The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative. In partnership with federal and private sector capital, the CDFI Fund allows injection of financing into neighborhoods that otherwise would lack access to financing. Through this initiative, small businesses can receive funding that may have otherwise been difficult to come by.Read >
The US Small Business Administration (SBA) helps fuel entrepreneurship in the US by providing guidance and partnership in small business financing. This helps small businesses retain capital with less friction and additionally provides less risk to the lender. The SBA currently offers 3 loan programs that tailor to a variety of businesses and their needs; 7(a) Loans, 504 Loans, and Micro-Loans. In addition to their lending programs, the SBA also created the COVID EIDL program as the pandemic heightened which assisted lenders in providing small businesses emergency relief to allow businesses to retain their workforce.Read >
Your adjusted gross income (AGI) isn’t just some line on your tax return. It’s a vital piece of information that will pop up over and over again. Let’s take a look at how your AGI affects your financial life.Read >
Tax season brings about much dread or much excitement - depending on whether you owe the Internal Revenue Service (IRS) money or are due a refund. In either case, the filing process usually isn’t fun. It involves gathering paperwork, crunching numbers, and meeting a deadline. But, when you file your tax return could have a more significant impact on your life than you previously thought.Read >
Before approving a loan application, a lender must verify a consumer’s income to ensure that they can afford the monthly payments. Traditionally, the financial institution would require the potential borrower to submit pay stubs to substantiate their earnings. While asking for this information has been the standard operating procedure for years, there are some limitations and challenges associated with relying on the practice for income verifications.Read >
Before loaning money to a consumer, a bank needs to assess that consumer’s financial standing and risk. The banker will use a variety of tools to gather the necessary information, including a credit check. The problem is - a credit check provides an incomplete picture of the prospective borrower's overall financial health.Read >
Application programming interfaces (APIs) modernize legacy software to make it more efficient and useful. While APIs have been in use for some time, they’re still evolving, particularly in the financial space. Let’s review the current financial tool API economy.Read >
When a consumer comes to your bank requesting a loan, you need to determine their eligibility. You probably ask for some pay stubs and run a credit check. But, do you review their most recent tax filing? Here’s how a tax return can help your bank make a lending decision.Read >
As a lending institution, you must verify income and assess risk before issuing a line of credit or loan to a consumer. When you mitigate your risk, your institution will likely have lower default rates, which means you can afford to lend to more consumers and remain in business long-term. There are several ways to verify identity and assess risk, each with benefits and limitations.Read >
The pandemic made 2020 a financially difficult year for many Americans. The federal government released two rounds of stimulus payments to help households catch up on their bills and put more money into an ailing economy. Unfortunately, millions of people saw massive delays in getting this relief due to stimulus check errors. Fortunately, tools like ModernTax can help ensure that this type of failure never happens again.Read >
Over the last quarter we have been listening working, building, testing, listening and improving our product (yes a lot of listening). We are proud of what we have built and our excited to share some detail about four new features: Invite and delete users; Usage dashboard; No code modal link; and Customized ModalRead >
In a world of ever increasing fraudulent scams and cybersecurity risks, tax transcript verification is becoming of utmost importance in the lending process. This allows the lender to verify historical data while also reducing fraud and mitigating risk.Read >
Long-term disability insurance protects beneficiaries from injuries. Insurance providers want to verify wages to provide accurate policies through employers directly to customers.Read >
The American Rescue Plan Act of 2021, signed on March 11th, provided $1.9 Trillion in funding aimed at combating the COVID-19 pandemic along with public health and economic impacts. An estimated $34.3 billion in funding went toward tax credits, of which included the child tax credit. The US Department of Treasury and the IRS announced on May 17th that monthly payments will be available from July to December, then the remaining funds will be available with a 2021 tax return. Beginning on July 15th, 2021 the advance child tax credit payments will be made via direct deposit to eligible households.Read >
Protecting consumer data should be of utmost importance for organizations. In a world of increasing cybersecurity threats and data breaches, now is the time more than ever to put policies and procedures in place to ensure your customers are protected. If a company does not take measures to protect consumer data this could leave important information vulnerable to hacks and ultimately allowing for distrust in the organization. Organizations that are Soc 2 certified can bring consumers and fellow institutions at ease knowing that all measures are being taken to keep their data safe.Read >
In 2020 and part of 2021 we continued to see the real estate market spike in value. According to Fit Small Business, the average price of newly listed home climbed 32.6% and home buying power increased 21%. Additionally, millennials are expected to form more than 20 million new households by 2025. In a market dominated by cash buyers, younger couples/individuals are continuing to find difficulty in competing with those that are farther along in their financial journey. But, innovations in real estate and property technology are making it possible for first time home buyers to compete in this competitive market.Read >
This is a really important problem for us. And Modern Tax helps us serve taxpayers the better.
With the Modern Tax API I can access 250 data points from the IRS.
With the Modern Tax API I can access 250 data points from the IRS.