IRS move on debt information will cost tax preparers

The Internal Revenue Service has dealt a hard blow to a tax product that has long needed to be knocked out.
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Starting with next year's tax filing season, the IRS says it will not provide tax preparers and financial institutions with important debt information on taxpayers that allows the companies to arrange or make refund anticipation loans, or RALs.

A RAL is a short-term loan backed by a tax refund. It lasts until a person's refund arrives.

Since the 1990s, the IRS has provided to tax preparers and associated financial companies a "debt indicator" as a way to determine how much of a refund might be taken by the government.

The debt indicator is key in the underwriting of RALs, a security the refund will cover the loan.
Read more: 
http://www.lansingstatejournal.com/article/20100822/NEWS03/8220612/1004

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TEC Technology Announces Second-Quarter 2010 Results

JINGDE, Anhui, China, Aug. 17 /PRNewswire-Asia-FirstCall/ -- TEC Technology, Inc. (OTC Bulletin Board: HGHN) ("TEC" or the "Company"), a leading supplier of power and communications infrastructure, today announced its unaudited financial results for the second quarter ended June 30, 2010.

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Second-Quarter 2010 Highlights
    -- Revenue increased 99.5% to $9.4 million in the second quarter of 2010
       as compared to $4.7 million in the second quarter of 2009
    -- Gross profit increased 72.0% to $3.0 million in the second quarter of
       2010 from $1.7 million in the second quarter of 2009
    -- Operating income increased 37.3% to $2.1 million in the second quarter
       of 2010 from $1.6 million in the second quarter of 2009
    -- Net income was $1.8 million, or $0.08 per basic and diluted share, in
       the second quarter of 2010, a 64.5% increase from $1.1 million, or
       $0.06 per basic and diluted share, in the second quarter of 2009

http://www.prnewswire.com/news-releases/tec-technology-announces-second-quarter-2010-results-100872954.html

Boston Marks Launches Credit Unions Visa Prepaid Card

ALTRINCHAM, England, August 5, 2010 /PRNewswire/ -- Prepaid card specialist, Boston Marks ( http://www.BostonMarks.co.uk ), is further extending its Credit Unions prepaid card portfolio, with the announcement that it can now offer a Visa prepaid card programme facilitated by the well established and highly respected Cornèr Banca of Switzerland. Boston Marks believes it has the best overall Credit Union prepaid card programme on the market; the benefits of the Boston Marks Visa scheme to Credit Unions and members include no transaction fee, free cashback at Point Of Sale and no monthly fee.

The Boston Marks Visa prepaid card allows Credit Unions to offer members a safe, quick and convenient way of managing their budgets. One of the Credit Unions already issuing prepaid cards provided by Boston Marks is Calderdale Credit Union based in West Yorkshire, who join a growing list of Credit Unions and Local Authorities such as Kent County Council and Cheshire East Council who have trusted Boston Marks with their prepaid card programmes for some time. Read more: http://sg.finance.yahoo.com/news/Boston-Marks-Launches-Credit-prnews-3625297625.html?x=0&.v=1

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$380,000 raised for Society

ABOUT 3,000 people, led by Senior Minister and Coordinating Minister for National Security S. Jayakumar, attended a walk and carnival at West Coast Park on Sunday to raise funds for the Singapore Children's Society.
About $380,000 was raised through the sale of carnival tickets, donations from individuals and organisations like NTUC Income and pledge cards.

The funds will go towards paying for the society's programmes, which protect and nurture abused and neglected children. The charity reaches out to 66,000 children and their family members each year through nine service centres. Read more here: http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_560638.html
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