Debt problems? Think of Noah

MOST people have heard of Noah and his ark. But why did God, the God of Moses and Israel, my God, whose only Son Jesus Christ, willingly became incarnate through the Blessed Virgin Mary, and died on the cross to redeem man from the consequences of sin, so that we may have eternal life with…

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How IRS agents evaluate evidence

THE IRS is back. In full force. Leaner. Stronger. After reeling from congressional hearings and keeping a low profile for many years, the IRS reorganized and is back. Their mission then was to protect taxpayers. The mission now: go raise revenues. It is time to prepare for audits again. Let’s learn how agents evaluate evidence…

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“Fresh Start” Initiative for Payment Plans with the IRS

(Part 2 of 2) The Internal Revenue Service (IRS) announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by providing: Offer in Compromise (OIC) – more flexible guidelines for collection potential. Payment plans – more taxpayers can apply without financial statements. We discussed OIC in a prior article. Let’s now discuss…

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Reduce stress by reducing your debt

DO you dream of simplifying your life, reducing your stress and regaining control of your financial future? Everyone dreams of living a debt-free life and yet we know that today, so many people are drowning in debt that they don’t even sleep well at night. If you are one of these people, perhaps you are…

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Debt problems? Think of Lot & his daughters

LAST week, we talked about the destruction of the cities of Sodom & Gomorrah by burning sulfur that rained from the heavens. If you go to Israel today, it is said that these two cities were located at the south western tip of the Dead Sea which is now a limestone and salt hill because…

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FAQ #2 – FBAR financial accounts

THE IRS issued new guidance requiring individuals with an interest in a “specified foreign financial asset” to attach a disclosure statement to their income tax return for any year in which the aggregate value of all such assets exceeds $50,000. Use new form Form 8938 (Statement of Specified Foreign Financial Assets) starting in 2011. Q….

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Short sale legal and tax implications

THE good news is that tax relief has been enacted for homeowners doing Short Sales.  The Federal Mortgage Debt Relief Act of 2007 HR 3648 and Federal Bailout Legislation HR1424 extended until December 31,2013 tax relief for recourse debt forgiveness on principal residence indebtedness is excluded from taxable income. Qualified principal residence indebtedness is acquisition…

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Immigration status is not a bar to claiming unpaid wages

ALL workers are protected by California’s laws regulating wages and working conditions.  The protection applies undocumented workers who are entitled to the following rights: – The prevailing minimum wage (currently $8.00 per hour) – Overtime pay for working more than 8 hours per day or 40 hours per week – Meal breaks and rest breaks…

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Don’t be fooled by credit card illusion of wealth

ACCORDING to a recent study, a majority of people in this country are living way beyond their means.  In keeping up with the Jones’s, these people have resorted to using credit cards to buy things that they normally can’t afford with their income.  They buy everything with the plastic cards they keep in their wallets. …

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Can you trust the IRS to do your taxes?

It is alarming to hear that the IRS has proposed a plan to Congress that will take away our independence as tax filers and instead force us to rely on the IRS to do it for us. The IRS claims that it can handle the enormous task of preparing tax returns for every single American…

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FAQ: FBAR filing requirements

NEW Foreign bank account rules were designed to combat money laundering, terrorism, and tax evasion. Unfortunately, folks like you and me get snared in the process. We get penalized if we don’t follow the new rules. I have written a series of simplified articles on this subject to help you understand the new rules and…

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You were fired: Now what?

KNOWING your rights upon the end of an employment relationship may help you weather the transition of being in between jobs.  The following provides some helpful guidelines: First: Make sure that the employment relationship has ended and there is no misunderstanding about this. Employment can end by resignation or lay-offs. An employee can also be…

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Keeping your upside down property to survive?

I AM tossed between my usual practical beliefs and a survival situation that is very common with retired homeowners.  A lot of homeowners rent out rooms to make their mortgage payments, these homeowners usually are retired couples or a retired individual living on their own.  The particular homeowner owns a house that has 2-4 extra…

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Your debt problems and Hosea

“ The LORD said to Hosea, “Go, take to yourself a wife of harlotry and have children of harlotry; for the land commits flagrant harlotry, forsaking the LORD.” IF YOU are troubled by debt, think of Hosea. Hosea was a prophet of the one true God, my God, the God of Moses and Israel, whose…

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Are taxes dischargeable in a Chapter 13 bankruptcy?

YES. Some are. Let’s discuss taxes, penalties, and interest that are not dischargeable in a Chapter 13 filing. The Chief Counsel of the IRS examined which tax claims are nondischargeable in Chapter 13 bankruptcy cases filed on or after Oct. 17, 2005 (the effective date of the Bankruptcy Abuse Prevention and Consumer Protection Act of…

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From wage violations to human trafficking?

The story of a Saudi Princess and her 5 maids THE Los Angeles Times, NBC, CNN and other major news outlets report that on July 10, a woman identified as a Saudi princess, was arrested on suspicion of human trafficking and keeping slaves in her home in Orange County. Meshael Alayban, 42, reported to be one…

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Warning about short sales

STILL dealing with the burden of owning a house that is underwater at this stage of the late stage mortgage meltdown we had has got to be much more frustrating than ever.  It’s almost like you are the only once left hanging by a string and everyone else has escape tragedy or has gotten bailed…

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Your debts and Samson Part 2

(Part 2) LAST week, I said that if you have debt problems, think of Samson. We ended last week with Samson having wrecked havoc on the Philistines by killing a thousand of them with the jawbone of a donkey. Samson was a “Nazarite” who had dedicated his life to God, my God, the God of…

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Building governance systems to avoid sibling rivalries

“Every policy setting process stregthens and unifies the family and increases the likelihood of long term business and damily success, survival and prosperity.” – JS Strachan Running a family business with siblings and other relatives could be rewarding but at the same time, could be a source of conflict which may cause the downfall of the…

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Instilling professionalism in the family business

“Its hard to move forward on Governance policies and Succession until the family has established some form of mutual respect among its members” Sibling rivalry is a conflict that could last for the long term – one that could be very difficult to handle and prevent.  In spite, it is not impossible to instil the value…

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