Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
Q: I WORK for a company that pays us on a piece-rate basis for every task that we finish. A task may take several hours to complete. If we do not complete it by the end of the shift, we are not paid for that task, regardless of the time we already spent working to…
FACING serious debt problems can be depressing to a lot of people. It may seem like the end of the world. You may feel angry, depressed, guilty- or a combination of all three. You may even be blaming yourself for making the decisions that led you to your present situation. I’m here to tell you,…
THE means test is the IRS based form of calculating disposable income in bankruptcy to determine if the case should be a Chapter 7 or Chapter 13; and if a Chapter 13, how long the commitment period should be. In addition to the means test, there is the schedule I which is now in the…
(Part 2 – Master Files) LAST week we discussed how tax returns are received, verified, and reviewed for completeness. Let’s now discuss the second of a three-part series on how your tax returns are stored into master files. – How efiled and paper-filed tax returns are verified, validated, and reviewed for accuracy. – How tax…
Q: I WORK at a retail company and every employee is required to “pitch in” when it becomes busy. Stocking shelves, cleaning, and putting away merchandise are not part of my official duties but I’m told to do them anyway. Since I am paid per task that I finish, the extra work decreases my time…
TOUGH financial times are pushing strapped consumers over the edge. Delinquencies and balances on delinquent credit cards are on the rise with no signs of slowing down. Faced with layoffs and difficult economic times, a lot of people are resorting to use of their credit cards in order to pay for basic living expenses such…
YOU may have heard that you should replace your toothbrush (or toothbrush head, if you use an electric toothbrush) every three months, or at the beginning of each new season. But are there other times you should replace your brush? Yes! Replace your toothbrush after a cold or flu, to avoid re-infecting yourself, and ,…
CHAPTER 13 has been popular to strip down junior liens such as 2nd trust deeds and home equity loans. But it can also be used to handle student loans and taxes which are not yet dischargeable. Why should you use Chapter 13 to handle student loans and taxes: To save on interest and to shorten…
LET’S now discuss the last of three articles: How the IRS scores tax returns for audit. The higher the score, the more likelihood that you’ll be chosen for audit. 1. Scoring System: The IRS uses a Discriminant Function System (DIF) to determine returns that are most likely to generate additional revenue for the government. Although…
THE Los Angeles Times reports that in 2010, eleven officers of the Los Angeles Police Department’s traffic department assigned to the motorcycle unit, sued the city of Los Angeles, claiming that they suffered retaliation because they refused to follow the traffic ticket quota system secretly set by their supervisors. In California, ticket quotas are considered…
WARNING: If you are concerned about not having enough money to live on by the time you retire, you may find the following totally shocking: According to the Social Security Administration, if you took any 100 people at the start of their working careers and follow them for 40 years until they reach retirement age,…
An ounce of prevention is worth a pound of cure. Every time I am asked this same question, the answer is always the same. A little precaution before a dental crisis occurs is preferable to a lot of fixing up afterward. Frequent regular cleanings and exams is a lot cheaper than getting periodontal treatment or…
DISCHARGING income taxes owed to the IRS in bankruptcy requires compliance with certain rules. One rule states that the taxes sought to be discharged is for a return that was filed at least three years before the bankruptcy filing. For instance, you owe $100,000 of income taxes to the IRS for the year 2010. You…
IRS conducts field audits where the books and records of a business are maintained. This, of course, is either at your home, office, warehouse, factory, or store. But I don’t like any of these locations. After representing taxpayers in IRS disputes for four decades, I prefer your audit conducted at my office – as your…
(Additional wages due even if clock says otherwise) Q: I AM a full-time hourly technician who work in the field. While we were told that we have a 30-minute unpaid lunch break every day, we usually cannot take breaks due to the heavy workload. However, the employer still deducts 30 minutes from our work hours. Is…
ASIAN-Americans living, working and attending school in California should be a major force to be reckoned with in terms of its collective purchasing power and intellectual power. As a community, Asian-owned businesses continue to be one of the strongest segments of California’s economy. According to the latest census data, the number of U.S. businesses owned…
YOU are probably familiar with a principal and agent arrangement. The most common is where a person designates another to be his agent for a general or specific purpose using a power of attorney. The principal allows the agent to bind the principal in certain transactions making the principal legally liable for the acts of…
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. Tax returns were mailed on time. A return used to be considered filed on time if it is postmarked on or before the due date. …
(Are you paid for all hours worked?) THE cheer squad for the Oakland Raiders, the Raiderettes, recently sued their employer for back wages and reimbursements. The lawsuit claims that the football team withholds pay from the employees until after the football season is finished and does not pay for hours worked outside the games. The…
ARE you having trouble paying your bills every month? Are you being harassed by bill collectors who will not leave you alone no matter how many times you tell them that you have no money to pay? Are you worried about being sued by a creditor, losing your home or your car? Are you afraid…
IN 2003, Vicente Salas started work for Sierra Chemical in its production line filling containers with chemicals used for water treatment. The company hires seasonal workers because demand for its products rises during spring and summer. During fall and winter, the seasonal workers are laid off. They are rehired the following year when product demands…
YOU already know that your home is in foreclosure. You’ve received that dreaded Notice of Default. You know that after 90 days, your home can be scheduled for a Trustee Sale. You don’t have a lot of time left. Your home with all its memories, hopes and dreams will be gone. What are you going…
The situation we are going to discuss involves the debtor’s homestead claim of exemption for his residence in a bankruptcy proceeding. In California, the homestead claim of exemption is $75,000, $125,000, and $175,000 depending on certain factors. For example, debtor is 65years old. His residence has a fair market value of $700,000 at the time…
Internal complaints of illegal acts are protected CATHERINE Zulfer was employed by Playboy Enterprises, Inc. for about thirty years in various accounting positions. During the last eighteen months of her employment, Zulfer served as Playboy’s Senior Vice President and Corporate Controller and reported directly to Playboy’s Chief Financial Officer (CFO). In October 2010, the CFO…
IF YOU are in debt and are seriously considering bankruptcy as an option, I am sure a lot of thoughts are going through your mind. I just want to get out of debt and start over but how quickly can I recover from bankruptcy? What are the different types of bankruptcy available? How do I…
In this discussion, we envision a situation where a person signs a declaration before he files a bankruptcy admitting that he has defrauded someone, and that if he should file a bankruptcy later on, the admission of fraud can be used against him to defeat his bankruptcy. To illustrate, A owns a business. He convinces…
Are you pregnant or thinking about becoming pregnant? Do you know someone who is pregnant? While you’re picking out tiny clothes and reading childcare books, remember the importance of your oral health! Pregnancy brings so many physical changes. You crave different things. Your hair feels different. In fact, just about everything feels different. And, your mouth is…
YOU should have received Form W-2 (Wage and Tax Statement) from your employer by now. If you did not, here are 10 tips to help you file: 1. Employers have until January 31 to furnish your W-2. 2. If you have not yet received your Form W-2, ask your employer when the W-2 was mailed….
(Unfair does not mean Unlawful) Q: I WORKED in a company for more than 10 years. A new supervisor was recently transferred to my department. This person and I do not get along. Last week, our human resources director informed me that the company was letting me go and gave me my last paycheck. I…
WHEN people are going through financial difficulty and are unable to pay their bills, their first reaction is often to ignore their debts and avoid contact with creditors. They think that by doing this, somehow the creditors will simply give up and go away. Then one day the problem blows up in their face. Then…
