If your debts are growing faster than your income, read this
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…
Category: Consumer Columnists
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Delinquent tax debt could mean revocation of your passport?
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….
Why banks love governance
SAN RANCISCO—Governance is everywhere. I am slated to deliver a talk related to Ownership and Succession today to the students, faculty members and business owners at the Community College of San…
Should you conduct your business as a sole proprietorship?
Upon deciding to form your own business, the next question is – what type of entity should you operate – as a sole proprietorship, partnership, corporation, LLC, or LLP? Which…
Common misconceptions about bankruptcy
(This article is part 2 of 2 parts) HERE are some more misconceptions about bankruptcy that we did not discuss last week: 1. Will I lose my house? Normally, debtors…
Sexual harassment at Hollywood’s workplace
The media is awash with reports regarding Harvey Weinstein, the co-founder of movie companies Miramax and the Weinstein Company. Weinstein is accused of sexual harassment and sexual assault by employees…
Drowning in debt but too embarrassed to ask for help?
“If your finances are out of control, you need to do something about this situation- the sooner the better. You don’t need to face debt problems alone. Help is available…
Penalty relief: How to establish reasonable cause
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….
How IRS audits consultants
THE IRS developed a guide for its agents in auditing consultants to focus on: 1. Travel and meals, 2. Bartering, 3. Independent ontractor 1099 versus employee W2, 4. Shifting or assignment of…
Protecting the mentally disabled from police use of deadly force
SEVEN hundred forty-eight people have been shot and killed by police in 2017 nationwide, according to an ongoing project by The Washington Post. Of these shootings, mental illness played a…
Does Godzilla live in your house?
THE Japanese created Godzilla a long time ago. It’s a gigantic T-Rex on steroids that destroys Tokyo and the rest of Japan until someone comes to the rescue and kills…
When credit cards become a heavy debt burden
WITH credit card debt approaching $1 trillion according to the Federal Reserve, there is no doubt that thousands and thousands of families who can’t pay their credit card debts are…
Deliquent tax debt could mean revocation of your passport
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….
Common misconceptions about bankruptcy
(This article is part 1 of several parts) Having literally represented several thousand clients in successful bankruptcy cases in the last 35 years in California, I have distilled the common…
Classified as an exempt or salaried employee? You may be entitled to back wages
Allen Buckingham, and three other employees, worked as “Implementation Advisor” or “Client Fulfillment Consultants” for Bank of America, N.A. They were classified as exempt by their employer and paid a…
How the Irs audits attorneys
IRS agents are equipped with audit techniques unique to attorneys. Here’s insider info on how IRS instructs its agents to probe into: 1. Unreported income, deferral of income. 2. Advanced…
Warning: Hiring a debt settlement company can make your problems worse
Are you thinking of hiring a debt settlement company to help you solve your debt problems? Before you do, maybe you should read this article as it could save you…
Tips to remember when you owe the IRS
Tips to remember when you have outstanding tax liability to the IRS: • Receipt of tax bill. If you receive a bill for taxes due, pay the taxes owed including…
Seniors raid retirement accounts but still require Chapter 7 relief
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…
The rights of disabled probationary employees
Q: I HAD to undergo surgery mid-way through my probation period as a new hire. When I told my manager that I needed to be off-work for several weeks to…
States with the lowest and highest combined income, sales, county and city taxes
10 States with the Lowest Combined Income and Sales Tax Rates: • New Hampshire • Alaska • South Dakota • Wyoming • Florida • Texas • Washington • Delaware •…
If bankruptcy is necessary, it may hurt now but relief can last a lifetime
FILING bankruptcy can be very stressful and uncomfortable for people who are facing a financial crisis for the first time in their lives. But a lot of the anxiety involved…
Why do you need to file your past due return?
FILE your past due returns even if you cannot pay in full your . And file the returns the same way you file if you file on-time. Let me tell…
Seniors need relief from big HELOC 2nd trust deed and $40K credit cards
Senior loses job, needs chapter 7 debt relief “When it rains, it pours just like Irma in Florida. Everything gets damaged.” THE clients are 63 and 64. They are young seniors….
Does your compensation plan pay for all hours worked?
RICHARD Brown and Charles Ridgeway worked for Wal-Mart Stores Inc. as truck drivers in California. Wal-Mart paid them per miles driven and per activity (drivers had to input pay codes…
States with the lowest and highest income and sales tax rates
INDIVIDUALS and businesses in all 50 states pay federal income tax. Residents in 41 states also pay state income tax while nine states have no state income taxes. Here are…
When does it make sense to file bankruptcy if you’re feeling hopeless about your finances?
LIKE most people, you’ve probably heard that filing for bankruptcy when you are in debt will ruin your credit forever and that you will never be able to buy a…
What to do when the IRS contacts you
WHAT you need to do when you received a call or notice from the IRS? Below are some tips that you should be aware of: • Revenue Officer (RO) observes…
Are your paycheck deductions legal?
Q: I HAVE recently joined the work force and received my first paycheck. When I reviewed my paystub, I see all these deductions. What are allowable deductions and what are…
The basics of statute of limitations
BACKGROUND: When is your tax return free from IRS audit? From your point of view, statute of limitations prevents the IRS from collecting a deficiency in tax or beginning a…