By Lisa A. Tyler
National Escrow Administrator
Did the new consumer finance law implemented by the Consumer Financial Protection Bureau (CFPB) eliminate Regulation Z and the three day right of rescission on residential refinance transactions? You will have to read the moral of the story in the "GOOD Friday" article to discover if the rescission period has been replaced by the new delivery and waiting periods. The story is about an escrow officer who detected the back–dating of documents not once, but twice!
If you are a commissioned notary, you will want to read "FraudFighter™ UV Detector" to discover the security features contained in a driver's license issued in other states. It is easy to detect a fake license in your home state, but detecting a fake license from another state is much more difficult. The UV Detector takes the guesswork out of discovering fake identification presented at document signings.
A tax deferred exchange does not exempt the seller from paying taxes, it defers the payment of taxes. Exchange transactions are still reportable on a Substitute 1099–S. Find out how to properly report exchanges by reading "1099–S reporting of tax deferred exchanges."
Be sure to answer the monthly 1099—S question to make certain you understand the tips on properly reporting sales in order to avoid penalties!
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