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You’re correct that there have been a number of data breaches in recent years that could have exposed your information, including your Social Security number. Nominal (revenue and expense) accounts are closed at the end of the year.

It doesn’t appear that this card or the Cash account represents any immediate threat to you because you didn’t activate the card or download the app. All rights reserved (About Us). Note to readers: if you purchase something through one of our affiliate links we may earn a commission. Assets are like the water behind the dam, and sales revenue is like the flow of water over the year. Always consult an attorney or tax professional regarding your specific legal or tax situation.

Previous columns online: cleveland.com/moneymatters, Do you get small, unsolicited gifts from charities that ask for money? If one account is breached, others could be at risk. Compare this body of water with the total amount of water that flowed through the dam over the last year. It can be divided easily and, without considering inflation, its value is straightforward. At the end of the period, the accountant uses the balances in the nominal accounts of a business to determine its net profit or loss for the period. Q: I just received an unsolicited Cash App Visa debit card in the mail. The way any prepaid debit card works is you can use it for transactions after it gets loaded with money from another source, usually a bank account, but sometimes with actual cash at a store. In this case, an account was opened in your name. The end game of this Cash App case could have been to have someone contact you posing as Cash App and convince you to cough up information or activate the card or download the app or create a log in just to cancel the card. Laws of a particular state or laws that may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. If you opt for an irrevocable trust, you may be able to remove the assets from your taxable estate, as well. Or, someone could contact you posing as your bank. Understanding how a brokerage settles trades can make the difference in your decision to use a margin account or stick with a cash account. The label real refers to the continuous, permanent nature of this type of account.

A: I have not. Cash is one of the easiest assets to consider when it comes to estate planning, because it is liquid and flexible. But ignoring it wouldn’t have been good. The way any prepaid debit card works is you can use it for transactions after it gets loaded with money from another source, usually a bank account, but sometimes with actual cash at a store. The tax information and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice.

After we talked, you were able to report this to Cash App and close the account. For more on trusts, see Is a trust right for you? My guess is that this is a scam of some sort, but I can't quite figure out how. Learn how real businesses are staying relevant and profitable (and are even growing) in a world that faces new challenges every day. Institutions are required to investigate errors reported by consumers.

Because of the volume of requests, she cannot help everyone who contacts her.

The bad guy could have the account set up for text or email alerts when money is deposited and transfer that money to another account in a matter of maybe 10 seconds. My short-term advice for you and anyone who gets something weird like this in the mail: Back to the mystery of this prepaid card sent to you: I talked to Cash and a couple of consumer advocate folks. I have not done so. I speculated it could somehow involve money laundering, if someone could get online access to an account operating under your name, even if the money is coming from someplace else. A trust can be an effective option for leaving cash to your beneficiaries. The subject line of the email you send will be "Fidelity.com: ". Finally, one local consumer expert had a theory that sounds right: A bad guy may have been planning to use the account in your name as a pass-through account for other scam victims to send money to. Con artists can use prepaid debit card accounts to receive payments fraudulently and then transfer the money to their own accounts to make the money trail harder to follow. Distinguishing Real and Nominal Business Accounts, Accounting Workbook For Dummies Cheat Sheet, Making Accounting Adjustments to Reach Profit Potential, Formulas and Functions for Financial Statements. It is a violation of law in some jurisdictions to falsely identify yourself in an email. Investors looking to purchase securities can do so using a brokerage account.The two main types of brokerage accounts are cash accounts … Choosing an Executor, Health Care Proxy, & Others.
If so, this is a pretty elaborate scam. Use this as a wake-up call not to use the same username and password on different financial web sites and apps — your bank accounts, credit cards, whatever. The other possibility I came up with: Maybe the bad guy plans to contact you and try to convince you to activate the card or download the app. Money Matters Column: Teresa Dixon Murray. This balance is the total amount of sales over the entire year. All Rights Reserved. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf.

Real accounts contain the balances of assets, liabilities, and owners’ equities at a specific point in time, such as at the close of business on the last day of the year. An aside here about prepaid accounts and payment apps: The federal Electronic Fund Transfer Act (EFTA) applies to a bank, credit union or other providers’ mobile payment services, just like it does to its electronic bill pay service. This amount is the measure of total flow for a period of time. Keeping your estate plan up to date is just as important as creating it. YES, cash, as well as bank accounts that don’t allow for TOD designation, must pass through probate. Read exclusive stories only found here. This means that if you or anyone else tries to log in to one of your accounts from a different phone or computer, the log in would fail without a one-time use code sent to you at the phone or email the company already has on file for you. The recordkeeping process for bookkeepers is fundamentally the same: Adopt a chart of accounts, make original entries using debits and credits to keep the books in balance, make adjusting entries to get profit for the period right, and close the books at the end of the year. Here’s what to do, Why so many robocalls, debt collection and scam calls come from 608-371-6666, Senior scams on the rise as new cons emerge: Here’s how to protect yourself, Family plagued by 50 robocalls a day in ‘reflection spoofing’ scam.

Most importantly, it says it has closed a loophole that allowed an account to be set up fraudulently. You do need to be careful though about communicating with a company using a phone number or email the company provided to you through a mailing or email or text message or voicemail.

Without this card being linked to one of your bank accounts, you don’t appear to be at risk. The label real refers to the continuous, permanent nature of this type of account. Subscribe to cleveland.com. The asset accounts help accountants keep track of all the money coming into the firm, as well as tracking all of the items it owns of any value, from stock investments to buildings, and from company cars, computer, and office supplies to the company-bought artwork on the walls. Money placed in a trust is also usually able to pass outside of probate. To reach her: moneymatters@plaind.com.

Fidelity does not provide legal or tax advice. Have you come across this sort of thing before? Other steps for you to take to protect yourself: Make sure your banks and credit cards have your correct contact information including your phone number, check your credit reports, consider freezing your credit files, consider buying a locking mailbox, file an identity-theft affidavit with the Federal Trade Commission (it will provide you with prewritten letters to send to companies) and file a police report.

But we’ll come back to that.

On Twitter: @teresamurray. Your issue also initially stumped Cash (which is owned by Square) and a couple of consumer advocate experts I consulted. Choosing the account that works best for your trading style and needs is an important decision that could have significant ramifications for you financially. YES, cash, as well as bank accounts that don’t allow for TOD designation, must pass through probate. ... Revenue accounts: Revenue is the money … Others with questions about suspicious Cash App accounts or communications can report them here. Cash is considered part of your taxable estate and will be subject to federal and, if applicable, state inheritance taxes and probate.
Nominal accounts are emptied out to make way for accumulating sales revenue and expenses during the following year. Registration on or use of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your California Privacy Rights (each updated 1/1/20). Their balances are reset to zero to start the new year. And when you do reach someone, you should provide minimal information about yourself. Fidelity cannot guarantee that such information is accurate, complete, or timely. NO, if there is a TOD designation allowed on a bank account and it is up to date, the account will pass outside of probate. Nominal accounts are those reported in the income statement, which is the summary of the revenue and expenses of a business for a period of time. There could actually be two or three pass-through accounts to make it difficult to track down the true bad guy, who may ultimately have overseas accounts. Say people are tricked into thinking they won a sweepstakes and owe taxes on their winnings. Real accounts are active from the first day of business to the last day. I’m talking hyper-paranoid. I will probably just toss the card out, but I am wondering if somehow someone got my name and address through some sort of data breach somewhere.

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