Report: Taking For-Profit Colleges Nonprofit Can Generate Hefty Profits For Owners

Report: Taking For Profit Colleges Nonprofit Can Generate Hefty Profits For Owners

(tomQ)

Earlier this year Education Credit Management Corporation bought 56 campuses from embattled for-profit chain Corinthian Colleges Inc. and took the schools to the nonprofit sector. While that conversion was initiated because of the ongoing collapse and financial problems facing CCI, other college chains have dropped the for-profit status seemingly to pick up hefty profits.

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Chase Hit With $50 Million Settlement Over Robosigned Mortgage Documents

Chase Hit With $50 Million Settlement Over Robosigned Mortgage Documents

(Dan Coulter)

The nation’s biggest banks have already been hit with billions of dollars in settlements over robosigning — the illegal process of signing and filing important mortgage documents without reviewing them for accuracy — so what’s a few million more? Today, the Justice Dept. announced a settlement with JPMorgan Chase that will require the bank to pay more than $50 million in cash, mortgage credits, and loan forgiveness, to over 25,000 currently and recently bankrupt homeowners.

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Tax Tip: How to Know If You Qualify for the Earned Income Tax Credit -

Couples with children who have a joint annual income of $52,000 or less may have a great way to save on their taxes. “Low- and moderate-income working families usually qualify for something called the earned income tax credit,” IRS spokesman Eric Smith said. As Smith notes, taxpayers who meet the criteria might qualify to receive hundreds, or even thousands, of dollars back. “The earned income credit is a refundable credit, so it can zero-out your taxes and yet still end up with a credit that you receive beyond taxes paid,” he said. Tax accountant Janice Hayman says the tax credit is for wage earners, and many people who qualify don’t claim it. “A lot of people receive a letter perhaps from the IRS after their filing, alerting them to the fact that they may qualify, and that they should revisit,” she said. The annual credit amount depends on how many children you have. You can get more information on the earned income credit at IRS.gov.

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