DO not get scammed. Scammers may impersonate in person, through phone call, or e-mail, and pretend themselves as IRS agent or representative. Remember that the IRS: • Will first mail a bill if you owe any taxes using United States Postal Service. • Will not call to demand immediate payment using a specific payment method such…
Company receives $200K lawsuit by landlord and files for Chapter 7 CLIENT is 72 and appears to be a widow. She previously operated a business, which closed down in 2006. She borrowed $50K from her friend in 2004 secured by a 2nd mortgage on her residence for the business. Unfortunately, business failed in 2006 and…
Company receives $200K lawsuit by landlord and files for Chapter 7 CLIENT is 72 and appears to be a widow. She previously operated a business, which closed down in 2006. She borrowed $50K from her friend in 2004 secured by a 2nd mortgage on her residence for the business. Unfortunately, business failed in 2006 and…
Q: I AM a single mom and I have worked for this company for several years. Recently, while talking with another newly hired male co-worker whose responsibilities are similar to mine, I discovered he was making as much as 50 cents more per hour than I am. I asked my branch manager why the new…
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…
IF you are struggling with debt problems, you may feel depressed and alone. It may seem like the end of the world. Your self-esteem may have suffered. You may feel angry, depressed, guilty- or a combination of all three. You may consider yourself a failure, perhaps feeling angry with yourself for certain decisions you have…
FREAK accident liability I want to discuss the client with the freak accident first. The first client is 45. This is really a very unusual case. In fact, I have never encountered a case like this before in the last 30 years. The client has a rental condo that needs plumbing repair because of a…
MS. Annie Cabrera* was a retired nurse, living out her life on her life savings from years of frugality, in a Pasadena house that she paid off before her retirement. She spent her golden years volunteering in many charitable organizations. One night, she was driving home after a successful church fundraising activity. She passed through…
LET’S discuss 10 strategies as you meet face-to-face with the Appeals Officer: 1. Learn how the appeals process works. Learn how to gather, research, file, and prepare adequately. Get a coach to guide you through the survival process. 2. First address issues that are easiest to resolve and hope to establish a pattern that will…
“ No matter how hard these people work, there is never enough money to go around. In some cases, they barrow even more in order to pay other creditors and thus perpetuating this vicious borrowing cycle with no end in sight.” ONE of my clients told me: “My wife and I both work very hard to raise our two…
MAYRA Casas and Julio Fernandez worked as sales clerks for Victoria’s Secret in California. Victoria’s Secret required them to follow two shift schedules: 1) the traditional shift which required them to show up at the store at the scheduled time; 2) the Call-In shift, where they were required to first call their manager two hours…
AFTER losing an IRS audit, you can either pay or fight. If you choose peace and quiet—pay. If you choose to fight—go to appeals. Here are 10 tips on how to prepare for the appeals conference: 1. Research the issues at hand. Read the most current cases to counter older cases that the agent may…
DO you want to simplify your life, reduce stress and regain control over your financial future? If you are one of the millions of people in this country who are drowning in debt, maybe you are feeling a sense of urgency and desperation about your situation but don’t know what to do. A lot of…
Chapter 7 trustee stipulates to dismiss adversary against client before trial CLIENT is 70. She is a widow, her beloved husband having passed away 5 years ago at 65. She owns a house with a reverse mortgage of half a million. She took the reverse mortgage 5 years ago when her husband died. The mortgage accumulates…
PART 1 U.S. itizens re enerally taxed on their worldwide income regardless of where the income is earned or received. Facts • US Citizen sold residential property outside of U.S. • Property is located in the Philippines Income from Sale of Real Property U.S. Code 862: Gain from the disposition of real property is sourced according to the…
A SEPARATION package or a severance agreement is a contract between an employer and an employee who is about to leave the employer’s employment. In a typical severance agreement, the employer agrees to give the employee additional compensation (the severance pay) in exchange for the outgoing employee’s agreement not to sue the employer for any employment-related claims…
AFTER an audit of your tax returns by the IRS, pay if you are happy with the results or don’t want to extend the agony of dealing with the IRS. Appeal if you are not happy or feel that you have not been treated fairly. Let’s explore the benefits & drawbacks of going to the…
DECIDING if bankruptcy is right for you is not always easy. But sometimes, the hole you’ve dug up is too deep that there is no other way out. Bill collectors are harassing you. Maybe they’re already threatening to take you to court, garnish your wages and take everything you’ve got. Maybe you can’t even sleep…
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 any penalties and interest. If you are not able to pay in full the total amount due, consider getting a loan to full pay the…
Client receives notice of default on house, tries Chapter 13 relief CLIENT is 60 & wife is 58. He issued his check to pay rent of $1200 but the check was dishonored for insufficient funds. Landlord called him to tell him that his rent check bounced. Client was surprised that his check bounced because he had…
Q. My former employer did not pay me for overtime hours and missed breaks. Many fellow employees experienced the same thing but they are afraid because they think if they complain, they’ll be fired. I understand their fears and want to help them. Is there a way that I can claim wages on their behalf…
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…
IF you are searching for debt reduction solutions, no doubt you’ve been inundated with advertisements for various debt management programs, companies and solutions. The choices seem confusing to the average consumer. The truth is that every situation is different and what may work perfectly for others is not necessarily going to work the same way…
IF you receive an IRS notice, keep the following suggestions in mind: • Be alarmed, but do not panic. Call your tax professional for guidance. Do not delay your response. Mail your response at least one-week before the specified deadline. • Do not ignore the notice. Read the notice very carefully and understand what have…
FREAK accident liability I want to discuss the client with the freak accident first. The first client is 45. This is really a very unusual case. In fact, I have never encountered a case like this before in the last 30 years. The client has a rental condo that needs plumbing repair because of a…
Q: I am a registered nurse in the Philippines but I have not yet obtained a license in California. However, I am working as a ‘private nurse’ to a bed-ridden patient in Los Angeles. My duties are mainly nursing duties – tube feedings, inserting catheter, tracheal suctioning, observing and recording vital signs, administering therapies prescribed…
YOU’LL be happy to note that the IRS also gets audited. It’s audited by the Treasury Department to determine whether tax compliance officers conduct required filing checks in accordance with IRS policies and procedures. In particular, the Treasury Inspector General for Tax Administration (TIGTA, an agency that oversees the IRS) instructed the IRS to expand…
INDIVIDUALS who have accumulated excessive debt are often left to ponder whether they should file bankruptcy in order to get out of debt. Sometimes, these people feel that somehow, they’ve lost, failed, or that they will never have a chance to rebuild their credit again. Because we are living in a society where having a…
THE bills described in this Rental Property Owner and Mangers Guide are rental housing related bills that were signed into law in 2016 and become effective January 1, 2017 unless otherwise specified. Certified Access Specialist Inspections AB 2093. Beginning January 1, 2017 to make sure that properties are in compliance with disability access laws, commercial…
WHILE my audit tips usually focus on how you—the taxpayer—should conduct yourself, let’s look at how IRS agents are trained to conduct themselves when they interview you. Let’s change roles and learn how they work you over, I mean, work with you—from the agent’s perspective. IRS auditors are trained to: • Maintain a friendly and…
