credit (6)

The IRS pays individuals an average of $6,200/yr for operating imaginary businesses. According to a report issued by the Treasury Inspector General for Tax Administration, the IRS is defrauded up to $16 billion annually by tax filers claiming Earned Income Tax Credits on their tax return.  Randall Sorensen, CPA has developed technology that will identify one million phantom businesses and recover $960 million for the U.S. Treasury.

Technology called the Phantom Business Identifier (PBI) developed by Randall C. Sorensen, CPA, will identify one million imaginary businesses that cost’s honest Americans $7 billion annually.  

Statistics reported on show that during the Great Recession 500,000 business owners without children permanently closed.  In contrast, at the worst possible time to launch a business, taxpayers with children and no money started 800,000 new businesses.  Why would anyone want to jeopardize the security of their family when their odds for success are only 50%?  The answer is simple…. they didn’t!

Here is how tax frauds have been pulling the wool over the eyes of the IRS.  Jane Doe the mother of two, claims income of $14,700 from an imaginary cleaning business.  Since she doesn’t really have a business, Jane doesn’t need to purchase any brooms, dust pans, cleaning supplies of mops.  For Jane’s efforts she will qualify for federal tax credits of $7,100.  Before the US Treasury deposits a tax refund of $5,000 into her bank account, they make a deposit into Jane Doe’s social security retirement account for $2,100. From start to finish, Jane can complete her phantom tax return using phantom income in 15 minutes!

Randall Sorensen, CPA has practiced as a financial forensic expert for over 25 years. Three years ago Mr. Sorensen pitched his idea to the IRS.  The IRS literally tore apart the proposal and expressed a high level of interest.  One month after kicking the tires the IRS rejected the software by explaining that they already had a prototype and they didn’t have any money.  Thanks to the congressional hearings on targeting tax exempt entities, Congress confirmed the IRS wasn’t being truthful.  Specifically, the IRS entered into a software agreement with Strong Castle to spend up to $500 million at the same time they told Sorensen they didn’t have any resources.

Mr. Sorensen stated “a double standard exists within the walls of the IRS.  They severely punish taxpayers who lie but fail miserably when IRS employees fail to tell the truth”.   

Due to severe IRS budget cuts, Mr. Sorensen has offered to test 30 million tax returns for free.  Sorensen states, “The IRS won’t be able to use the excuse of being broke.  Rather than terrorizing honest taxpayers, the IRS needs to send a clear message to tax criminals that they will be caught and could face prosecution by the Department of Justice. Further, tax software companies must be vigilante in identifying fraud being committed at the kitchen table”.

Randall Sorensen, CPA has been practicing accounting for over 30 years and has specialized in forensic accounting for over 25 years. Randall Sorensen’s accounting practice is located in Phoenix, Arizona. Mr. Sorensen can be reached at 602-320-3183.

Read more…

By Craig Andresen – The National Patriot and Right Side Patriots on

toby-1.jpg?width=255Well, Golly gee…what do we have here???

While Hillary’s private email accounts have been the subject of great scrutiny, there are other email accounts we seem to have forgotten. Remember Lois Lerner…she of the computer crash and lost emails? She’s back and this time, there is something more than lost emails to discuss.

FOUND emails…no…not from what she claimed was a hard drive crash but…

Emails to and from Lois Lerner…on a SECOND private email account. Emails of official IRS government business no less.

Oh, we knew Lost Email Lois had ONE private account but now, thanks to more FOIA requests or demands from Judicial Watch…we have discovered, from her attorney…Geoffrey J. Klimas…that Lost Email Lois had a SECOND private email account under the name of…Toby Miles.

According to Judicial Watch President, Tom Fitton…“It is simply astonishing that years after this scandal erupted we are learning about an account Lois Lerner used that evidently hadn’t been searched.”

Nothing astonishes me regarding the depth of corruption in the Obama regime anymore but I do understand where Fitton is coming from…


Read more…

As President Obama continues to financially damage our countries economy, your credit score is more important now than it's ever been.

Interest rates continue to stay low thousands of Americans will flock to their lenders to refinance their homes, and many of those will find that their credit scores prevent them from taking any real advantage of those low rates. Borrowers that financed when rates were low previously, and their credit scores higher, were able to get a decent rate then. Now that they’ve missed a few payments (often due to unemployment) and lowered that score, they would likely get the same rate offered to them years ago, or worse.

Let’s take a look at what’s in a credit report and your FICOscore (The software used to calculate a great number of redit scores was created by the Fair Isaac Corporation–FICO).

Typically, four types of information are reflected:

  1. Personal information. This includes your name, spouse’s name, social security number, current and previous addresses, birth date and current and previous employers. This data is culled from your past credit applications, so its accuracy is dependent upon how completely and honestly you fill out forms each time you apply for credit.
  2. Credit information. Included is information regarding each of your accounts with banks, retailers, credit card issuers and/or other lenders. Credit limits as well as loan amounts and balances are detailed, along with payment patterns going back a few years.
  3. Public information. This includes bankruptcies, tax liens and monetary judgments, and, in some states, overdue child support.
  4. Inquiries. Included are the names of those who requested and obtained copies of your credit report.

Now not all of this information remains on your credit report permanently

Positive credit information will remain on your report indefinitely, although information about an account will fall off your report if nothing new is reported for seven years.                          

Negative credit information remains on your report for up to seven years after the date of the original delinquency.                          

The length of time for which a bankruptcy will affect your credit depends on the type of bankruptcy that you file. Chapters 7, 11 and 12 remain on your credit report for 10 years. Chapter 13 bankruptcy (under which all or part of all debts owed are repaid under a court-approved payment plan), will be deleted from your report after seven years. All other public record information is typically removed after seven years.                          

Inquiries are cycled off your report after one to two years, depending on the type of inquiry. There is of course some personal information that your credit report does not reveal. It doesn’t reflect information about your race, religious preference, medical history, personal lifestyle, personal background, political preference or criminal record.

I’ll shed some light on how lenders evaluate your report

How are credit scores calculated?

Credit scores are generated by inputting the data from your credit report into software that analyzes it and equates a number. The three major credit reporting agencies don’t necessarily use the same scoring software, so often the credit scores they generate for you are different.

Which parts of a credit history are most important?

The breakdown below shows the approximate value that each aspect of your credit report adds to a credit score calculation. Use these percentages as a guide:

35% – Your Payment History 30% – Amounts You Owe 15% – Length of Your Credit History 10% – Types of Credit Used 10% – New Credit


Your Payment History Includes:

  • Number of accounts paid as agreed
  • Negative public records or collections
  • Delinquent accounts:
    1. total number of past due items
    2. how long you’ve been past due
    3. how long it’s been since you had a past due payment

What You Owe:

  • How much you owe on accounts and the types of accounts with balances.
  • How much of your revolving credit lines you’ve used (looking for red-flags you are over-extended).
  • Amounts you owe on installment loan accounts vs. their original balances. (to make sure you are you paying them down consistently-which means negative ARM loans can hurt your credit).
  • Number of zero balance accounts.

Length of Credit History:

  • Total length of time tracked by your credit report.
  • Lengths of time since accounts were opened.
  • Time that’s passed since the last activity.
  • The longer your good history the better your scores.

Types of Credit:

  • Total number of accounts and types of accounts (installment, revolving, mortgage, etc.)
  • A mixture of account types (referred to as Trade-lines) usually generates better scores than reports with only numerous revolving accounts (credit cards)

Your New Credit:

  • Number of accounts you’ve recently opened and the proportion of new accounts to total accounts.
  • Number of recent credit inquiries.
  • The time that’s passed since recent inquiries or newly-opened accounts.
  • If you’ve re-established a positive credit history after encountering payment problems.
  • In general, checking to make sure you aren’t attempting to open numerous new accounts.

Credit scoring software only considers items on your credit report. Lenders typically look at other factors that aren’t included in the report; such as income, employment history and the type of credit you are seeking.


What’s a Good Credit Score?

Credit scores (usually) range from 340 to 850. The higher your score, the less risk a lender believes you will be. As your score climbs, the interest rate you are offered will probably decline. Borrowers with a credit score over 700 are typically offered more financing options and better interest rates.


Multiple Credit Scores

Your bank will pull credit reports and scores from all three major credit reporting agencies: TransUnion, Equifax, and Experian. They’ll probably use the middle score (mid-score) to work your loan application. You lender will want a copy of your credit report as part of the pre-qualifying process for a mortgage; you’ll be asked to sign a form authorizing them to acquire the reports. The purpose is to see how your credit looks and to clear up any errors that might be in it.

There are three major credit-reporting agencies in the United States: Experian, Transunion, and Equifax. You may wish to order a copy of your credit report to review. Thanks to a federal law you are entitled to one free credit report from each of the main credit reporting agencies per year, though the reports are not automatically sent out.

You may go to to access their annual credit report online for free, or you may complete the form on the back of the Annual Credit Report Request brochure, and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281

TransUnion, Equifax, and Experian all allow you to review your report online free for 30 days; you will not however see your score. The reports will have different information because it’s a voluntary system, and creditors subscribe to whichever agency they prefer.

So if you want to maintain your score and understand the system, you must always protect it against identity thieves and mistaken negative reporting. In the end, maintaining your score will save thousands in interest on your home, auto, and credit cards; keeping you from being another victim of the Obamaconomy.

Read more…

Air Travel Carbon Credits and more

The EU has signed on and only needs the US, China and India to agree to disclose data and embrace the pay to pollute carbon scheme. What a load of BS that airlines would pay for their carbon footprint that exceeds some limit set by a committee and to pass on the cost to the customers, which essentially makes it a world wide tax.

In addition to that tax our own EPA has delayed the increase in alternative fuel requirement for the US gasoline producers, which also require them to buy carbon credits traded as a commodity. Trading carbon credits are a money making scheme for those who have pushed the carbon credit and trading Ponzi scheme on the world. It would be an amazing story if it were fiction, but it is true. The western world has agreed to pay fines for carbon pollution and the men who designed and pushed the system will make billions. What a scam and a huge waste of money in the form of penitence and a world tax.

This is but one of the pledges that Obama has made to fight pollution in the US and world wide. It also re-distributes western wealth.


Add these taxes onto the nation and company carbon credit trading Ponzi schemes and you have a complete web of money making wealth re-distribution load of BS. People like AL Gore and George Soros own the trading companies and billions will be made brokering all of these various carbon credits. 10 Trillion dollars a year could be made if the US joins the world in this program. Always follow the money! No one could make something like this up and they have sold the world on it via the Kyoto and other global warming treaties. These also require alternative energy which is not commercial so it does drive up costs and diverts more tax dollars to various groups, e.g., ethanol, wind mill and solar panels producers.

 The US should denounce these schemes use all of natural resources and let the market place develop alternative energy as it becomes economically viable. WE have hundreds of years of resources and these world wide taxes and exchanges are nothing but money, power and control for the ones who control them.


If the US will drop these and use our resources jobs will return with lower energy costs. Perhaps some of these people want to see less jobs and a weaker US?


Read more…

Obama and Lew the Perfect Fiscal Storm

By Gregg Houlden

Every Investment Banking professional including myself look upon Lew's nomination with little less than despair. Not really for our personal wealth, as we can as easily operate from London and Singapore as NY or LA, but for the average working American. Already the effects of Obama's amateur and ideology led economic management is beginning to bite. (4th Quarter GDP Estimate Reduced to .8% from 1.5%). 

What does the Lew appointment mean to the average American? In my professional opinion, two major problems. An almost certain further downgrade by S&P and Moody's probably in Q1 13 will deliver higher interest rates. That means every Credit Card, Mortgage or Loan will become more expensive. The second point is more direct and will hit the middle class with a double whammy, the long term effects on manufacturing and large scale employers of Obama Care and increased payroll tax will be felt. I expect certain initial indicators to flag deeper problems. Already, Amex has decided to shed 5,500 jobs. I expect other Finance Houses to follow suit as they outsource to London or other destinations with more corporate friendly administrations. Manufacturing already burdened by the Unions and Obama's leftist led FMCS will once again to look to globalization to reduce costs. Don't blame the company as will the Democrats and Obama, blame academic theory meeting objective reality. 

Basic concept; If company A with US Costs can make and sell a widget for $3.30 and company B (in India or China) without Obamacare and unionized costs makes and sells the same widget for $0.50 even the most patriotic organization will go with B.  

In November, Obama lied, cheated and enabled by a barely competent MSM deceived the electorate. I will only make the 2% pay more. Well we had already globalized our portfolios Mr President. Now we see the first hike on the middle class, a payroll tax increase of around $100-200 per pay check. As Obama ramps up his spending as he only sees ideological value rather than fiscal. Basic economics say, the revenue to fulfil his grand schemes cannot come from the 2% even at 100% tax. It has to come from the 47% of working Americans. Now with a sycophant like Lew as Treasury Secretary, Obama's stupidity, lack of empathy and downright narcissism will have no voice of reason. Spend, Spend, Spend will lead to a tank in the dollar. S&P analysts will have conniption fits over the worsening debt ratio and economic indicators. I project by Q1 2014, if Obama is not stopped by the GOP House, our S&P rating will be A+. (Good is AAA BTW, as we used to be) Our bonds and debt (TBonds) will have to yield anything up to the Spain and Portugalesque 6% which will knock on to a 6 -11% jump in your personal interest payments. 

What really becomes a problem at that point is what economists call “Confidence”. When confidence fails in an economy buying ceases, investment halts and people don't trust anything. Banks fail, corporations saddled with debt and increasing labor costs close or relocate and USA Inc goes bankrupt.

Obama is a rank amateur that's too stupid and too arrogant to know his own limitations and seek competent help to mitigate the deficiency. We need our GOP leadership to change and replace Speaker Boehner with a competent and strong leader who will resist and slow the Obama disaster.  In effect save America from Obama and his foolish and childlike policies.

Read more…
The looming issue in WA D.C. has been a potential government shutdown. If Congress cannot agree on a budget proposal, the government can have to temporarily close. There are individuals that will be harm by a shutdown if it takes place, though it appears that winning approval from less than the majority of the American people is more significant that other considerations. Government employees will be deprived of their pay, and they're the ones who will be feeling the pinch. Post resource - Government employees to bear brunt of government shutdown by MoneyBlogNewz.

Basic services would continue under federal shutdown

The federal government may end up in a temporary shutdown on May 16 due to the battle over a spending bill. Even with a shutdown, not everything will shut down. Some things will continue. Since the United State USPS is self-financed for probably the most part, it will continue to operate. MSNBC reports the any services in the government "involving the safety of human life or the protection of property" won't be shutdown. There will even be Social Security benefits continuing.

No more pay for government workers

Government employees are the ones that are going to lose probably the most. It will even not impact the military or air traffic controllers. Nobody has to worry about safety. However, employees in agencies that are involved in clerical, managerial or financial roles will most likely be put on a furlough. Still, there was pay frozen for several employees already. The Obama administration put these pay freezes in place. Contractors who work for the government, several of whom are small businesses, may also lose revenue, according to the Wall Street Journal. There may not be any money reimbursed to contract workers.

Preparing for shutdown

There were plans in place already. Many were prepared for a government shutdown. The Credit Union Times reports that any members on temporary federal government shutdown layoffs will be able to get zero percent interest furlough loans from the Cabrillo Credit Union in San Diego. Check your local credit union to see if they offer a program like this. There were several offered during the 1995-1996 shutdowns that occurred. If the shutdown does occur, Treasury Secretary Timothy Geithner has said he would not rule out dipping to the Social Security Trust Fund and other sources to keep some government services fiscally viable until the shutdown subsides, according to Reuters, which means that some employees and services may continue to be funded.


Wall Street Journal



Credit Union Times

Read more…