Warning: Ignoring your debts is not a good idea
YOUR debt problems may be undeniable. You know they are there and they will not go away until you do something about them. Perhaps at some point, you took the…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
Read More
Arbitration agreements: Are they good for employees?
Q: WHILE applying for work at a company, I was asked to sign an “Arbitration Agreement.” I was told it’s part of the application. What exactly is an arbitration agreement?…
Don’t wipe out all your savings to pay debts
LIKE most people, you’ve worked hard and have done your best to pay all your bills on time. But in life, at one time or another, we all find ourselves…
How to spot an IRS fraud audit
IT STARTED with a letter from the IRS. Your tax return has been selected for examination. You suspect that something is wrong. Is it possible that the agent suspects fraud?…
Closed bankruptcy case may be reopened to litigate dischargeability issue
ONCE a Chapter 7 bankruptcy is filed, the clerk of court sends out a notice of case commencement to all creditors listed in the mailing list of the petition. The…
Is IRS offset of refund violation of bankruptcy stay?
CLIENT files a chapter 7 bankruptcy to discharge $100,000 of income taxes. He files his bankruptcy on March 30, 2014. On schedule B of his bankruptcy petition, he claims his…
How IRS scores your income tax returns for audit Part 3
(Part 3 – Audit Scores) This is the last of three articles on how the IRS receives, validates, stores, and scores tax returns for audit. – How efiled and paper-filed…
When piece-rate pay deprives employees of wages due under the law
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…
Is your situation forcing you to file bankruptcy?
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…
Means test misstatement may be proof of fraudulent intent
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…
How IRS scores your income tax returns for audit Part 2
(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…
Working beyond your regular duties: Should you be paid?
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…
Are you sinking deeper into debt every month?
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…
Brushing up on toothbrushes
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. …
Use Chapter 13 to handle student loans and taxes
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…
How the IRS scores your income tax returns for audit
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….
When employer retaliation happens to law-abiding employees
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…
Don’t retire broke: Get out of debt now
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…
What should I do to avoid spending too much on dental treatment?
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…
Are taxes discharged in bankruptcy if returns are filed late?
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…
Should IRS audit you at home or at your place of business?
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…
Automatic deductions from work hours for meal breaks not taken are illegal
(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…
Asian Business Association SB 1000
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,…
Is principal liable for agent’s fraud in bankruptcy?
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…
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….
The many disguises of wage theft
(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…
You don’t need to face your debt problems alone
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…
Are undocumented workers entitled to back wages if fired due to disability discrimination?
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…
Facing foreclosure: Here’s one mistake you should avoid
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…
Does bankruptcy court have power to void debtor's homestead exemption?
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,…