Thursday, April 19, 2018

Bowman Offshore Bank Transfers on Offshore bank accounts: 10 things you should know

Offshore bank accounts may sound great in theory, but make sure you’re aware of all the potential problems and pitfalls attached.

The mere mention of the words “offshore bank account” is enough to conjure up thoughts of tax evasion, unreported income and a wide range of other dodgy dealings. The bad reputation of offshore accounts was further reinforced by the Panama Papers scandal of early 2016, which involved many high-profile world figures and led to the offshore accounts of 800 wealthy Australians coming under investigation by the Australian Taxation Office (ATO).

But despite their regular links with unlawful deeds, there’s actually nothing innately illegal about offshore bank accounts. So let’s take a look at 10 things you may or may not know about offshore accounts and how they work.

1. How they work

An offshore bank account is one that is opened and held in another country. Offshore accounts are usually held in countries with minimal tax rates or other financial benefits, but there are plenty of other reasons why you might need to open an offshore account. For example, maybe you need fast access to funds to manage an overseas investment property, or perhaps to pay for your child’s education at an overseas financial institution.

Banks in countries all around the world offer accounts to attract overseas customers; some major Australian banks have dedicated units that deal with foreign customers. Our guide to offshore accounts explains how you can compare your options and choose the right account for you.

2. They’re legal

Yes, you read that right – there’s nothing illegal about owning an offshore bank account. But if you don’t declare the income and earnings from that account in your annual tax return, you will find yourself on the wrong side of the law.

Australian residents are taxed on their worldwide income, which includes the money they earn from overseas assets, rental properties, and of course, bank accounts. Any income earned from an offshore account must be declared in your Australian tax return, and you can claim a foreign income tax offset in Australia if you’ve already paid tax on your earnings in another country.

3. Benefits of offshore accounts

The most obvious reason someone might want to set up an offshore bank account is to pay less tax, but there are plenty of other potential benefits offered by these accounts:

· The ability to earn more interest.
· Access to foreign investments.
· Access to foreign banking products and services.
· Greater privacy, for example, a business looking to protect its trade secrets.
· For large, well-known businesses, offshore accounts can protect against the risk of overcharging by suppliers.

4. Opening an account and making deposits

The process for opening an offshore bank account will vary depending on the financial institution. In most cases you will need to provide your passport, a bank statement and a signed declaration about the source of the funds being used to open your account. Deposits can be made by international money transfer.

5. Harsh penalties apply to non-declaration

For some, the temptation to simply not declare their offshore accounts and therefore avoid paying tax is too great. In other circumstances, such as for some of the high-profile figures caught up in the Panama Papers Scandal, offshore accounts are used to finance illegal activity or manage the unlawful income obtained from such activities, which is hardly something the average taxpayer wants to include on their next tax return.

Whatever the case may be, failing to declare your offshore account to the ATO is a big no-no and harsh penalties apply. Penalties start at around 75 per cent of the unpaid tax on those foreign earnings, plus interest, and there is always the potential for further investigation and prosecution by the Australian Federal Police or the Department of Public Prosecutions.

6. Tax havens

What do you get when you combine low tax rates, a stable political and economic climate, and a local regime that’s reluctant to disclose any information to foreign tax authorities? You get a tax haven, a country that attracts money from wealthy people and large corporations all around the world that are looking to reduce their tax bill any way they can. The Seychelles, the Cayman Islands, the British Virgin Islands, Switzerland and, until recently, Panama are all attractive destinations for money from all corners of the globe.

By setting up a bank account in a country that does not have an agreement to exchange financial information with Australia, an Australian taxpayer could theoretically avoid being taxed on the money in that account. In more complex cases, a dodgy taxpayer could set up a foreign shell company to conceal the true owner of money or other assets and make it even more difficult for the ATO to catch up with them.

7. The ATO and undisclosed accounts

In recent years, the ATO has dedicated plenty of time and resources to hunting down tax evaders all over the world, as people like Paul Hogan can testify. It’s also committed an increasing amount of resources to targeting wealthy Australians with undeclared income in offshore accounts, establishing agreements with governments and major financial institutions around the world.

From March through to December 2014, the ATO ran Project DO IT (Declare Offshore Income Today), which allowed Australians holding illegal money offshore to declare those funds and receive immunity from prosecution. These tax dodgers also had the opportunity to avoid many of the significant financial penalties normally associated with bringing this income into the Australian tax system, and as a result it’s estimated that $600 million in income and $4 billion of assets were disclosed.

8. Panama Papers investigations

The Panama Papers data leak contained information about the financial dealings of more than 214,000 financial entities connected to people in over 200 jurisdictions worldwide, including around 800 Australians. As a result, the ATO launched an investigation into the activities of those 800 people accused of hiding their wealth.

Around the world, many high-profile figures were implicated in the scandal including Vladimir Putin, David Cameron, the Prime Ministers of Iceland and Pakistan, and even kung fu film star Jackie Chan.

9. Voluntary disclosure

If you have an undeclared offshore bank account, the sooner you disclose it to the ATO the better. Coming forward before the ATO comes after you can significantly reduce the penalties imposed and also the risk of prosecution. However, you should always seek legal and tax advice from an expert, for example your accountant or lawyer, before making a voluntary disclosure.

10. Never hesitate to get professional advice

Although this article is only a very general guide to offshore bank accounts, you will have figured out by now that opening and maintaining an offshore account can be a complicated undertaking. There are many laws and regulations you need to abide by, not to mention myriad tax implications to consider.

With this in mind, it’s recommended that you get some professional financial advice before opening an offshore bank account. This will help you work out whether an offshore account is right for you, and what you need to do to ensure that everything is legal and above board.

Tuesday, June 28, 2016

Axia Consultants : More Complex RFP Scoring

Scoring scheme for more complex vendor RFP responses and comments

Despite requesting a particular format of response to your RFP, you may well receive a wide variety of responses and comments from vendors. Scoring these can be complicated, especially if there is no standard format. The ideal solution would be to specify and receive standard format responses. The next best - is to create a scoring scheme that categorizes the responses / comments into various categories that are useful to you. Then convert the vendor’s RFP responses into categories and associate each with a numerical score. The example below illustrates the potential solution.

The problem - a typically wide variety of vendor RFP response comments.

The functionality requirement X is achieved by:

  •          Standard software AA version 1103
  •          Standard software AA v1103, via tailoring screen configuration and report configuration
  •          Using windows capabilities
  •          Using / integrating with software BB
  •       This could be achieved subject to a full specification, however, it is believed that CC tools may be  utilized / interfaced to fulfill the requirement
  •          Standard software AA version 1104, when released
  •          Standard software AA will be offering this feature in a future release
  •          A future release, further discussions are required
  •        Standard software AA could offer this functionality, subject to a full specification, if customer is prepared to part sponsor this
  •         Possible modifications required, pending further discussions
  •          Modifications required subject to a full specification

The solution – is to either separately categorize the responses/comments and then score these, or combine the categorization and scoring eg by creating a table of RFP Response Categories and Associated Scores (with categories / scores that are useful to you), and then convert the vendor RFP responses/comments into a score.

On previous pages we have suggested a simple scoring range from 0 to 3 eg 0 = not met, 1 = partly met, 2 = fully met, 3 = exceeded expectations. But as the responses / comments are more complicated, you could use a wider scoring range say from 0 to 10 (with 10 the best, 0 the worst)

Thursday, March 10, 2016

2015 Honda VT1300 Fury 1300 ABS - Al Lamb's Dallas Honda

When you ride a VT1300CX ABS Fury, you’re the center of attention – whether you’re cruising through town or out on the open highway. Spanning nearly six feet from axle to axle, this is one long and lean machine. Best of all, you have two Fury custom motorcycles to choose from: Our standard VT1300 CX Fury, or the ABS version for riders who want an added level of stopping control in less-than-ideal environments.

What makes the VT1300CX ABS Fury stand out? Let’s break it down. The standard – if you can call the Fury standard – integrates a single powerful 336mm-diameter front disc brake is complemented by a 296mm rear disc brake. With Honda’s innovative anti-lock brake system (ABS), cruiser motorcycle drivers have the added security and stopping power that only Honda engineering can deliver. After all, the road can throw anything at you – from wet pavement to sand and other debris on the road.

ABS is designed to help custom motorcycle tires achieve optimal deceleration and stopping performance while preventing them from exceeding their limits of grip. As a result, it’s possible to maintain efficient and effective braking control over a wide variety of riding conditions. You have the added confidence when applying brakes in emergency maneuvers or on slippery roads. Simpler braking with the VT1300CX ABS Fury increases any riding enjoyment.

Wednesday, February 3, 2016

The Legendary Sales Seminar by Meir Ezra

It is not the best product that brings financial success for a company. It is the company’s ability to sell that product that brings the results.

You may have heard of ABC = Always Be Closing. Well truth is, ABC, to be really effective, stands for Always Be Caring.

Caring is the basic building block of any sale. Some people don’t fully understand this, and you may be one of those people. But make no mistake, this misunderstanding is the reason you’ve failed to close every single time - C = Caring.

The ABC Sales Seminar will show you how to help people help themselves with your product and by that, get you to a point where you can close any person on any idea.

Your ability to sell is your most powerful commodity. This seminar will teach you how to sell in any area of your life.

And this seminar will teach you the exact sales process.

However, while knowing the exact sales process is important, it alone will not actually get you to become successful in sales!


When one has a problem, the source of that problem is always before the problem’s manifestation.

The above law applies to sales in the following way: if you have a problem with a close for example, you can be assured the source of the problem is not the close, but BEFORE… somewhere earlier in the sales process.

The usual issue is that salespeople, even when they know what the sales process is, do not know when a step has been completed or if they should stay on it longer… and so they skip steps or stay too long on a step and so fail to close!
 After this seminar you will have an unshakable certainty that you can close anyone on anything – you will not merely understand the sales process, you will KNOW the sales process and so will be able to demonstrate full control over the sales process and the person sitting in front of you.

In this powerful seminar you will learn:

• What is the actual technology of how to evaluate human behavior and by that be able to predict and CONTROL people’s actions and reactions.

• What is actually going on in the prospect’s mind at any moment - and so you will be able to control the buying process.

• How to pull – since sales do not happen by pushing, but by pulling.

• What you need to build is not sales arguments, but buying arguments.

• Sales are easy and rewarding once you know how.

• Who is your worst competition.

• What are the biggest barriers to buying.

• The ONLY two reasons why people will buy from you.

• Why it’s not just about the close.

• How this technology works in any part of life – from getting that pretty girl to finally go on that date with you, to making your prospect sign on the dotted line.

• And much more…

This seminar will make you the best salesperson around – guaranteed.

Wednesday, December 9, 2015

Dr. Richard Isaacs and Kaiser promotes healthy babies

Kaiser pushes for greater breast-feeding success among moms

The healthiest thing any child will ever consume is his or her mother’s breast milk. Kaiser Permanente South Sacramento wants to make certain new mothers learn how to breastfeed their babies before they leave the hospital to increase the future good health for babies.

Kaiser Permanente South Sacramento was recently designated a “Baby Friendly” hospital in accordance with the World Health Organization’s Baby-Friendly Hospital Initiative.

The staff had a small celebration on Aug. 14.

Max Villalobos, senior vice president for Kaiser Permanente South Sacramento said, “This is an international recognition.”

He said a special thanks to Barb Hansen, assistant manager of health education, and Cheryl Cox, manager of the perinatal services unit.

“Sometimes we overuse words, but this is prestigious,” he said.

Currently, Kaiser South Sacramento is one of 83 hospitals nationwide to fulfill the program’s 10-step process to become baby friendly.

The Baby Friendly Hospital Initiative was launched in 1991 with help from UNICEF. Kaiser staff received a certificate of intent to work towards being admitted to the Baby Friendly program in 1993.

Physician-in-Chief, Dr. Richard S. Isaacs thanked the staff for their commitment. Isaacs, an ear, nose and throat doctor, said he learned that breast-feeding a baby causes fewer ear infections as they grow.

“It gives the child the best start,” he said. “It gives them natural immunity, it helps prevent infection, and it gives them tremendous nutrition. But more importantly it’s an emotional bond between the mother and the child.”

Debra Payne, program planner for First 5 Sacramento was at the Aug. 14 ceremony to congratulate the staff. First 5 Sacramento was involved with this program at Kaiser too.

Joni Wuthrich, director of prenatal services, said the staff have undergone training courses, learning the importance of encouraging breast-feeding over formula and allowing new mothers to “room in,” or stay with their baby the entire hour after delivery to breastfeed.

“I’ve been a nurse for 34 years and every single year more research comes out about how good breast-feeding is for babies,” she said.

Dessiree Whitehurst gave birth to her first child, a girl, on Aug. 13 at Kaiser in South Sacramento. The fact that Kaiser South Sacramento is in the Baby Friendly program and promotes breast-feeding amongst new mothers was reassuring to her as a new mom, she said.

“I’ve heard so many things like ‘It’s hard to breastfeed,’” she said. “Knowing that there is so much help- it’s really good for me.”

Whitehurst had already started breast-feeding her baby by the next day.

As part of the Baby Friendly Initiative, Kaiser will not accept free formula from vendors.

“We separated our relationship with formula vendors and that is a part of baby friendly too,” Wuthrich said.

Formula is prescribed when it is medically recommended for babies, rather than being a substitute for milk.

Wuthrich said baby formula is healthy, but human milk is better.

Friday, November 6, 2015

Very Large Group Practice Forum

The Very Large Group Practice Forum represents the special concerns of physicians who practice in professional medical corporations or partnerships with over 1,000 shareholders, partners, or and/or physician employees.


Michelle Caughey, M.D.
Delegation Chair

Kirk Hahn, M.D.
Delegation Vice Chair
Walnut Creek

Catherine Gutfreund, M.D.
Santa Rosa


Evan Bass, M.D.
Harbor City

Maria Carrasco, M.D.

Dean Chang, M.D.

Daniel Chyu, M.D.
San Jose

Ameeta Ganju, M.D.
Los Angeles

Reza Goharderakhshan, M.D.
Harbor City

Zoey Goore, M.D.

Russ Granich, M.D.
South San Francisco

Naren Gurbani, M.D.

Bonnie Hamilton, M.D.

Kenneth Hempstead, M.D.

Richard Isaacs, M.D.

Roman Kownacki, M.D.

Eric Lipsitt, M.D.

Michael Luszczak, D.O.

Rajiv Misquitta, M.D.

Jason Nau, M.D.
San Rafael

David H. Ng, M.D.

Elaine Ong, M.D.

Yvonne Otani, M.D.

Rahul Parikh, M.D.
Walnut Creek

Stephen Parodi, M.D.

Pankaj Patel, M.D.

Scott Pinner, M.D.
San Rafael

Vivian Reyes, M.D.
San Francisco

Jake Rofman, M.D.

James Ruben, M.D.

Katrina Saba, M.D.

Kimberly Schrage, M.D.
San Rafael

Humberto Temporini, M.D.

Albert C. Umphrey, M.D.
San Jose

Steven Woods, M.D.
Los Angeles

About CMA
CMA is a professional organization representing the physicians of the state of California.

The association was founded in 1856 by a small group of physicians who knew it was their duty to fight for their patients and for their profession. Confronted with the challenges of rampant quackery, epidemics of contagious disease, and a desperate need to establish standards for the profession, physician leaders of the time called upon their colleagues to help them form the Medical Society of the State of California (as it was called back then) “to develop, in the highest possible degree, the scientific truths embodied in the profession