If you are a U.S. 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 severe than you expect, penalties that can even exceed balances in your accounts. It is therefore critical that you learn the new rules for FBAR…
Senior wants to wipe out $22k credit card debt “The chance of winning power ball is 1 in 292 million. You have a better chance of getting hit by lightning, twice, than winning power ball.” The first case involves clients who are still young. By young, I mean less than fifty, late forties. They have…
Have your credit card debts become so large that you can’t even afford the minimum payments? Or perhaps you’re already behind and your accounts have been turned over to collections? What do you do to get out of this financial mess? If you are in this situation, maybe you’ve wondered about what the legal repercussions…
Senior files chp 7 to discharge $35k credit cards CLIENT is 59 and single. He has a decent job where he makes $4K a month gross. He doesn’t owe any credit card debt. He only owes 3 secured debts. He owes a mortgage on his house for $400K plus he has arrears of $83K on…
FIVE year-old Jane Fine* was walking along the sidewalk on Green Street with her parents, trying to peer into the shops which displayed brightly colored toys. The Fine family was taking Jane out for a frozen yogurt treat in the city’s shopping district. While the Fine family was making their way to the yogurt shop,…
YOUR case was closed unagreed and have decided to bring your case before the appeals office of the IRS. You have learned the basics of the appeals process and how to prepare for the conference from my prior articles. Let me now give you 10 strategies as you meet face-to-face with the Appeals Officer: 1….
ARE you worried about your future due to having too much debt? You’ve probably heard the saying, “The failure to plan is a plan to fail”. And yet so many of us don’t realize how we so easily neglect to plan for our financial future. Ask a few people you know what kind of financial…
Should I buy a condominium unit in the Philippines? What investment opportunities are there? What brands should I consider if I want to franchise? Is a condo unit a more sound investment than a house and lot? I’m planning to retire in a few years, how can I invest my hard-earned savings properly? When is…
IF you do not agree of the IRS results of examination, your options are: request a meeting or telephone conference. If after the meeting or conference you still do not agree, appeal your case to the IRS Appeals Office. If you ignore and do nothing, a notice of deficiency will be issued which allows you…
Senior files Chp 7 to discharge $35K credit cards CLIENT is 59 and single. He has a decent job where he makes $4K a month gross. He doesn’t owe any credit card debt. He only owes 3 secured debts. He owes a mortgage on his house for $400K plus he has arrears of $83K on…
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 are still upset from 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. Let me give you 10 tips on how to prepare for the appeals conference: 1. Be organized in gathering and grouping records. An organized approach to gathering,…
ARE your debt problems keeping you up at night? Stressed out and worried about your financial future? According to a recent article written by a doctor, this can affect your health, leading to stress-related illnesses. This may seem like a stretch, even funny at first, but this is no joke and I’ll tell you why…
AFTER an audit of your tax returns by the IRS and you disagree with the determination, you have the option to either accept the assessment and settle the tax you owe by signing the agreement form or request an appeals conference by writing a protest to Appeals Office. The appeals process is an administrative means…
Senior files same for $55k credit cards “Do not sign personal guaranties for business loans because you will be on the hook if the business cannot pay the loans. If you own a house, why risk your house with a personal guaranty for a business loan?” Client is 45. He is actually a medical professional…
Ninoos Benjamin worked as a Director of Economic Division of the City of Los Angeles’ Community Development Department (CDD). According to several news outlets, Benjamin sued the city claiming retaliation for his whistleblowing activities and for refusing to take sides in a race turf war between African-American and Latino managers in the department. When he…
After losing an audit to the IRS, you have the option of paying or appealing. 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 advantages &…
IRS problems have a way of ruining all aspects of your life. They can take a toll on you financially, emotionally and physically. When you owe the IRS, you’re always wondering if today might be the day when the IRS shows up at work, your home or your business; or if today might be the…
The east coast’s biggest Filipino and multicultural indoor expo will revolve around a Total Wellness theme, according to Nanding Mendez, Fiesta In America’s President. Fiesta In America will celebrate its 18th anniversary on August 13 and 14 at the Meadowlands Expo Center in Secaucus, New Jersey. “A Goya Foods, Inc. cooking show based on ancestral…
Client files chapter 7 for $40K credit cards CLIENTS are seniors. Husband is 72. Wife is 71. Both are retired and receiving combined social security and pension total of $4,015/mo. Husband is still in good spirits although he is not in good health. He has been on dialysis for three years. He had hypertension when…
THIS column has often stressed the general rule that most employees should be paid overtime rate if they work more than 8 hours per day or 40 hours per week. However, there may be exceptions in the case of some who work in certain industries. It is in this instance that the employers’ classification…
AFTER an audit of your tax returns by the IRS, 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 way to resolve disputes. It…
IN spite of the negative things that you may have heard about it, bankruptcy relief still remains to be the best option to many individuals who need help in recovering financially. There is nothing “illegal” or “criminal” about filing for bankruptcy. As a matter of fact, obtaining relief from debt under federal law is an…
1. DON’T be late. Always remember first good impression will get your audit off on the right foot. 2. Don’t walk in without records. Be prepared with complete and organized records. 3. Don’t dump a paper bag in the auditor’s face. Do not have the auditor sort through paper bags of cluttered documents. A happy…
WHEN it comes to Medi-Cal , one of the concepts that our office gets the most questions about is something called Share of Cost. Share of Cost seems simple: it functions like an insurance deductible, the amount that a Medi-Cal beneficiary must pay to healthcare providers before receiving benefits from the state. Although it sounds…
Q: MY workplace installed a new time recording system where employees are required to provide our photos and fingerprints to be able to clock in and out for work. I am concerned about all the personal information my employer already has about me – my name, address, phone number, Social Security number, bank account, my…
NEITHER one, actually. You see, IRS conducts field audits where the books and records of a business are maintained. This, of course, is your home, office, warehouse, factory, or store. But I don’t like any of these locations. What I like is my own accounting office. After representing taxpayers in IRS disputes for decades, I…
IF you are delinquent on your debts, you may be able to avoid dealing with the bill collectors for a few months but sooner or later, you will still need to face the reality of your debt problems and do something to protect yourself. For example, creditors will probably wait until you are 60 days…
DURING and after the recession, many borrowers who were financially distressed lost their homes and had their loans cancelled. It was a relief to have their debts reduced or forgiven, but the same debt relief also triggered tax consequences that they were not aware of. Some homeowners were in disbelief when they learn that they…
Clinton beats trump to become first woman president of America CLIENT is 50. This is his financial picture: He has been working as a truck driver for a furniture company for 15 years. Before that, he worked in the warehouse of that company for 5 years. He is married with a 10-year-old son and a…
