Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
I BELIEVE that 2013 is going to be the “year of the short sale.” And THAT is a good thing! As I have always mentioned in the past, lenders will be more eager to help homeowners towards the fourth quarter of the game. I seriously believe that this is the fourth quarter of cleaning up…
CAN the employer legally fire a pregnant employee, who, after using up all her leave under California’s Pregnancy Disability Leave Law (the pregnancy law), is still unable to return to work? The laws prohibit pregnancy discrimination of pregnant employees. Pregnancy discrimination is defined as discrimination on the basis of pregnancy, childbirth, and related medical conditions….
1. CALIFORNIA State Income Taxes in box 24 of your W2 are deductible. So are quarterly estimates paid by self-employed and subcontractor taxpayers. TIP: Time the payment of your estimates in the year with the higher income and higher tax. 2.Real Estate Taxes on your house, land, or rental property are deductible in the year…
DUE to obvious delays and failed attempted to help struggling homeowners, the two leading agencies Fannie Mae and Freddie Mac who owns or guarantee more than half of all US home loans have come up with a simplify loan modifications, many borrowers who become 90 days or more past due on mortgages will be offered…
LAST Sunday was Easter Sunday celebrated by Christians all over the world as the greatest event in human history. This is the day when Jesus Christ, who died three days before on the cross on Mt. Calvary, to atone for the sins of mankind, past present and future, resurrected back to life by His own…
Are you currently overwhelmed with debt problems that you can no longer handle on your own? Thinking about filing for bankruptcy but are afraid to make a decision? Do you feel stuck and paralyzed in your situation, unable to take any action? Maybe just thinking about your situation gives you this sick feeling in your…
IF YOU are looking for bargains on foreclosed houses, you are not alone and are probably having a harder time finding them. When the housing market crashed in 2007, a wave of foreclosures accelerated the plunge in prices, which created the biggest down spiral of home prices in history — worst than the depression. Now…
THE situation we envision in this discussion is where you have an offer in compromise which has been accepted by the IRS then you file for bankruptcy relief. Do you owe the original amount prior to the OIC or do you owe the compromised amount accepted by the IRS? For example, you owe the IRS…
DENISE Steffens was a building manager for Regus Group, PLC, a company that rents out staffed office spaces. After Ms. Steffens raised concerns about possible employment violations by the company, she was fired. She sued the employer for wrongful termination in violation of public policy. The case went to trial and the jury awarded her…
FOR those of you who itemize, the table below should be of special interest. For those of you who play the odds (you know what I mean), this table should be of very special interest. Having claimed too many exemptions at work to increase your take-home pay, you suddenly find yourself owing Uncle Sam a…
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,…
“ After filing a work comp claim, the employee experiences an adverse employment action, such as demotion, decrease in pay, decrease of work hours, loss of benefits, assignment to unfavorable tasks, suspension, or even termination. Such actions contradict California law, which prohibits discrimination based on disability or medical condition.” Q: WHILE using one of the common…
MOST of us take medical expenses for granted because we have to spend more than 7 ½ % for 2012 (10% for 2013 if you are under 65) of our gross income before we can deduct medical expenses. However, changes in health care plans make this a good time to brush up on 10 medical…
SHORT selling your home is such an important and stressful step in your life and it’s the springboard into your future so you wont have anymore sleepless nights. It is critical you interview and choose the right agent working for you not themselves. Never choose agent out of obligation just because you might be related…
DEBTOR walks away from his residence because it is under water with no equity whatsoever then files for Chapter 7 relief. The house is worth $300,000 but the mortgage owed is $400,000. Debtor obtains a discharge of all his debts including the mortgage. Six months post-discharge, debtor receives a real estate tax bill for $4,000…
I KNOW that the current economy has caused a lot of financial problems for a lot of people. Most families are struggling financially every month and are living paycheck to paycheck. Chances are you know someone who is perhaps facing foreclosure because they can’t even afford to pay their mortgage. Maybe they’ve lost their job….
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 don’t have any disciplinary record…
THERE has been a lot of fines and penalties that the banks have assessed from all these claims of foreclosure abuses, including bungled loan modifications and wrongful evictions of borrowers who either current or still making their reduced modified payments. Federal regulators announced an $8.5 billion agreement with 10 mortgage servicers to settle these claims….
NEARLY everyone knows someone who is directly or indirectly affected by diabetes. Not only can diabetes be difficult to manage, but it can also increase a person’s risk for other major health problems—including oral health problems. It’s everyone’s obligation to help educate With over 300 million people worldwide suffering from diabetes, we want to be…
CHAPTER 13 is the section of the US Bankruptcy Code that allows individuals in the United States to reorganize their finances. If you are having difficulty paying your debts (credit cards, medical bills, personal loans, taxes, late mortgage payments and property taxes- all kinds of debts) due to insufficient income, don’t despair. Chapter 13 may…
IT’S one of the biggest pet peeves in the world. Imagine traveling for business or leisure and rummaging through your suitcase, only to realize that you’ve forgotten your cell phone charger. You see the dreaded red light flash on the phone. It’s about to die. You have no clue where the nearest electronic store is….
Q: CAN an employee be legally fired for job abandonment due to absence caused by an illness? Should the employer provide the employee with reasonable accommodations? A: California’s Fair Employment and Housing Act prohibits discrimination based on disability or medical condition. This law applies to employers with 5 or more employees. These employers may not…
1. YOU may deduct donations to qualified organizations. Qualified organizations include corporations or foundations organized in the US for religious, charitable, educational, scientific, literary, or prevention of cruelty to children and animals. 2. You cannot deduct contributions made to specific individuals – priests, nuns, victims, and political organizations or candidates. 3. File Form 1040 and…
WHAT I will discuss on the second portion of this article will be about HAFA (Home Affordable Foreclosure Alternative) which will typically offer a qualified seller $ 3,000 at closing of a short sale for relocation cost. But more interestingly is what other lenders are doing on their own to speed up short sale process…
LAST week, we established the fact that back due income taxes can be discharged in bankruptcy, despite the popular belief that this was not possible. We said that there are six rules that must be complied with to discharge taxes. All of these rules must be followed. If you comply only with five rules, the…
FILING Chapter 13 bankruptcy is often a last resort for people in foreclosure when no other options exist. A lot of homeowners usually put off making this decision for a long time until they find themselves backed into a corner with no way out. Most of the time they’ll attempt to do a loan modification…
Q: MY boss at work would slap or touch my buttocks, make comments about my breasts, or other parts of my body, and tell me to wear shorter skirts. He uses vulgar language and has called me “stupid bitch” a number of times. I’d like to file a sexual harassment claim but, unfortunately, I have…
THIS fiscal cliff legislation includes lots of tax changes; accordingly, I summarized the provisions for simple reading. Last week’s Part A dealt with individuals while this week’s Part B deals with business. Business depreciation and cost recovery provisions 50% Bonus Depreciation extended The Act extends the 50% first-year bonus depreciation for an additional year to…
Homeowners Bill of Rights IN JULY, California enacted the major pieces of legislation, which were introduced by Attorney General Kamala Harris. These provision, which will take effect January 1, 2013, will incorporate many of the provisions of the National Mortgage Settlement into California law and specifically will: 1) eliminate “dual tracking” of foreclosures during loan…
MANY people have the mistaken belief that back due income taxes cannot be discharged in bankruptcy because a debt owed to the Federal and State government cannot be wiped out. That belief is wrong. Since 1966, bankruptcy law allows the discharge of debt to the IRS. However, there are rules that must be followed to…
