Gamers helping gamers…get into college

By Devin Reese on 28-06-2014

Samantha Castillo drove her family a bit crazy with her love for video gamesand her criticisms of the ones that could be better. She loved educational games when she was little, for example, but found the games for older kids could be pretty dull.

So she jumped at the chance to learn game design from USCs Game Innovation Lab when she was in high school. In return, the lab wanted high schoolers help in designing games to make it easier for first-generation students to apply for college.

First generation students are those whose parents havent gone to college. The knowledge gap between those parents, and the ones with college degrees, can be huge. Kids without parents to guide them through the application and financial aid processes are less likely to attend college, and less likely to get college degrees when they do. A big problem is under-matching, when the student settles for a much less challenging or selective school than the ones for which shes qualified.

That could have been Castillo, who lives in a neighborhood where just getting through high school is considered an accomplishment.

Read more…

U.S. Government Continues to Pursue Taxpayers Committing Tax Fraud

By Devin Reese on 20-06-2014

Tagged Under : Committing Tax, Committing Tax Fraud, Fraud, Tax Fraud

As we reported last year, the U.S. government actively pursues taxpayers that are committing tax fraud. The Justice Department publicizes its successes in its press releases. The press releases continue to demonstrate an impressive list of tax-related convictions, guilty pleas, injunctions, summonses, and other actions against taxpayers (and tax preparers). Many of the tax fraud schemes include offshore activities. See, for instance:

Connecticut man who used offshore accounts sentenced to prison for tax evasion and conspiracy

Comments about the Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks

Mizrahi Bank client pleads guilty to filing false tax return

Portola Valley, Calif., man sentenced to prison for failure to report foreign bank accounts held at UBS

Swiss banker pleads guilty to conspiring with U.S. tax evaders, other Swiss bankers and bank management

Alaska Plastic Surgeon Indicted on Tax Evasion Charges for Concealing Bank Accounts in Panama and Costa Rica

Credit Suisse Pleads Guilty to Conspiracy to Aid and Assist U.S. Taxpayers in Filing False Returns

California attorney sentenced to prison in scheme to hide millions in secret Swiss accounts at UBS AG and Pictet & Cie

Swiss Offshore Tax Evasion Enabler Pleads Guilty


Read more…

Seychelles enhances cooperation with Mauritius

By Billie Nguyen on 20-06-2014

Tagged Under : Cooperation Mauritius, Mauritius

Four memoranda of understanding (MoUs) were signed between the Seychelles and Mauritius to promote trade and investment. The documents were signed on April 24 and April 25, 2014 during the first Seychelles-Mauritius business forum, at the International Conference Centre of Seychelles.

The forum and the trade fair were attended by more than 50 local companies, including merchants, importers and corporate service providers, in order to discuss business possibilities with more than 100 of their Mauritian counterparts.

The forum was organized by the Seychelles Investment Board (SIB) in collaboration with the Board of Investment of Mauritius. It was officially opened by the Seychelles’ Minister for Finance, Trade and Investment, Pierre Laporte, in the presence of the Mauritian Minister for Industry, Commerce and Consumer Protection, Cader Sayed Hossen.

According to Laporte, the government of the Seychelles is taking steps to make the country a more attractive destination to do business and to encourage foreign direct investment. He urged both countries’ business representatives to use the forum for exploring various areas for further economic cooperation.

Hossen said that: “The forum will provide a platform for strengthening collaboration. The f

Read more…

Interested in Starting Your Million Dollar Journey? Join team MDJ!

By Billie Nguyen on 18-06-2014

Tagged Under : Team, Team Mdj

Im looking for 3-4 team members to post net worth updates on a quarterly basis that includes a little bit of dialogue about their financial goals and progress (similar to my updates). Im looking for team members that are to this process and to their financial goals. I am hoping that these updates can not only help the team members on their financial journey, but also the readers who can identify with them. The plan is to post an update once a month and cycle through the team members.

Are you Interested?

Right now I have two candidates, so I have two spaces left. Im looking for a broad range of experience from people just starting out in debt to more experienced investors who are well on their way to financial freedom. If you are interested in committing to team MDJ, please email me with the following information (note that you can remain anonymous when blog posts are published):

  • Name (first name):
  • Age:
  • Province:
  • Annual family income:
  • Income sources (employment/profession or business):
  • Net worth (refer to this post for the calculation, ie. Assets Liabilities):
  • Financial goals (SMART goals preferred, ie. Specific, Measurable, Achievable, Relevant, Time-bound) : eg. Pay off $50,000 in student debt in 3 years, Reach $10,000 in passive income in 36 months etc.
  • Other relevant information:

I look forward to hearing from you!


Related Posts:

  • Financial Planner Job Posting and Weekend Links
  • Completing The Million Dollar Journey
  • Wealth Strategy: Track Your Net Worth
  • The Beginners Guide to Saving Investing for…
  • How this Frugal Lawyer Reached $1M by Age 34

Medtronic Embarks on Self-help Tax Reform

By Christopher Odonnell on 13-06-2014

Tagged Under : Tax, Tax Reform

The cost of America’s extremely high corporate tax rate continues to pile up. The Wall Street Journal reports on yet another tax “inversion” deal:

Medtronic Inc. MDT -0.77% ‘s agreement on Sunday to buy rival medical-device maker Covidien COV +21.12% PLC for $42.9 billion is the latest in a wave of recent moves designed—at least in part—to sidestep U.S. corporate taxes.

Covidien’s U.S. headquarters are in Mansfield, Mass., where many of its executives are based. But officially it is domiciled in Ireland, which is known for having a relatively low tax rate: The main corporate rate in Ireland is 12.5%. In the U.S., home to Medtronic, the 35% tax rate is among the world’s highest.

Actually it’s worse than that. The U.S. federal corporate tax rate is 35 percent, then there are state corporate taxes on top of that. Medtronic is based in Minneapolis, where the state’s corporate tax rate is 9.8 percent, making the combined U.S. corporate tax rate 41.4 percent. This is more than 3 times the tax rate in Ireland.

Plus, Medtronic apparently does some business abroad already, which means it is subject to America’s worldwide tax regime that applies the high U.S. corporate tax rate to all profits earned abroad as well. Ireland also ha

Read more…