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Parex Resources Announces Closing of Llanos Basin Acquisition

CALGARY, ALBERTA–(Marketwire – June 29, 2011) -

Question: Can illness under funeral expense cover be written by a company with a non-life license?

If a company deals with non-life business, can it write a funeral expense policy?
Can child education policies and credit policies be underwriten by non-life companies?

Answer: No.

There are two basic types of licenses – property & casualty, and life/accident/health.

Illness goes under life/accident/health. Property casualty is fire & liability type coverages.

Child education policies aren’t really INSURANCE, they’re an INVESTMENT type, that needs yet a third license to sell.

And “credit” policies are misleading – there IS a property/casualty “credit” insurance, but it’s for very large businessess, when one of their creditors goes bankrupt and sticks them for the line of credit they had. MOST of the time, “credit” is a type of disability coverage, or life coverage, which would be life/accident/health.

Exclusive: Congressional Travel Spikes, Despite Vows of Austerity

With America’s economy in the gutter, lawmakers pledge to cut back—except, apparently, when it comes to fancy trips around the globe at the expense of taxpayers and special interests. Laura Colarusso reports on the troubling spike in congressional travel.

Recovery: Education Credits – Parents

Question: How do I get information regarding Non profit grants?

I am trying to start a non profit business called a Adult Family Home. It’s a facility where you care for four or less persons in your home. You care for older adults or someone with a disability have my certifications, program statement, EIN, name and business proposal. Now I just need the funding to complete the deal and find a place of residence for the home. Please lead me in the right direction. Thank you.

Answer: Your best bet is to seek for private grants or grants from private foundations.

The best resource for this is Foundation Center http://www.fdncenter.org . They have a very good database covering all organizations giving grants and you can find foundations that are interested in supporting your type of cause. However, it’s a subscription based website ($19.95 per month I think is the cheapest subscription price). But it certainly is worth the fee. You can subscribe one month, and make sure you get all the info you need and then stop the subscription.

If you want to try federal sources, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov – these are two sites created by the federal government to provide transparency and information on grants.

CFDA has several ways to search for grants. I suggest you search by beneficiary and select Private Non Profit Organization and you can find listings of grants available http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show

However, to be able to get grant awards, you need to be 501C(3) certified from the IRS http://www.irs.gov/charities/charitable/index.html

NEWS / AKTUELL

Die Apfelsorte, die fast aufgegeben wurde, weil sie angeblich zu klein war, kehrt diese Woche in die Supermarktregale zurück und ihre kleine Größe hat sich jetzt als Stärke erwiesen.

Ein Name im Kristall

Question: are the employer tax of payroll taxes considered a deductable expense from gross income?

I am filing a 1120-s for my first year of business, I have gone to H&R Block to have them file for me, but the person I spoke with seamed more in the dark than I was. So instead of paying them to fill in the blanks of their computer program, I bought the software and plan on doing it myself. After reading the line about taxes, I am not sure if employer taxes are in the same category as income taxes or not. If I can write it off, it will make the difference between owing and a refund.

Answer: Payroll Taxes are a deduction, but only the employer portion of Social Security and Medicare and Unemployment taxes. Withholding from employees is a liability to the business until paid, not an expense or deduction.

The Tax Man Cometh

Today is the tax deadline, and while some of you have already filed, others are looking for some last-minute tips.

CorpSystem® Income Tax and Workflow Solutions

Question: Tax Professionals, so confused about quarterly taxes…?

I get a 1099 from my job and I’m not sure if I qualify to pay estimated quarterly taxes or self-employment taxes (even though I work for an organization. I don’t own my own business) for this current tax year, 2009. I work a part time job and make very little money. My employer said they MIGHT only be able to keep me on ’til June. I might be working there again in September though. I’m not sure if I’m going to be working in the summer, it could go either way…If I don’t work in the summer, I definitely won’t owe $1000 in taxes for the year. Because I wouldn’t know if I’d owe more than a $1000 for the year until after June, should I file quarterly’s or completely wait ’til next tax year to file taxes…?

Answer: Go ahead and file your quarterly Estimated Tax Payments. Your future sounds uncertain. Therefore, you can avoid penalties.

Nation’s jobless rate drops to 8.8%

WASHINGTON — Employers added a robust 216,000 jobs in March as the unemployment rate dipped to 8.8 percent, the government said today in a better-than-expected report that showed the U.S. economic recovery is overcoming the headwinds from rising food and fuel prices.

Self Employed Get UnFAIR Tax Break in 2009 When Opening A Solo 401k