|
|
|
Lost Wage Assistant FAQ's |
|
|
|
Q: I work
with evaluating and settling claims involving loss of earnings (LOE).
Would this program help me? |
|
|
A:
Definitely will help you seemingly gain years of
financial knowledge in minutes by requesting pertinent financial
documentation for your file to assist you in accurately evaluating
pre-accident and post-accident information. |
|
|
|
Q:
Why is documentation tailored to a specific
occupation/business so important? |
|
|
A:
Each occupation has specific types of documentation
that contain important financial information. For example, the
information you request from a surgeon would be very different
from the information you request from a landscaper. |
|
|
|
Q:
What exactly is a Tax Return Score? |
| |
|
A:
Do you remember coming home from school and having to
explain a D on your report card? Tax scoring consists of
assigning a letter grade and numerical score to your tax
return. Further, we evaluate nearly every line item on a tax
return by utilizing a series of algorithms based on statistics
we complied from 130 million tax returns resulting in an
indicator of an individual’s financial strength beyond a
credit score. Scoring is completed by subtracting points based
on tax deviations from IRS averages to arrive at an overall
grade and score. |
|
|
|
|
Q:
I don’t know much about financial records. How
would I know what each requested document was for? |
| |
A:
Lost Wage Assistant makes evaluating
documentation easy by printing out a second sheet that provides a
detailed explanation that gives specific reasons for each record
requested. In addition, if you hold your mouse next the record you
will be provided a reason for requesting that particular record
while you customize your record request. |
|
|
|
Q:
I don’t have time to learn to use a new program.
Could I benefit from this with a minimal time investment? |
|
|
A:
Of course! With our internet service you can
complete our Record Request tutorial in 5 minutes and our Tax Return
tutorial in just 10 minutes.
|
|
|
|
Q:
What feedback have you received from your Lost
Wage Assistant clients? |
|
|
A:
This was GREAT! I now have the tools to
discuss a claimant's loss of earnings claim in an intelligent manner. |
|
|
|
Q:
What should I do if I can’t find a specific
occupation? |
|
|
A:
First of all, determine whether the person is an
employee or a business owner. If they are an employee and only receive
regular wages (no commissions or tips) you should select "Wage Earner"
as occupation. If they are self-employed, and their specific business is
not listed, you should select “Self-Employed”, “Contractor” or “New
Business”. |
|
|
|
Q:
Do you have to pay with a credit card? |
|
|
A:
You don't have to pay by credit card! We can set
up an account, and bill your office by mail. However, if you fail to pay
within 30 days of your bill then we will inactivate your account until
we receipt of payment in full. |
|
|
|
Q:
What communication and database security do you
employ? |
|
|
A:
We utilize encryption using Secured Socket Layer.
The web application requires a browser that is capable of 128bits SSL. A
verifiable security certificate from Verisign is used to enable SSL. The
raw database files are encrypted by proprietary Microsoft encryption.
Sensitive data fields within the data base are additionally encrypted.
We are currently using an extremely strong combination of Triple DES,
BlowFish and MD5 in conjunction with a Time-Variated algorithm.
Application DLLs and executables are digitally signed to protect against
tampering.
|
|
|
|
Q:
Frequently claimants/insured’s don’t think that
they will be able to document their LOE claim? Can you help? |
|
|
A:
We will provide you a specific and detailed Record
Request for you to provide to the claimant/insured itemizing what they
need to provide to you in order to properly document their economic
loss.
|
|
|
|
Q:
Does my file need to be in litigation for me to
use? |
|
|
A:
No. In fact, the sooner you let the
claimant/insured know what documents you need to substantiate the LOE
claim, the quicker you can move towards resolving the file. |
|
|
|
Q:
What type of customer support do you provide in
the event I require assistance or encounter a problem? |
|
|
A:
Yes the Lost Wage Assistant User’s Manual provides
over 150 pages of easy to follow instructions. We provide sections that
include: 1) 10 Key Steps, 2) Getting Started, 3) Summarizing Records, 4)
Occupation, 5) Calculating Lost Wages and Business Income, 6)
Occupations, 7) Release Forms and 8) Case Studies. Finally, we have a
toll-free number for you to call if you require assistance preparing an
online request, scoring a tax return or other customer support.
|
|
|
|
Q:
What is
the range of your letter grades and scores? |
|
|
A:
The scoring system ranges from a high of A+
to a low of U. (See below)
A- to A+
(765-850) Excellent
B- to B+
(680-764) Good
C- to C+
(595-679) Average
D- to D+
(510-594) Poor
U
( < 510) Unsatisfactory |
|
|
|
Q:
How widespread is the problem of not paying
taxes or failing to file? |
|
|
A:
The American Institute of Certified Public
Accountants surveyed their members and found that nearly 50% believe the
$300 billion dollar tax gap is attributed to small businesses and
self-employed individuals. In addition, 12% believe the act of not
filing returns is the major component. We believe as many as 1 million
self-employed individuals fail to mail their tax return or report only a
fraction of their actual income. |
|
|
|
Q:
What do
we receive when we request a Tax Return Score? |
|
|
A:
• TRS Report
• Diagnostic test results
• Recommendations for course of action
• Breakdown of average monthly net income
• Summary of the Individual Tax Return
• CPA to provide technical support |
|
|
|
|
|
|
|
|
|
