender won't know for sure if it is a true quality lead until they dig deeper. Some lead sources are good at screening loan requests, but others are unfiltered and can waste time.

Another major challenge for lenders is competition. As the lender works hard to close a loan, the borrower could be in the process of shopping around for offers from other lenders. That is why it is crucial for lenders to develop personal relationships with their clients. Providing excellent customer service is essential. And while word-of-mouth advertising is the best source of new business, lenders cannot ignore their online presence.

Private lenders should always be asking for reviews/testimonials, stay in touch with their network, and talk about some of the deals they have funded. Even after a private lender has generated a lead, the borrower or broker will still likely do some research on all the lenders they have reached out to. If the online presence of a private lender is lacking, all that money they spent on generating the lead could be squandered.

Challenges for Borrowers in Finding Lenders

Receiving quotes from multiple lenders is easy. However, there are several other factors to consider besides loan terms, including:

• Is the lender reputable?
• Can they close on time?
• How long have they been in private lending?
• Do they require a formal appraisal?
• Do they offer extensions?
• Do they lend from their own balance sheet?

Some of this information is not easy to figure out in advance. The question of lending from their own balance sheet can be complicated. Many lenders have multiple capital sources. A lot of lenders manage a fund and have full control of the money to be lent out. Other lenders fund with their own money and sell the loan shortly after closing. Some lenders have a correspondent relationship with a larger lender for certain loan types. Some lenders syndicate their loans to individual investors.

The following four strategies can help borrowers find the right lender:

1. Ask for recommendations. Borrowers should talk to their peers in the industry and ask which lenders they have worked with.
2. Hire a broker. Borrowers can save a lot of time and hassle by working with a broker who already has relationships with private lenders.
3. Attend industry events. Local REI club meetings are a great place to talk to other investors and ask for recommendations. Lenders also attend these small local events. There are a few companies and associations that host live events focused on private lending, where you can meet tons of direct lenders, including the American Association of Private Lenders (AAPL), Geraci Media, Pitbull Conference, National Private Lenders Association (NPLA), California Mortgage Association (CMA), Private Lender Expo, and National Lending Experts (NLE).
4. Online search. It is easy to find private lending companies using an online search, but there is much more to research. See if they have any reviews, view their social media profiles and feeds, read articles they may have published, and check to see if they are a member of a trade association.

Private Lending Lead-Generation Resources

Here are some websites and other resources that can connect borrowers with lenders.

BiggerPockets.com

This is one of the most popular resources for residential real estate investors to network and learn. They have a hard money lender directory that gets a lot of traffic.

• For Borrowers/Brokers: View multiple lenders, chat with them in forums, read reviews, and ask other investors for recommendations.
• For Lenders: Pay a membership fee to be listed, pay extra for more exposure, participate in forums, and post funded deals.

HardMoneyHome.com

This is one of the highest-trafficked and largest lender directories. It has a great user interface and simple lender profiles.

• For Borrowers/Brokers: Search to view lender profiles, read reviews, and make contact directly. You can also request to get matched with multiple lenders.
• For Lenders: Pay a one-time fee to be listed, pay for premium placement, and pay per lead. You may already be listed and not know it.

HardMoneyOffers.com

This is a newer website that primarily matches borrowers/brokers with lenders using a few basic details, but it also has a directory of most of the lenders in the industry. The design and layout are very clean and simple.

• For Borrower/Brokers: Enter a few details about the loan and get matched with lenders.
• For Lenders: Purchase leads with a credit system.

PrivateLenderLink.com

In this directory website, the lender profiles provide an enormous amount of details about each lender’s guidelines, but only a small number of lenders show up in searches.

• For Borrower/Brokers: Browse lender’s profiles, make contact directly, and ask for recommendations.
• For Lenders: Create a detailed profile and pay a monthly advertising fee to show up in searches.

PrivateLenders.com

Operated by Connected Investors, this platform may have the largest database of private lenders in the country.

• For Borrowers/Brokers: Search to view basic lender profiles or submit basic details to get matched with lenders.
• For Lenders: Pay per lead and pay for premium placement.

 Scotsman Guide

One of the most popular resources for mortgage brokers to discover lenders. It is mainly a print publication, but the website does offer a searchable directory.

• For Brokers: Read the monthly magazine to see lender advertisements. Use the website to search by filtering, and contact each lender directly.
• For Lenders: Pay a monthly fee for advertising.

The Rules of Thumb blog from MoneyThumb hopes this post will help you as a private lender or a borrower to find each other. We would appreciate it if you would share this post on your social media page.

The post How Do Private Lenders and Borrowers Find Each Other? appeared first on MoneyThumb.

But there is good news! Lenders have gotten wiser over time and have found a way to make getting a payday advance even easier by creating apps.  This article from MoneyCrashers has a list of the best 13 payday loan apps. We have included those below:

1. Brigit

Perhaps the most flexible payday advance app is Brigit. It delivers up to $250 that you’ve already earned to your account within one minute, with no credit check needed.

When your next paycheck arrives, Brigit automatically pulls the money out of your bank account. However, you can extend the due date up to three times with no late fee or penalty. You can also opt to pay back the loan early at any time.

Brigit has an option to notify you if your account balance is running low so you can request an advance if you need it. You can also set up automated advances to receive a transfer anytime your account balance is in danger of dropping below zero to avoid bank overdraft fees. However, this perk comes with a $10 monthly fee.

Brigit doesn’t offer cash advances to just anyone. You must meet the app’s requirements for:

• Income. You have to show your monthly income is above a certain amount, which they don’t specify on the site. Moreover, all this income must come from a single steady source. You must show you’ve received at least three paycheck direct deposits from the same employer before Brigit will grant you an advance.
• Banking. You must have a checking account that’s at least 60 days old with a balance greater than $0. In addition, you must show “sufficient activity” in your account, which means using it nearly every day to make payments, receive deposits, or check balances. Finally, you must show you have a sufficient end-of-day balance on your payday so Brigit knows it can safely collect your payment without overdrawing your account.
• Brigit Score. Brigit applies a scoring system similar to a credit score to all potential members. It’s based on your earnings, spending, and banking behavior. The score ranges from 1 to 100, and you must have at least a 70 to receive cash advances.

2. Empower

With the Empower app, you can get an interest-free advance of up to $250 at any time during your pay cycle.* There are no late fees and no credit checks. You can have the money sent instantly to your external bank account for a $3 fee or to your Empower checking account (discussed below) for free.

However, Empower is more than just a payroll advance app. It’s a complete online interest checking account that includes:

• Interest Checking. The Empower Checking Account pays 0.25% APY^ with no monthly minimum balance. It comes with a debit card and reimburses you for up to three ATM fees each month.^ It has no overdraft fees, offers unlimited monthly transfers, and provides 24/7 spending alerts to help you keep track of your money.
• Automatic Savings. Empower also has an Automatic Savings feature. The app tracks your income and expenses and uses that information to transfer money to your AutoSave Account. It sets aside more money when your balance is high and less when your expenses increase. It keeps doing this every day until you hit your designated weekly savings goal.
• Budgeting. You can use Empower as a budgeting app too. The app suggests an overall spending limit based on your income, and you decide how much of that limit to devote to specific budget categories. Empower sends you alerts when your spending in a given category is about to go over the limit. It also provides monthly reports that show how much you spend in each category.
• Savings Tips. As it tracks your spending, Empower lets you know about areas where you can potentially save money. For instance, it can tell you how much you’re spending on subscription fees and makes it easy to cancel subscriptions you’re not using. It also tells you if you could be getting better rates on your monthly bills, such as phone and Internet. It can even negotiate lower prices on your behalf.

Empower is free for the first 14 days. After that, it charges a fee of $8 per month. To qualify for instant Cash Advance, you must make regular direct deposits to your Empower Checking Account.* You must also meet certain requirements for account history and activity.

3. Wealthfront Cash Account

Nextgen banking service Wealthfront now offers an additional perk: a bank account that processes your paycheck faster. When you set up direct deposit on your Wealthfront cash account, the money can enter your account up to two days before your official payday, depending on your payroll provider. In addition to making the money available sooner, that gives it two extra days of each pay period to earn interest.

The Wealthfront Cash Account offers a generous interest rate (more than eight times the national average in 2020) and no account fees or monthly maintenance fee. You can make an unlimited number of transfers into and out of your account each month at no cost. You can also make payments directly from your account or withdraw cash with no fees through a nationwide network of 19,000 ATMs. And, unlike most banks, it insures the cash in your account up to $1 million — four times the amount covered by the Federal Deposit Insurance Corporation.

One unique feature of Wealthfront is its Self-Driving Money™ vision. Soon Wealthfront will be able to take care of all your financial obligations automatically. Once you direct deposit your paycheck, Wealthfront will be able to pay all your bills, replenish your emergency fund, and contribute to a 529 college fund or retirement account. And if you have money left over, Wealthfront can automatically direct it into a tax-efficient investment account based on your personal goals.

4. Varo

Varo is an online banking service that can give you faster access to your paycheck. When you use direct deposit with your Varo account, your paycheck enters your account as soon as your employer transfers it. According to Varo, most employers submit their payroll files on Wednesday for a Friday payday, so using Varo can get the money into your hands up to two days earlier.*

Other features of a Varo Bank Account include:

• Varo Visa® Debit Card. The account comes with a contactless debit card that bears the Visa brand mark. The app gives you the ability to lock this card instantly if it’s lost or stolen. You can link your debit card to your Apple PayTM, Google Pay, PayPal, Cash App, and Venmo accounts for online payments. You can also use Varo to Varo to transfer money instantly from your Varo bank account to anyone who uses Varo at no charge.
• Fewer Fees. Varo has no monthly fee, no minimum balance, no transfer fees, no foreign transaction fees, and no debit card replacement fees. It also provides fee-free access to more than 55,000 ATMs in the Allpoint® network in stores like Walgreens, Target, and CVS.
• Push Notifications. Varo lets you know whenever money goes in to or out of your Varo Bank Account. It also tells you about all purchases and cash withdrawals using your debit card.
• Deposit Money. You can deposit checks remotely using the Varo app. You can also deposit cash into your account at any of more than 90,000 retail locations that use Green Dot Reload @ the RegisterTM, though most retailers charge a fee for this service.
• Automatic Savings Tools. Varo offers two automatic savings tools to build up your nest egg with a Varo Savings Account. With Save Your Pay, you can automatically have a percentage of every paycheck transferred from your bank account (similar to a checking account) to your savings account, and you choose the percentage that gets transferred. Or, with Save Your Change, you can round up every transaction to the nearest dollar and it transfers that amount from your Varo Bank Account to your Savings Account.
• Live Customer Service. You can speak to a Varo customer service representative any day of the week during business hours. Monday through Friday, 8 AM to 9 PM Eastern Time (excluding Federal holidays), Saturday and Sunday, 11 AM to 7 PM Eastern Time (excluding Federal holidays). Reps are based in Utah and are available every day except federal holidays.

5. Chime

The Chime app doesn’t offer paycheck advances the same way some of the others on the list do. Instead, it’s an online bank account that gives you access to your pay faster. If you have a Chime account with direct deposit, your wages become available to you the minute your employer deposits them into the account. With most traditional bank accounts, you have to wait up to two days for the payment to clear before you have access to the money.

Chime is a full-service bank account you can use to transfer money, send and deposit checks, and pay bills online. It also offers a lot of other great perks most bank accounts don’t, including:

• No Hidden Fees. Most brick-and-mortar banks load down their accounts with costly bank fees. By contrast, Chime charges no overdraft fees, minimum balance fees, monthly service fees, transfer fees, or foreign transaction fees. It also offers fee-free access to a network of over 38,000 MoneyPass and Visa Plus Alliance ATMs.
• Banking Alerts. Chime helps you keep track of your money by sending you an alert any time it transfers cash into or out of your account. The app notifies you when your paycheck comes in or when you make a purchase with your Chime debit card. It also tells you every day exactly how much money you have in your account.
• Automatic Savings. Chime offers a savings account with built-in automatic savings features. For instance, you can arrange to have 10% of every paycheck transferred to your savings account immediately. There’s also a feature to automatically round up your debit card purchases to the nearest dollar and deposit the change into savings.
• Debit Card Blocking. If your debit card is ever lost or stolen, stop others from using it by disabling it right in the app with one swipe. And if you see suspicious charges showing up in a foreign country while you’re sitting at home, just shut off international transactions on the card.

6. Axos Bank – Direct Deposit Express

Another online bank that offers faster access to your paycheck is Axos Bank. Its fee-free Essential Checking account comes with Direct Deposit Express, a feature that gives you access to your paycheck up to two days early. Just like Chime and Varo, Direct Deposit Express deposits your paycheck into your account as soon as your employer submits the payroll instruction to the bank. All you have to do is set up direct deposit for your account, and the bank does the rest.

Essential Checking from Axos also offers other perks, such as:

• Low Fees. Essential Checking has no monthly maintenance fees, no minimum monthly balance, and no overdraft or nonsufficient funds fees. It also offers unlimited reimbursement for ATM fees from other banks within the United States.
• Mobile Banking. You can use the Axos mobile app for iOS or Android to manage your account from anywhere. Its features include free mobile check deposit and online bill payment.
• Security Features. Axos uses 128-bit Secure Socket Layer (SSL) encryption and regularly updated antivirus software to keep your account secure. It also requires two-factor authentication — that is, a security code or question in addition to your password — to keep intruders out of your account. It monitors all accounts regularly for signs of fraud and automatically logs you out if your online session has been inactive for a while.
• No-Hassle Switching. If you don’t currently have an Essential Checking account, it’s easy to set one up. Axos provides a step-by-step checklist to make switching over from your current bank as simple as possible.

Another Axos account that comes with Direct Deposit Express is Nationwide My Checking. This special checking account is similar to Essential Checking except it requires an opening deposit of $100.

7. Earnin

Before Brigit, there was ActiveHours, the first payroll advance app, which is now Earnin. Its creators say their goal is to make the financial system fairer by helping workers break free of the pay cycle that holds back their money.

Earnin works much the same way as Brigit, but it only allows you to cash out up to $100 per day. There’s no fee for this service, but you can add a “tip” of any amount you choose (the app recommends 4%). Although the tip is optional, company founder Ram Palaniappan told Vox in May 2019 that many Earnin users voluntarily pay it to help keep the app running. Some even opt to “pay it forward,” deliberately leaving a bigger tip to cover the cost for those who can’t afford it.

In addition to paycheck advances, Earnin provides several other features to help workers on a budget, including:

• Balance Shield. This feature protects you from hefty bank overdraft fees. It keeps track of your bank balance and automatically gives you a $100 cash advance if it falls below $100. The app can also alert you if your balance drops below a particular amount you choose, anywhere between $0 and $400.
• Cash-Back Rewards. Earnin also acts as a shopping rewards app. Just link your credit or debit card to your Earnin account, run it as a credit card when you pay, and earn rewards of 1% to 10% cash back at participating local stores and restaurants. Cash in your rewards at any time and transfer them directly to your bank account.
• HealthAid. This new feature Earnin plans to roll out soon helps users struggling with high medical bills. Submit a photo of your bill and authorize a HealthAid agent to negotiate a lower price or work out a payment plan. You pay Earnin whatever dollar amount you think is fair for the service.

8. Dave

The Dave app combines some of the features of Earnin and Chime. It’s an online checking account with no minimum balance that also offers a no-interest cash advance.

With most banks, if you make a payment that’s more than you have in your account, the bank pays out the money and then hits you with a stiff fee. Dave takes a different approach. It notifies you you’re at risk of going overbalance and gives you the option to request a cash advance of up to $100 from your next paycheck. There’s no interest, and no credit check is required.

Other Dave features include:

• Free electronic checking
• Fee-free access to 32,000 ATMs nationwide
• The ability to freeze and unfreeze your card via the app
• Automatic budgeting based on your monthly expenses
• Reporting your rent payment to the credit bureaus to let you build credit without a credit card
• A Side Hustle feature to connect you with money-making gigs in your area

Dave has a minimal monthly fee. But if you link your debit card to the app and use it to make purchases at qualifying partner locations, you earn credit to offset the fee.

9. MoneyLion

Another online banking app that offers cash advances is MoneyLion. Its Instacash feature lets you borrow up to $250 of your next paycheck with no interest and no credit check. This feature is available 24/7, and the money appears in your account within seconds.

MoneyLion has two levels of membership. Its free Core membership offers:

• Zero-Fee Checking. A MoneyLion checking account has no monthly fees, no minimum balance fees, and no overdraft fees. It also gives you fee-free access to over 55,000 ATMs worldwide.
• Zero-Fee Managed Investing. MoneyLion isn’t just for saving. It lets you transfer money from your savings account into a portfolio of exchange-traded funds customized to fit your risk tolerance. It’s fully managed but has no management fees and no trading fees. There’s even an automatic investment feature to make investing easy.
• Free Credit Monitoring. Your MoneyLion Core membership comes with a free credit-monitoring service. It allows you to view your full credit report, check your credit score for free at any time, and see how different actions could affect it.
• Free Fraud Protection. MoneyLion sends you an alert if it detects suspicious usage on your account. It also enables you to lock and unlock your debit card through the app.
• Cash-Back Rewards. Soon, there will be a feature that lets you earn up to 12% cash back for debit card purchases. On top of this, you can earn rewards for healthy financial behaviors, like tracking your credit, paying bills on time, and keeping your credit usage low.

For more features, upgrade to a paid MoneyLion Plus membership. It gives you the same benefits as Core membership, plus access to low-interest credit-builder loans. Borrow up to $500 at just 5.99% APR, get approved instantly, and pay it back automatically.

Another feature that’s coming soon gives Plus members rewards known as Lion’s Share payouts. Each month, you can earn up to $19.99 per month based on how many times you log into the app and make transactions. With this feature, your Plus membership could pay for itself.

10. PayActiv

Unlike some payday advance apps, PayActiv isn’t something you use on your own. Instead, your employer offers it to you as a benefit. Its core feature is what it calls “earned wage access,” or EWA, which is the ability to collect your wages as soon as you earn them.

PayActiv allows you to collect up to 50% of any wages you’ve already earned, up to a maximum of $500. Transfer the money to your bank account, use it to pay bills online, transfer it to a prepaid card, or even receive it in cash through a special PayActiv ATM. The app charges a flat fee of between $0 and $5, depending on your employer’s program, each time you use it.

Along with EWA, PayActiv offers financial coaching for employees. It has tools to help you track your spending, make a budget, automate your savings, set up direct deposit at your bank, and pay bills automatically. It also has free credit counseling to help you reduce debt payments. You can track your progress toward your financial goals and make adjustments if your income or expenses change.

PayActiv has perks for employers as well. It helps improve worker satisfaction, reduces turnover, attracts new workers, improves on-the-job productivity, and even reduces stress-related health care costs. The service costs employers nothing and takes only two days to set up. One of the largest employers using it is Walmart, which now offers it to 1.4 million employees.

12. DailyPay

DailyPay is another app for employers to offer as a benefit. Like PayActive, it gives you access to a portion of the wages you’ve earned before payday.

For each hour you’ve worked, you build up credit in your DailyPay account, which you can then transfer to your bank account at any time. The app charges a fee of $1.25 per transfer to receive your money by the next business day or $2.99 to receive your money instantly. When payday comes around, you receive your regular paycheck minus any advances you’ve requested. DailyPay also lets you set up automatic transfers at specific times.

DailyPay boasts that it can help employers attract nearly twice as many job applicants, reduce turnover by more than 40%, and improve employees’ motivation by over 70%. The app costs employers nothing and requires no changes to their existing payroll process. Companies that use it include Vera Bradley, Westgate Resorts, and The Maids International.

12. FlexWage

The FlexWage app for employers works a little differently from DailyPay and PayActive. When you sign up for the app as an employee, you receive a reloadable debit card for your wages, which takes the place of a paper paycheck. This gives you immediate access to your money on payday, unlike a check you deposit at the bank.

If you need money before payday arrives, the OnDemand Pay feature lets you request an advance. However, it’s up to your employer to decide how often that feature is available and what the limit on the advance is. The fee you pay for this service also varies by employer.

An additional feature, called FlexPay, is specifically for tipped employees, such as restaurant servers. It allows them to receive all their tips on their pay card instantly at the end of their shift. It’s faster than waiting for tips submitted with a credit card payment and safer than leaving work with a large sum in cash. FlexPay also lets employers pay contract workers or make one-time payments such as commissions, bonuses, and per diems to their regular workers.

FlexWage gives you access to a financial wellness program called Sum180 too. It allows you to:

• Link and view all your financial accounts in one place
• Make a starter budget in seconds
• Receive daily financial tips and challenges
• Read more detailed information on financial topics of interest
• Talk to a financial wellness coach
• Engage with an online community

In addition to improving worker satisfaction, FlexWage helps employers save money by eliminating the need for paper paychecks. Many well-known restaurant chains use this app, from fast-food joints like Burger King to high-end eateries like Ruth’s Chris Steakhouse.

13. Branch

Branch is another payday advance app designed mainly for employers. It keeps track of their workforce: who’s sick, who’s on vacation, and who’s working which shift. Workers use their mobile phones to request time off, swap shifts, and receive schedule reminders. With this information, managers can see how many shifts they have open so they can reassign them or hire temporary help if necessary.

For employees, Branch offers tools to get ahead financially. Aside from communicating with other workers, the app lets you:

• Create a budget
• Access your wages early
• Build a profile to showcase your skills as a worker
• Request extra shifts to earn more money

Many large companies – including Target, Walgreens, Lowe’s, and McDonald’s – use this free tool.

The post The Newest Trend From Lenders: Payday Advance Apps appeared first on MoneyThumb.

Since lenders are some of our favorite customers, the Rules of Thumb blog wants to make sure we provide our readers who are lenders with the most updated information when it comes to changes in the lending industry.

The change we want to discuss today is the truth in lending threshold adjustments for 2020. The updated thresholds become effective on January 1, 2020. Below are a few notable adjustments:

Credit Cards

Regulation Z prohibits a card issuer from imposing a fee for violating the terms or other requirements of a credit card account under an open-end (not home-secured) plan unless the fee “represents a reasonable proportion of the total costs” incurred for the violation, or is within the safe harbor provision of section 1026.52(b). If a credit card issuer charges anything up to the safe harbor amount for certain violations, it is considered to be in compliance with Regulation Z. For 2020, the safe harbor will increase by $1 from the 2019 amount to:

The threshold that triggers requirements to disclose minimum interest charges for open-end consumer credit plans will remain unchanged at $1.00.

Ability-to-Repay/Qualified Mortgage

Regulation Z requires credit unions to make a reasonable, good-faith determination of a consumer’s ability to repay a dwelling-secured credit transaction. Section 1026.43(e) of Regulation Z establishes a “qualified mortgage” safe harbor and presumption of compliance for loans that meet a variety of underwriting factors including certain limits on “points and fees.” See, 12 CFR §1026.43(e)(3). For dollar amounts related to determining a borrower’s ability to repay a transaction secured by a dwelling, the QM threshold in 2020 will require that total points and fees not exceed:

Home Ownership and Equity Protection Act (HOEPA) Loans

Regulation Z sets additional disclosure and counseling requirements for credit unions making what is considered a “high-cost mortgage loan.” To be considered a high-cost loan, the transaction must be secured by the consumer’s principal dwelling and meet one of three tests. In the second such test, a transaction is considered high-cost where the “points and fees” exceed a certain threshold that varies based upon the loan amount. These thresholds are also adjusted annually for inflation based upon changes to the CPI-W. See, 12 CFR § 1026.32(a)(ii).

For 2020, the total loan amount threshold will be increased to $21,980 and the adjusted points and fees must exceed 5% of the total loan amount. Loans below $21,980 will also be considered a high-cost transaction if the points and fees exceed the lesser of 8% of the total loan amount or $1,099. For additional HOEPA guidance, the CFPB’s Small Entity Compliance Guide for the HOEPA Rule provides a helpful summary of each test and the requirements.

Source: NAFCU Compliance Blog

MoneyThumb provides PDF financial file converters to lenders who offer payday loans. The Truth in Lending Act also applies to these types of lenders. Congress passed the Truth in Lending Act (TILA) in 1968, a central feature of which was the requirement that lenders disclose the APR for all types of loans. The intent was to give consumers an accurate measure of the cost of the various credit options they might be considering so that they need not pay unnecessarily high rates of interest or be caught in loans
with hidden fees or arduous terms that make it more difficult to pay off the loan.

For in-depth details about the laws and specifically the Truth in Lending Act as they apply to payday loans, read this report from The Center for Responsible Lending. Compliance keeps everyone honest and gives both lenders and borrowers a fair playing field.

The post Truth in Lending Threshold Adjustments For 2020 appeared first on MoneyThumb.

“Accounting was among the first departments to rely on technology to perform their jobs embracing spreadsheets,” said Diane Hagglund, senior research analyst of Dimensional Research. “We’re seeing today that technology continues to change the accounting profession, requiring new skills and impacting the way teams hire and retain talent. We’re also seeing a new generation of “Cloud Accountants” that are taking advantage of new technologies and are all the happier for it.”

The key finding in the report include the following:

• Technology Skills Aren’t Just Nice But Crucial to Success- The vast majority of respondents feel that tech skills are much more important than ten years ago and that new technology is having a positive impact on the profession.
• Challenges in Technology Adoption to Stay Competitive - 85 percent are facing increased challenges in hiring and retaining talent, and technology adoption is a key strategy in attracting
  • and retaining talent.
  • Cloud Application Adoption Produces Happier Teams - Teams adopting cloud accounting technology report increased job satisfaction, are more likely to view technology as good for one’s career, and are less likely to be stressed from work.

  “It’s no longer just a number crunching game. As software becomes more complex and integrated into the foundations of the traditional accounting infrastructure, the skills needed to efficiently work in the accounting department have to lean into technology,” said Mike Whitmire, CPA, co-founder, and CEO of FloQast. “The silver lining is that cloud computing and other emerging technologies help accountants and finance professionals become more accurate and efficient at their jobs, easing the burden.”

  97 percent of accountants interviewed for the survey said that they are already savvy in cloud technology and feel it has been good for their career. 86 percent of Millennial executives are optimistic about automation technology, while only 60 percent of Baby Boomers think it will positively impact their jobs. Surprisingly, some traditional skills have not gone away and are just as important today as they were previously. Almost 4 in 5 accountants (79 percent) say that Excel skills are more important now than ten years ago.

  That said, almost all respondents that influence the hiring and recruitment process have already begun changing the way they evaluate new hires with more emphasis on information technology skills (49 percent) and system thinking (50 percent).

  The full report can be downloaded for free here. This is a great report to help your accounting firm keep up with the latest technology and embrace it like so many accountants are already doing. Another way to embrace the latest technology is to begin using the best PDF financial file converters on the market.

The post Accounting Teams Embrace Technology to Solve Hiring Challenges appeared first on MoneyThumb.

One important takeaway from the article is that there is a high demand for professional CPAs and accountants in the medical marijuana industry. Here is a quote from the article, "Marijuana retailers in particular face huge tax burdens because they can’t take the types of standard deductions mainstream businesses can claim. That’s where certified public accountants and financial firms come in. Experts in complicated tax law – including section 280E of the federal tax code – are in high demand in the marijuana industry as companies look for ways to minimize what they owe to the federal government. They’re also critical for businesses that want to abide by the law and maximize profits.

“I’d like to see more CPAs get involved, rather than somebody who is maybe not as well trained in these issues,” said Dean Guske, the founder of Guske & Company, a Washington state accounting firm that serves more than 350 cannabis-related clients."

This is great news for accountants and others in the financial sector if you aren't squeamish about handling a marijuana client. But there are hurdles to overcome if you have a client in this industry. Another takeaway from the article in Marijuana Business Magazine is the following statement concerning those hurdles, "Perhaps the most common problem for cannabis CPAs is the oft-lamented 280E. In some cases, accounting professionals simply can’t help certain companies minimize the impact of the tax provision. In other cases, they can’t help clients enough to the point where they’re satisfied.

“I’ve had to turn people away and say, ‘You really have to change this business model,’” Zamarra said, referring to cannabis businesses structured in a way that makes it tougher for them to take tax deductions. “But most of the time we can plan around 280E if they come to me early.”

A parallel hurdle is the lack of access to banking. Marijuana businesses that are forced to do business entirely or mostly in cash often wind up using poor accounting and bookkeeping practices, which can lead to headaches for CPAs like Marty when it comes to filing tax returns and getting a company’s records in order."

We suggest that if you are an accountant who is considering taking on a client in the marijuana industry, you take a few minutes to read the article we have referred to in this post from Marijuana Business Magazine. Also, do more homework if you need to so that you will be able to confidently handle the accounting of this very different type of client.

Another way to be confident in your accounting abilities and to assure that you are using the most effective tools available, check out the PDF Financial File Converters offered by MoneyThumb. We hope all of our Rules of Thumb blog readers have a wonderful weekend.

The post Handling the Accounting of Clients in the Medical Marijuana Industry appeared first on MoneyThumb.

1. Review tax return processes: While it’s still fresh in your mind, evaluate how many timely returns you filed versus the number of extensions and analyze how this percentage compared with prior years. Also, evaluate the time needed to complete projects for the current tax season compared to the previous one. Finally, if you are large enough to have an accounting firm, ask your staff to identify the top challenges they encountered and solicit their suggestions for streamlining tax return preparation.
2. Billings and collections: This summer is the perfect time to collect any outstanding payments due to you or your firm. Don't let this linger, since the longer you let a past due bill go, the harder it will be to collect.
3. Evaluate expanding client services: This downtime is a great opportunity to follow up with current accounting clients to see if you can offer them extended services, such as financial planning.
4. Identify common technical issues: Since everyone is now using technology to handle accounting services, this is a wonderful time to address any technical issues you or your firm have experienced and correct them.
5. Network with other advisers: Now is an excellent time to arrange meetings with other advisers, whether CPAs with different specialties or attorneys who work in a related field, to discuss common issues and referral opportunities.
6. Staff evaluations: High-performing staff and managers should be praised for their hard work as soon as possible after busy season—otherwise, they may feel underappreciated. Likewise, underperformers should be counseled early, and personnel files documented so that a plan for improvement can be developed.
7. Training and development: The last few months likely revealed some deficiencies in your staff and managers’ technical or soft-skills capabilities. Partners also may have detected a need for improved niche practice training or general business training. Scheduling training and related CPE hours during the next few months will make effective use of the slightly slower summer period. Also, ask for employees’ input regarding areas in which they would like more training.
8. Mergers and acquisitions: The less busy summer months may be a good time for leaders to evaluate long-term succession strategy. They should start by considering the potential impact of merger opportunities to senior and junior partners and other employees within the firm. The impact on clients also should be considered, including potential conflicts and geographic synergies, as well as economies of scale.
9. Firm and personal branding: Your firm’s partners and managers have insights into many aspects of business and the economy. This expertise may offer opportunities for you to flex your knowledge with the press, trade organizations, referral sources, and prospects. This is also an excellent time to line up speaking engagements, firm seminars, college visits, etc.
10. Community service: With less time-sensitive deadlines, your staff may be able to schedule a time to participate in a variety of community service projects in your firm’s region(s). These projects help the community, build firm camaraderie, and improve both employee satisfaction and the firm’s profile within the community.

The Rules of Thumb blog from MoneyThumb hopes this list of 10 things accountants can do this summer to help improve your business come in handy. Another way to improve your accounting practice is by using the best PDF financial file converters on the market.

The post 10 Things Accountants Should Focus On This Summer appeared first on MoneyThumb.

National Taxpayer Advocate Nina Olson states in her 2017 Annual Report to Congress that the underfunded IRS is in dire straits. To add to their misery, the IRS is fumbling to keep up with implementing the recently enacted tax law.

In its own 2017 annual report, the IRS said that staffing cutbacks had led to fewer investigations and recommended prosecutions. Although the IRS often says it lacks the proper resources to pursue certain actions or services, Olson states that this,“ cannot be used as an all-purpose excuse for mediocrity.” A lack of resources often becomes a “reflexive excuse for not doing something, or worse, for doing things ‘to save resources’ that harm taxpayers, foster noncompliance, and undermine taxpayer and employee morale,” she said.

The agency estimates it will need about $495 million in fiscal years 2018 and 2019 to implement the new tax law. The IRS has identified 131 filing season systems — including new individual and business tax rates, gradual inflation indexing changes for deductions and credits, threshold changes repeal, removing existing credits from systems, and updating fraud detection filters — that the new law will affect.

What’s more, the IRS has only answered “basic” tax-law questions during filing seasons since 2014 and has not answered any tax questions after the April 15 deadline either by phone or its Taxpayer Assistance Centers despite the fact that more than 15 million people file returns later in the year.

Yes, readers. None of this is good news. So what is going to happen? "The IRS could present a specific plan that indicates the agency knows that taxpayers want access to all customer service methods — online, phone, in person — instead of promoting primarily online service", Olson said. That way, the agency stands to gain more street cred with the Appropriations Committees and likely more funding. “As the risk of vast understatement, a first step toward getting additional funding is complying with what your appropriators ask you to do,” she said.

Here are what Olson considers the 21 most serious problems facing the IRS:

• Private Debt Collection: The program doesn’t generate net revenues, appears to have been put in place inconsistently with the law, and burdens those taxpayers who face economic hardship.
• Telephones: The IRS needs to modernize its old-school tactics and create an omnichannel customer service.
• Online accounts: Focusing on this doesn’t take into account the differences and needs among taxpayers, and an estimated 55 million lack broadband or internet service.
• Audit rates: The agency doesn’t consider many of its compliance activities as traditional audits. That creates an underreporting of its compliance activity and return on investment, and circumvents taxpayer protections.
• Exempt organizations: Form 1023-EZ increases results in a tax-exempt status for unqualified organizations.
• Passport denial and revocation: The IRS plans to certify seriously delinquent tax debts that will lead to depriving taxpayers of a passport without regard for their rights.
• Employee training: Changes and reductions have hurt efforts to provide top service.
• Taxpayer rights: The IRS doesn’t effectively evaluate and measure how it adheres to taxpayers’ right to a fair and just tax system.
• Outreach and education: While digitized taxpayer services are moving along, the agency has to do more to improve traditional outreach methods.
• Taxpayer assistance centers: Cutbacks have reduced the number of centers and the ability for taxpayers to have in-person help.
• VITA/TCE programs: Restrictions on Volunteer Income Tax Assistance (VITA) and Taxpayer Counseling for the Elderly (TCE) programs put more burdens on taxpayers and hurt access to free tax preparation help.
• Earned Income Tax Credit (EITC): The IRS is improving, but it still hasn’t incorporated research that indicates positive effects of taxpayer education on compliance.
• Military assistance: Customer service to the military taxpayers fails to meet their needs.
• Sharing economy: Taxpayers in this bracket don’t get proper guidance from the IRS.
• International: The agency’s approach to credit and refund claims of nonresident aliens burdens those taxpayers who are compliant.
• Individual Taxpayer Identification Numbers (ITINs): The IRS has failed to effectively communicate with ITIN users, which hinders compliance.
• Appeals: The IRS imposes unreasonable restrictions on in-person conferences for campus cases while making the conferences more available for field cases.
• Appeals: The IRS’s decision to expand participation of counsel and compliance employees in appeals conferences changes the nature of them and will likely reduce the number of case resolutions.
• Identity theft: As this crime evolves, the IRS must assess and modify how it assists victims.
• Fraud detection: Though improvements have been made, a significant number of legitimate taxpayers are being improperly selected by these systems, which results in delayed refunds.
• Refund anticipation loans: There’s more demand for these and, thus, more delays in getting the refunds.

So the biggest question remains. Will the trouble in IRS land ever get resolved? And how does this affect your clients? We would love to hear from our blog readers with feedback on these issues.

The post Trouble in IRS Land: Accountants Need to Be Advised appeared first on MoneyThumb.