Sanctioned Disruption of the Banking Industry to Come

For the most part the announcement from the Office of the Comptroller of the Currency (OCC) are painful boring. Sorry fellas. But this one looks like it could provide some innovative changes to the banking industry that could disrupt things for the better. The OCC says: “On December 2, 2016, Comptroller of the Currency Thomas … Read more

How Can I Raise Funds to Help Without Reporting Them as Income?

Question: Dear Steve, My daughter and two friends are going on a study abroad program in Spain. They all go to the same school and a teacher is accompanying them but the study abroad program is not really school sponsored. They are going in the summer following their 8th grade graduation from that school anyway. … Read more

Kickstarter Project Creator Nailed for Fraud

In its first case involving crowdfunding, the Federal Trade Commission has taken legal action against the deceptive tactics of a project creator who raised money from consumers to produce a board game through a Kickstarter campaign, but instead used most of the funds on himself. The defendant has agreed to a settlement that prohibits him … Read more

My Crowdfunding Donations to Help a Sick Friend Are 1099-K Taxable Income?

“Dear Steve, My friend’s mother was diagnosed with cancer and died within a few short months. As the end was nearing I started a GoFundMe page for my friend (age 24) who was to become the sole guardian of her TRIPLET siblings. Due to an amazing community effort, $36,000 was raised. All said it was … Read more