When debt problems cause stress in your marriage
ACCORDING to statistics, debt problems are one of the leading causes of divorce in this country. When couples have more debt than they can handle, stress and tension easily build…
Category: Consumer Columnists
Read More
What you need to know about pretax plans
THE only means an employer can offer employees between taxable and nontaxable benefits is through section 125 plan. What are a section 125 plan, a cafeteria plan, and the IRS…
Affected transactions and sanctions under the Bank Secrecy Act (BSA)
AFFECTED Transactions A. Currency Transaction Report (CTR): You must report cash transactions in excess of $10,000 during the same business day. The amount over $10,000 can be either in one…
Clients seek to discharge $100K and $30K in credit card debt
Both qualify for different chapters of the bankruptcy code MOST debtors prefer to have a Chapter 7 wipe-out of debt. This is called a fresh start without debt. Most debtors…
What is unlawful discrimination and how to protect against it
ON May 29, 2018, about 175,000 Starbucks workers at about 8,000 locations will undergo a training on race discrimination. The training session will focus on understanding both racial bias and…
Bankruptcy: Should you file now or later?
“If you’ve come to the end of your financial rope and don’t know what else to do, it is time to face your debt problems with dignity and do what…
Delinquent tax debt could mean revocation of your passport
IN February 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impacts you? • Upon receipt of certification….
Foreign Bank Account Reporting (FBAR) penalties for noncompliant US citizens residing abroad
IF you are a US citizen (or dual citizen) residing outside the U.S. but do not report your foreign accounts, you may be subject to harsh penalties—penalties that are more…
What to do if you were fired
TERMINATIONS can be difficult situations, particularly where employees see the firing as unfair. The following are some helpful guidelines in navigating this difficult time: First: Make sure that the employment…
Finding hope when facing bankruptcy
IT can happen to anybody. At one time or another in life, we may be faced with financial and debt issues that seem impossible to overcome. A lot of people…
You have not filed your income tax returns for years?
YOU have not filed your income tax returns for the current year and previous years because: 1) you decided you are not required to file? 2) You are a victim…
The “secret” fear that people have when in debt
I KNOW we’ve never met but if you are facing debt problems, I know there’s a common concern that people share when they are in your situation. As a debt…
Should you file FBAR for foreign bank accounts?
IF you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial…
Commissioned employees must still be provided rest breaks
WE recently discussed the problems surrounding employees who are paid only by commission. One of the problems we pointed out was that commissioned employees are often shortchanged when it comes…
Chapter 7, Chapter 13 or debt settlement? Client with $40K in credit card debt examines the differences
THE client is 42 and is going through a divorce. It was a short two-year marriage. He has moved out of the marital home and now lives by himself. He…
FATCA reminder for US persons
THE Foreign Account Tax Compliance Act (FATCA) requires foreign financial Institutions and other non-financial foreign entities to report on the foreign assets held by their U.S. account holders or be…
To people who need to file bankruptcy but are afraid of making a mistake
A LOT of people who are in over their heads in debt think of filing bankruptcy as their last resort. But they are afraid that they might be making the…
The ABCs of Foreign Bank and Financial Accounts (FBAR)
IF you have offshore bank accounts, should you report the accounts to the U.S. government? Yes, if the aggregate balances exceed $10,000 at any time during the year. What if…
Misclassified independent contractors or 1099 workers may be entitled to back pay
WORKERS generally lose when they are classified as independent contractors (ICs) instead of as employees. Companies misclassify real employees as ICs in order to save money. This is good for…
Do I need a will?
FOR most of us, busy driving the kids (or grand-kids) to school, going to work, and trying to pay the bills, the last thing on our minds is our mortality….
Solar energy credit for residential 2
SEC 25C refers to the $500 home or residential energy efficient credit expired after 2016. Sec 25D refers to the solar electric and solar water heating systems residential energy efficient…
Frequently asked questions on FBAR bank accounts
Q. AM I required to report bank accounts in a foreign country? A. Yes, if you have more than $10,000 at any time outside the U.S. Q. Am I exempted…
Will a business bankruptcy affect its owners?
THE client and her husband are the only stockholders of an S corporation that has been doing well for the last 15 years. In fact, it’s still doing well and…
Problems surrounding employees paid by commission
MICHELLE McGrath and Veronica O’Boy worked for Wyndham Resort Development Corporation and its affiliates as Salespersons in California. Wyndham employed them to sell its goods and services such as interests…
To people who are considering bankruptcy to get out of debt
ARE you seriously in debt and thinking of filing bankruptcy as a last resort? Individuals who have accumulated excessive debt are often left to ponder whether they should file bankruptcy…
Visa applicants may soon be required to submit social media details
“Applicants for diplomatic or official visas will be exempt from the proposed revised questions.” ON March 30, 2018, the Department of State published in the Federal Register its…
Company files Chapter 7 due to $1 million judgment
THE client is a corporation that has been in business since 2000. It had good times and bad over the last two decades but always managed to land on its…
OIC basics: Series 1
STARTING March 27, 2017, new applications for offer in compromise (OIC) plus the application fee will be returned by the IRS if all required income tax returns are not filed…
Fraud audit – What to do
CRIMINAL Investigations can be initiated from information obtained from within the IRS when a Revenue Agent (auditor) or Revenue Officer (collection) detects possible fraud. Information is also routinely received from…
Company files Chapter 7 due to $1 million judgment
THE client is a corporation that has been in business since 2000. It had good times and bad over the last two decades but always managed to land on its…