IF you are struggling with debt and have done everything you can to no avail, bankruptcy may be the only way for you to wipe the slate clean on your financial troubles. Some people have gotten so behind on their debt payments that it has become impossible for them to catch up. Creditors are calling…
SERIES 1 we talked about the factors you need to consider before you decide choosing OIC, and meeting the compliance requirements before proceeding. Series 2 we explored on what you can do if your offer is rejected and you have disagreed items. In general following are grounds for compromise: 1) Doubt as to liability: valid …
THE client is 74. Her husband passed away two years ago. Her only source of income is social security of $2,000 a month, which was her husband’s social security. Her own social security was $1,500 a month. So how come she only has $2,000 of social security and not $2,000 plus $1,500? Because when you…
Q. MY employer brought me o merica o ork as live-in nanny for their youngest child. I would be paid $1,000 per month with weekends off. When we arrived in Los Angeles, my employer took my passport. At their home, I work 7 days a week, 14 to 16 hours per day. I take care of an infant and…
IF you are not satisfied with the results of your IRS audit, go to Appeals. You have a choice of either ending your misery by paying up or by continuing to fight at the Appeals Office. The appeals process is an administrative means to resolve your problems without resorting to legal action. It’s a good…
YOU’VE probably seen a lot of these ads: “Settle your debts for pennies on the dollar!”, “Reduce your debts legally without filing bankruptcy!” “Stop bill collectors now and pay them only what you can!” Are all these just exaggerated claims? Or are any of these ads true? How can you protect yourself from being scammed?…
BEGINNING January 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. The State Department will either deny application or revoke current passport or both. • You are overseas. Limited validity passport for direct return to the…
“So the lesson here is that you should never use your retirement accounts to pay off your debts.” THE clients are seniors. The wife is 67 and had just retired from a lifetime of being a registered nurse. She has social security benefits of $2,100. The husband is 67 and has social security of $700. So together, they…
You’re entitled to back wages Q: I WORK at a customer service company that deal with private information. To protect our clients’ privacy, we use a lot of technology to keep information safe. However, the use of these technology often require us to spend approximately 5 to 15 minutes every day preparing for work. For…
HOW long do you have to keep tax records? How long can the IRS audit your tax returns? Let’s discuss tips on statute of limitations so you can clean your garage this weekend. 1. The general statute to audit you is three years after the return is filed. 2. The statute is extended to six…
THIS is one thing I hear from people all the time: “If you ask me, I really hate doing this but I feel I have no choice.” Of course, no one ever wakes up one morning and decides to just file bankruptcy without seriously thinking it over. Usually, people spend a lot of time going…
” If you cannot pay your tax liability in full, request for an installment agreement.” IF you cannot pay your tax liability in full, request for an installment agreement. Here are some tips when and when not an examiner is able to set-up an installment agreement. The examiners are authorized to set-up…
Senior loses job, needs chapter 7 debt relief THE clients are 63 and 64. They are young seniors. Up to 65, you are a young senior in my book. You can get senior discounts at Golden Corral for a satisfying buffet. Last time I went there, half of the patrons looked like they were over…
A doctor’s note may save your job RUTH Featherstone worked for Southern California Permanente Medical Group. She suffered from a sinus condition that required surgery. After several weeks of disability leave, she returned to work without restrictions. A few days after returning to work, Ruth informed her supervisor that she was resigning effective immediately because…
YOU may choose to run your business as a partnership. A Partnership is an association of two or more persons as co-owners who intend to carry on a business for profit. Each person must contribute money, property, labor, or skill. Mere co-ownership of property that is leased or rented is not a partnership. Spouses carrying…
WHEN you are facing money troubles, sometimes bankruptcy can be the quickest and best way to get out of debt and get immediate relief from stress and anxiety. But is it really worth it? If you are facing a lawsuit, wage garnishment or foreclosure, you may not have a choice to file bankruptcy right away…
PENALTY could still be relived even if you fail to file your tax returns and pay taxes owed if you have reasonable cause. How to establish reasonable cause • Facts. Provide facts, situations, circumstances that have not allowed you to file your tax return timely and pay taxes owed. • Ability. How the facts, situations,…
ACCUMULATING debt is the easiest thing you can do in America. Even your dog can get credit cards with a fake social security number. If you are an immigrant and just arrived, you will have no history of credit here. Chances are that in your country of origin, you probably had no credit card debt,…
CESAR Astorga worked as a maintenance supervisor at Snap-On Logistics Co., a power tools manufacturer. In 2002, while working, Cesar’s knees were injured when he fell from a scissor lift. He was absent from work a total of 9 1/2 months. In 2009, a 100-pound motor at work fell on him, further aggravating his knee…
YOU have seen businesses with “LLC” after their names. That LLC refers to Limited Liability Company which is a hybrid that combines the pass-through attributes of a partnership with the limited liability of a corporation. Fortunately, it combines the best of worlds of partnerships and corporations. The owners are called “members” who hold “interests” and…
JUST a mention of the word “bankruptcy” is enough to scare some people to death. Their minds are immediately filled with horror pictures of creditors taking away their home, business, savings, retirement plans and everything that they have worked so hard for. They imagine themselves hiding in shame from everyone or being put in a…
IN series 1 we talked about the factors you need to consider before you decide choosing OIC, and meeting the compliance requirements before proceeding. If your offer is accepted, congratulations! What happens if your offer is rejected? Here’s what you need to do if you offer is rejected and you have disagreed items: • Offer…
IT was the spring of 1965, and in Coachella Valley, California, grape season was starting. Many of the workers in the grape fields were Filipinos, who had just discovered that they were being paid 15 cents less than former braceros (Mexican citizens who came to California to work in the fields). Braceros were making $1.40…
THE client is 60 & his wife is 58. He issued his check to pay rent of $1,200 but the check was dishonored for insufficient funds. The landlord called him to tell him that his rent check bounced. The client was surprised that his check bounced because he had at least $5,000 in the checking…
IF you are experiencing debt problems, you may find it difficult to talk to other people about it to the point that you are not getting the help that you need to find a solution. I understand. Debt is a very personal matter so most people don’t feel comfortable discussing it with anyone. Like most…
BEGINNING on March 27, 2017, new offer in compromise (OIC) applications plus fee will be returned by IRS if all required income returns have not been filed unless there is a valid extension for the current year. Is the OIC right for you? Here are some TIPS before choosing this option: • Financial hardship. OIC…
“It’s easy to get into debt in America. But it’s really hard to get out of debt in America. That’s why you need the full legal power of Chapter 7 to get out of debt and get a fresh start.” ACCUMULATING debt is the easiest thing you can do in America. Even your dog can…
IN honor of Larry Itliong Day on October 25, this column will highlight the plight of immigrant workers and the new laws that were recently signed to protect them. California lawmakers recognize that immigrant workers are vital to California’s economy. Immigrant workers are also the most frequent victims of wage theft and exposed to the…
YOU may choose to do business as a corporation. A corporation is a legal fiction. It exists only in contemplation of law. It has a separate legal identity. That entity, not you, operates the business. It owns the business assets, owes business debts, collects business revenues, and pays business expenses. It possesses characteristics such as…
ARE your growing debts starting to worry you and cause you sleepless nights? Are you trying hard to pay what you can every month but feel like you’re just running on a treadmill and not getting anywhere? Do you dread getting those credit card statements every month knowing that you don’t have the money to…
