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Your first instinct when you find some thing you do not understand on your credit report is to panic. Even if you pay all bounced checks, this information will always be in your credit history for seven years.

bank reviews ratings consumer reports

bank reviews ratings consumer reports

Adequate security Your financial well-being may be greatly affected by an unhealthy credit ranking. But because a torque applied together for the credit, each is responsible for the debt.


IRS Reporting Rules for Foreign Bank Accounts (FBAR)

Everybody knows that April 15th is an important tax deadline. But there is another tax reporting deadline coming up that is not as well known: June 30th. This is the date by which all United States citizens must file a Foreign Bank Account Report, FinCEN Report 114, Report of Foreign Bank and Financial Accounts with the Department of the Treasury to report offshore bank accounts. The FinCEN Report 114 supercedes the prior form TD F 90-22.1 and is only available online through the BSA E-Filing System website.

In recent years the IRS has aggressively pursued taxpayers involved in abusive offshore transactions. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks, brokerage accounts or through the use of nominee entities. Taxpayers also evade taxes by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities, or insurance plans.

To help prevent such abuses, the FBAR filing requirement was created. The FBAR is used as a tool to help IRS and Department of Treasury investigators trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.

An annual FBAR must be filed with the Treasury whenever a taxpayer has an interest in, or signature authority over, a foreign financial account with a value over $10,000 any time during the calendar year. It makes no difference if the average amount in the account during the year is less than $10,000 or all the money is withdrawn by the end of the year. If the account held more than $10,000 any time during the year, the FBAR must be filed.

Moreover, the FBAR filing requirement is not limited to foreign accounts containing cash. You’re also supposed to file a FBAR if a foreign account has non-monetary assets of more than $10,000. For example, the cash surrender value of a life insurance policy is such a non-monetary asset.

The penalties for failing to file FBARs are severe. There is a minimum $10,000 penalty if your failure to file was inadvertent. However, if you are found guilty of willfully not filing a FBAR, the minimum fine is $100,000 or half the value of the account, whichever is greater.

To file, you must complete and file the FBAR FinCEN Report 114 electronically through FinCEN’s BSA E-Filing System. The IRS website also has information on FBAR filing requirements. The FBAR must contain the name and address of each financial institution in which you hold an account over $10,000, the account number, and the maximum amount in the account during the year. The FBAR is not filed with your tax return. Instead, it must be separately filed with the Department of the Treasury by June 30 each year.

Obtaining an extension to file your federal income tax returns does not extend the due date for filing a FBAR. You may not request an extension for filing the FBAR. If you don’t have all the information you need to file the FBAR by June 30, you should file as complete a return as you can and later amend the FBAR when the additional or new information becomes available.


Scoreboards Being Installed At U.S. Bank Stadium

MINNEAPOLIS (WCCO) — It’s another milestone for U.S. Bank Stadium this week as crews begin installing the scoreboards.

For fans who remember the small video boards at the Metrodome, this will be a dramatic change.

The new stadium will feature high definition LED boards that rank in the top-10 in size among NFL stadiums. And they’ve been manufactured by Minnesota workers.

The company that makes the boards, Daktronics, has scoreboard displays in most NFL, NBA, NHL and Major League Baseball stadiums.

It’s based in South Dakota, but for this project, all the work is being done at the company’s plant in Redwood Falls, Minn.

“There’s a lot of Vikings fans there,” Jared Coon, installation supervisor for Daktronics, said.

In its bid to do the U.S. Bank Stadium project, Daktronics agreed to expand its Minnesota plant, adding 30,000 square feet and an additional 100 jobs.

“So the impact in Redwood Falls of a project of this size and scale is really significant,” Michele Kelm-Helgen, chair of the Minnesota Sports Facilities Authority, said.

It will take about 30 days to install each scoreboard and to connect all the wiring and electronic feeds to the control room. Crews are also putting up two levels of ribbon board that will circle the stadium.

The large scoreboard that they’re starting with on the east end is actually the small one, at 55 feet high and 95 feet wide. The one on the west end, on the skyline side, will be much bigger – 80 feet high and 120 feet wide.

“They are definitely some of the largest end zone scoreboards in the NFL,” Kelm-Helgen said. “And just the size and scale of what we’re offering, I think is going to be amazing.”

The general superintendent of the project, Dave Mansell, said a lot of time went into designing the stadium in a way that fans would have clear views of the video boards.

“You cannot find a place in the building where you can’t sit and see either scoreboard to watch the action,” he said.

Work continues on other sections of the stadium as well, and crews now have a heated workplace as winter moves in. The stadium is fully enclosed and on schedule.

“This is a huge deal for the scoreboard, and then after we get those guys out of here, through the winter months, next spring we’ll start the asphalt for the turf and look forward to the grand opening,” Mansell said.

The Vikings are also paying for a couple of large LED message boards on the outside of the stadium.

It’s scheduled to open in July of 2016.