Basics of statute of limitations
Background WHEN is your 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 civil…
Category: Consumer Columnists
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Does filing bankruptcy make sense for your situation?
ARE your debt problems keeping you up at night and causing a lot of stress in your life? Have you thought of filing bankruptcy but can’t decide whether it’s the…
Be prepared for dental emergencies
INJURIES always seem to happen when we least expect them. Picture yourself at an outdoor gathering, having fun, when suddenly a crying child runs up to you, knocked-out tooth in…
10 facts on debt forgiveness on your main residence mortgage
THE exclusion from gross income of discharged qualified principal residence indebtedness is extended for two years through December 31, 2016. It applies to discharge occurring before January 1, 2017 or…
Work-related activities before you clock-in: Should these be paid?
Q: I WORK as a “team member” in the service industry in Los Angeles. Before we clock-in for our shift, we are required to attend a “huddle,” or a meeting…
Can you be deported for filing false tax returns?
YES, you can be. Terrible, but it happens. In a landmark case, the Supreme Court held that a conviction for willfully filing a false tax return is a deportable offense…
7 common bankruptcy misconceptions that stop people from getting help
PERHAPS you’ve considered filing bankruptcy but in the back of your mind, you have one or two questions that you’ve always been afraid to ask. In counseling thousands of people…
Last Part: Family Feuds and Shattered Families
“It’s not the first “prominent/wealthy family” inheritance battle waged nor will it certainly be the last, but the on-going estate litigation of Potenciano ‘Nanoy’ Ilusorio’s heirs has emerged as one…
Seniors plan their golden years
One gets rid of debt, while the other attempts to collect monies lent I GOT my senior’s week last week. Two different seniors, both over 80 came to see me…
Sexually harassed employee forced to quit, wins wrongful termination case
MS. Olivares worked as a dental assistant for Colton Dental Group (CDG) which is owned by dentist, Sam Dason. In May 2011, Dason told Olivares that employees from his San…
Wealth or debt: What are you accumulating for your future?
DON’T let this happen to you! A client of mine said he never saw it coming. Everything he ever wanted in life, he always purchased on credit. The “pre-approved” credit…
12 divorce tax tips
1. YOUR legal marital status is determined as of December 31 of each year. Even if you were married for the previous 364 days if you were divorced on the…
Debt relief exclusion for rental properties
WE talked about tax consequences of short sales, foreclosures, and abandonments of homes. Let us now talk about tax consequences of cancelled debt on qualified real property – including rental…
Family Feuds and Shattered Families
I had a wonderful time exchanging notes with the participants of my Family Business Talk last Friday at the Holiday Inn in Makati. It was a sold out event with…
Will business bankruptcy affect owners of the business?
CLIENT and 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 had a…
Protecting employees against workplace violence
YOWAN Yang worked for ActioNet as an information technology technician. ActioNet is a contractor providing technical support to the Federal Aviation Administration (FAA). Cy Tymony was another technician who worked…
Right 1095 to avoid tax penalty
ANALOGOUS to taxpayers showing their earning statements with W2 or 1099, this year taxpayers are asked to show 1095s as their health insurance statements. Without proof of health insurance, they…
How to spot an IRS fraud audit
IT started with a dreaded letter from the IRS. Your tax return has been selected for examination. Lately, the agent has been asking about cash transactions, safety deposit box, foreign…
Get out of debt without filing for bankruptcy?
BEING in debt and doing nothing about it can have more serious consequences than you think. First of all, it can impact your financial future. Uncontrolled debt can deprive you…
Do landlords have to file 1099-misc?
YOU must have noticed questions on Schedule E, Part I for rentals: • Were you required to file Form 1099-MISC? • If so, did you or will you file? Very…
Protecting your home
IN my last article, I explained why it is absolute necessary to qualify for Medi-Cal and get the government to pay for nursing home care for an ailing parent or…
Pay discrimination affect women of all wage levels
ACCORDING to the National Equal Pay Task Force, for every $1 that men earn, women earn only $0.79. This is true for nearly all industries and for most women in…
10 excuses to abate penalties for late filing or paying taxes
IF you fail to file on time or pay on time, penalties kick in. Here are 10 reasonable causes to abate (forgive) penalties for late filing or late paying: 1….
Filing bankruptcy when necessary to solve debt problems
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…
Probate, will, living trusts
(Part 2 – Basics) ESTATE planning is simply how you want your assets distributed to your heirs after you die with as little time and expense as possible. This can…
Should you postpone filing your tax returns?
Surely as April 15 comes along, some of you will procrastinate in filing tax returns. It can be habit forming as I see the same taxpayers come after April 15…
Giving reasonable accommodation at work to a non-disabled employee
Luis Castro-Ramirez was hired to work as a truck driver by Dependable Highway Express (DHE) in 2010. During his hiring, he told DHE that he had a disabled son who…
Do you feel paralyzed by your debt problems?
Are you feeling stuck and unable to move because of lingering debt problems in your life? Considering bankruptcy but not sure if it’s the right solution for you? For those…
Tips for eating healthy lunches your teeth will like
WE believe in preventive and yes, much of that depends on you! Cleaning your teeth after you eat is important, but the effects of good habits also have a lot to…
Clients choose dependents/house over credit cards
Both clients seek chapter 7 relief to discharge credit cards THE one true GOD YAHWEH, created man and woman with free will. He gave us free will to choose what…