ITIN RENEWALS ANNOUNCEMENT

ITINs that will be expiring at end of 2017 according to IRS can be renewed as early as June 2017. IRS is now accepting applications for ITIN renewals.

The IRS recently announced that as of June 21, 2017 they will accept renewal applications for Individual Taxpayer Identification Numbers (ITINs) that will expire at the end of this year.

All ITINs issued before 2013 would expire over a four year period beginning on January 1, 2017 and any ITIN that was not used for three consecutive years would also expire.

Who must renew for the Upcoming Filing Season (Filing Season 2018)

At the end of 2017 for the following ITINs will expire and must be renewed if an individual wants to use it on a 2017 federal return:

• ITIN with a middle digits of 70,71,72 or 80. The IRS will begin sending the CP-48 Notice (You must renew your ITIN to file your US tax return) to be affected taxpayers later this summer.
• ITIN that have not been used at least once in the last three consecutive years.

How to Renew an ITIN

To renew an expiring ITIN an individual must complete a Form W-7 (Application for IRS Individual Taxpayer Identification Number), making sure to check the "Renew an Existing ITIN" checkbox, and submit it to the IRS in one of the following ways:

• Mail the completed Form W-7 along with the original identification documents or certified copies by the agency that issued them - to the IRS address listed on the form.
• Use one of many IRS authorized Certified Acceptance Agents or Acceptance Agents around the country.
• In advance, call and make an appointment at an IRS Taxpayer Assistance Center in lieu of mailing original identification documents to the IRS.

For renewals, the IRS does not require a tax return to be attached to be submitted for renewal.

1) Any person who transacts insurance without a valid license is guilty of a misdemeanor punishable by a fine not exceeding $50,000 or by imprisonment in a county jail for a period not exceeding __year(s), or by both a fine and imprisonment.

Answer: 1(one) year

2) A written instrument in which a contract of insurance is set forth is a(n):

Answer: Policy

3) Regarding surviving spouse benefits under social security, the time interval between the date survivor benefits end, and the date benefits resume is known as the ____ period.

Answer: Blackout

Sole proprietorship is the simpliest and the most common business structure. There is one owner, the sole proprietor. The business is unincorporated, and there is no legal distinction between the business and the owner.

Sole proprietorship is the easy and inexpensive way to start a business, and an owner can usually create one on his/her own. There are no formal action required to create or start a sole proprietorship. However, business owners still need to obtain any necessary license, permits, and doing business as (DBA) name, if they are operating under a name other than their own. The owner is entitled to all the business's profit and has complete control over the business and makes all decisions, including business strategy, concept, plans, and operations.

Tax filing for sole proprietorship is fairly easy. A sole proprietorship files a Schedule C, along with their Form 1040 that owner already file every year. Self-employment income is subject to self-employment tax.

Sole proprietorship has no legal separation between the proprietor and the business entity. Personal liability for all debts and obligations of the business is the owner's responsibility. The risk extends to any liabilities incurred as a result of the actions of employees. It is often difficult to invest in a sole proprietorship because the business owner can't sell business stock, and financial institutions are sometimes hesitant to lend or give credit because of a perceived lack of credibility if the business fails. On the other hand, having complete control over the business can sometimes be a burden. The proprietor is the one ultimately responsible for the growth and success. But, nevertheless the failure of the business.

As we are helping some of our small business clients establish and grow, one of the most common topic that may come up is the type of entity that is right for their business. What is right for the business from the start may not be the right business later on, so this is a great topic to revisit from time to time with your client as they expand and grow their business. This article will explore the main business entity options you can discuss with your client when deciding what type of business entity is best for their business.

The most common business entity types are:

• Sole proprietorship
• Limited Liability Company
• Partnerships
• Corporations

Business entity to also consider:

• Non-profits
• Cooperative
• Trust and Land Trusts

What if you could have the benefits of a traditional business career, but without someone else controlling your hours, income, partners and overall job security? Maybe you're comfortable in your job, but would like to increase your income and opportunities without trying to balance the multiple schedules created for you. Technology is continuing to advance and the business world is rapidly changing. You're going to be working anyway, shouldn't you enjoy it? Shouldn't you control it? Welcome to Take5 Challenge. 626-569-5944

Terminal Illness Life Insurance Accelerated Benefit Rider
Generally, you will be certified as terminally ill if you have been diagnosed with a Terminal Illness that will result in death within 24 months of certification of the illness by a physician. In some states, the definition of "terminally ill" may require a 12 month life expectancy instead of 24. Refer to your state specific information for qualifying term.

This accelerated benefit rider allows the owner to accelerate some or all of the Insured Person's base life insurance benefit in the event the Insured is diagnosed with a terminal illness. The Terminal illness ABR provides you with access to the insured's death benefit should you become terminally ill.

Generally, insurance companies will send the insured an IRS Form 1099-LTC if you receive an accelerated death benefit on accounts of a Chronic Illness or a Terminal Illness. Insurance companies will send the insured IRS Form 1099-R if you receive an accelerated death benefit on account of a Critical illness.

The sum that will be included in Box 2 (Accelerated death benefits paid) of IRS Form 1099-LTC or in Box 1 (Gross distribution) of IRS Form 1099-R will be the actual sum that the insured receives by check or otherwise minus any refund of premium and/or loan interest included with the benefit payment plus any unpaid but due policy premium, if applicable, and/or pro rate amount of any loan balance.

The maximum amount of life insurance death benefits that may be accelerated as to an Insured person under all accelerated benefit riders is the lesser of the existing amount of such death benefits of a lifetime maximum of $1,500,000.

Receiving Benefits will be received as a lump sum. There is no waiting period or annual benefit limit, but there is a lifetime limit amount of benefits you can receive across all ABRs.

Options if you need it, and you qualify, you can elect to either of the following:

• Request the full acceleration, on a discounted basis, and use the lump-sum as you wish.
• Choose to leave a portion of the policy's death benefit intact and receive a partial benefit.
• Choose to leave the entire policy intact for the beneficiary.

Medicare Supplement Insurance. A complete coverage for individuals ages 65 and over from World Wealth Insurance Services. We help cover health care cost that traditional Medicare does not. Allow our licensed health insurance agents find the right coverage for your.

Medigap Plan Choice
Although Medigap policies are standardized, it's still very important to compare plan because rates can vary and have quite a bit different from one insurance company to another.

While it's understandable the cost may be a major factor to you, it's just as important to consider what your current health care needs and expenses to date, as well as what they may be in the future. A Medigap policy can pay all or part of the expenses.

The Benefits of Owning a Medicare Supplement Insurance Policy
With all the choices you have available for your health care coverage, it's important to understand how each one work, its benefits and your share of the costs. Here's a few look at how Medicare supplement insurance differs from other plan, including Medicare Advantage Plans:

• Keep your primary doctors and hospitals who accept Medicare
• Low Out-of-Pocket Costs
• Coverage is guaranteed Renewable

Medicare Supplement Insurance Costs
Medigap policies requires monthly premium in addition from the Original Medicare (Parts A and B). Usually, Part A does not have a premium unless you're subject to a late-enrollment fee.

First and foremost, it is prudent to note that the best time to enrol in a Medicare Supplement insurance plan is during your open enrollment period (see Scheduled Eligibility page for more details). Your open enrollment period begins when you are 65 or over and enrolled in Medicare Part B. For the six months after time when those two criteria are both initially met, companies cannot use any medical underwriting to deny you a coverage increase your premium.

If you happen to miss the open enrollment period, then there are a number of factors that can contribute to your supplement insurance price: plan choice, pricing structure, and state.

Medicare Supplement Insurance 101
Original Medicare covers many health care services and supplies, but there are many costs that it does not cover. A medigap policy is a health insurance sold by private insurance companies to fill gaps in Original Medicare coverage. Having a medigap insurance is essential to bring you peace of mind and be able to concentrate on getting better and take the worries of medical bill, out of the way.

Most of us may have to face several financial risks before and during retirement? Earlier in life there are 3 major risks that an individual and families may face, but each risk tends to get smaller over time.

3 Potential risks are:

1. Income replacement due to the death of a primary breadwinner
2. The cost of college savings for your children
3. Paying off the mortgage

As we get older and these risks decline, a few other risks emerge, and they tend to become more daunting over time:

• The multitude of financial risks. Possibility of living too long, interest rates, stock market, rising tax rates, house repairs, etc.
• The rising cost of health care
• The potential reduction of social security income due to the death of a spouse. At the core of your protection, you have life insurance

The three pre-retirement risks can usually be alleviated with a term insurance. Unfortunately, the three post-retirement risks that occur in life often cannot be adequately mitigated with term insurance. Permanent insurance, such as universal life, may be a good fit to protect assets from the above mentioned risks.

Solution for all three risks. No matter whether you are in pre-retirement, transition into retirement, or solidly in your retirement years, one of the three things could happen to you. You'll either:

1. Die too soon
2. Get sick along the way
3. Live too long

In recognition of these three occurrences, we have a solution to address living too long or becoming sick which covers Chronic, Critical and Terminal illness or conditions. This combination of riders on this life insurance policy helps to provide the financial safety net to help get through all three scenarios. Our goal is to bring each and everyone peace of mind during these time and to ensure that living too long is the best way to go, without the financial worries.

How can you protect yourself against risk in the pre and post retirement?

At the core of your asset protection, you have life insurance. The life insurance policy that provides protection for: (1) income replacement if you die prior to retirement, (2) paying off any outstanding mortgage balance, (3) providing college funding for your children, and (4) During retirement, the death benefit can provide funding to replace reduced Social Security income due to the death of one spouse.

Protection against a multitude of financial risks including:

• Market corrections and poor investment performance
• Living longer than expected
• Did not save enough
• Tax rates increases
• Low interest rates
• Reduced Social Security income if one spouse dies (death benefit protects one spouse, LIS protects other spouse)
• Health care costs (unrelated to chronic illness)
• Unexpected house repairs
• Financial help for children and grandchildren

Finally, even with the best plans, sometimes the unexpected can happen -- such as a serious illness or condition. The costs associated with treatment, as well as possible income lost if you are unable to work, can threaten your day-to-day living. We have products designed to let you use your life insurance benefits when you need the most. Life insurance that you don't have to die in order to use. Riders that can help pay for the costs of treatment for qualifying illness and conditions -- or any other expenses. It does this by including, no additional premium, a valuable rider that allows you to access you base life insurance benefit while you are alive if you have a qualifying illness or condition. Life insurance that provides all three coverage in one unparalleled package of protection against broad array of financial risks that are so prevalent during retirement. Imagine, you now have the capability of having a protection from all the risks in one financial product...Life Insurance. Call us today, don't wait! Life is Wealth...

Commercial General Liability Insurance, also called commercial general insurance or general business insurance, is a commercial insurance form that protects business during liability issues. When your business is legally held responsible, general business form covers medical expenses, attorney fees, and damages such as property damage, or personal or advertising injury liability, regardless of who is responsible for the damage. Commercial and general insurance is one of the most popular commercial insurance forms sought after by business owners.

Commercial general liability covers three forms of liability exposures:

1. Premises and Operations Exposure -  a form that protects your business against claims for bodily injury and property damage related to the ownership and maintenance of the business premises, or as the result of commercial operations conducted both at and away from the premises.
2. Products and Completed Operations Exposure - a form protecting your business against claims for bodily injury and property damages that result from faulty products and completed operations performed by the business.
3. Indirect/Contingent Exposure - a form that protects your business if you are found liable for the negligent actions or work of independent contractors and subcontractors you hire.

The following 15 liability exposures are specifically excluded from coverage by Part A of the CGL:

• Expected or Intended Injury
• Contractual Assumptions
• Liquor Liability
• Worker's Compensation
• Employer's Liability
• Pollution Exclusion
• Aircraft, Autos, and Watercraft
• Off-road Motor Vehicles
• War Exclusion
• Care, Custody, and Control
• Damage to the insured's product arising from the product itself
• Damage to the Insured's work
• Property Damage / Liability
• Product Recall
• Employment Related Practices

Business Inventory Insurance
Another essential part of a commercial general insurance is the business inventory. Business inventory insurance ensures that the business will be able to recover from general damage to or loss of property, including equipment, products, and supplies through proper inventory.

If your business owns properly, you need to obtain business inventory insurance form. However, the cost of your inventory insurance will also be affected by the total of the property you insured in the inventory insurance: More inventory coverage will result in higher premiums. However, you may be able to save money on inventory insurance by taking certain safety and security precautions, such as installing fire alarms and sprinklers, which reduce the risk of damage and loss.