Debt Relief Act helping struggling homeowners with tax breaks still up in the air
IF CONGRESS does not extend the Mortgage Forgiveness Debt Relief Act of 2007 by the end of the year, homeowners will have to start paying income taxes on the portion…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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How long must records be kept?
HOW long should you retain records? I have some clients who throw away everything instantly. Can’t stand records. I also have clients who keep records forever. Rat packs. There must…
Community-builder of Happy Pinoys
SOME people are content being average. There are also those who want to make a difference in the world they live in; who want to make their lives count — …
Pre-filing transfer of house to son fraudulent
LET’S assume that you lost your job and are no longer able to make the mortgage payments on your house, so you quitclaim the house to your son who takes…
Are your monthly expenses more than your income?
“HOW can I pay my creditors when my income is not even enough to cover my basic living expenses?’. This is a question that I hear everyday from people in…
Are 'caregivers' or 'nannies' entitled to overtime pay?
Q: I WORK as a “caregiver” for a disabled senior at a private residence. In addition to caring for the senior, I also cook, clean the house, and do the…
Fannie and Freddie approving short sale not in delinquent status
MANY homeowners are still left with a mortgage balance that worth more than the value of the property. With the economy still being badly affected by the possibility of a…
Head of household filing status
WHY would single or separated taxpayers file as Heads of Household? Let us count the ways: 1. You have a lower tax rate than a single or married person filing…
An Expert in International Trade Relations and Development
A LONG-time and well-respected Filipino diplomat continues to rise through international ranks. Esteban Conejos Jr., the former Philippine Department of Foreign Affairs Undersecretary for Migrant Workers Affairs, has recently been…
Bank president convicted of bankruptcy fraud
THE bankruptcy petition must be as accurate as possible, otherwise, debtor may have to go to jail for bankruptcy fraud. I cannot overemphasize the fact that the bankruptcy petition must…
Role of Strategic Planning in a Family Business
Strategy development is a question-based process: Where are we now? Where would we like to go? How do we get there? Strategic planning—for both business and family—can help to strengthen…
Three reasons why your smile may be a fountain of youth
Could the secret to perpetual youth be found in your smile (wink, wink)? Well, that’s probably a bit of an exaggeration! But as you know, here at our practice, we…
Trying to decide if bankruptcy is for you?
ARE you struggling with debt problems? Are you doing your best to pay but simply can’t? Have you thought of filing bankruptcy but are afraid that this might not be…
How your internet activities can harm your case
ACCORDING to recent statistics, there are about 950 million active users on Facebook, 500 million on Twitter, and 150 million on LinkedIn. Not to mention the active users on MySpace,…
Real estate forecast for 2013
I BELIEVE that the housing market will improve moderately in 2013, but nobody will mistake this for a boom. A favored 3-5% growth and appreciation definitely is better than a…
10 facts about gambling winnings
1. GAMBLING winnings are always taxable and must be reported on your tax return – with or without form W-2G. 2. Gambling income includes winnings from lotteries, raffles, horse and…
Failure to schedule rental income may be bad faith in bankruptcy
SECTION 707 of the bankruptcy code provides for the court’s authority to dismiss a bankruptcy case for abuse. What kind of conduct amounts to abuse of bankruptcy law by the…
The myth of ‘litigation explosion’ should not limit consumer rights
FOR years, special interest groups funded by big business have been perpetuating the myth of “litigation explosion” to justify limiting the legal rights of consumers. Under the guise of “tort…
How will this election affect the real estate market?
WE HAVE earned a right to vote here in this great nation. We should all make time to exercise that right and study the issue and vote according to our…
12 tips to keep the IRS away
THE name of the game is keeping a low audit profile. It means getting lost in the crowd. It reduces the risk of an audit. Here are 12 tips to…
Large mortgage payments from sale of assets may be evidence of fraud in bankruptcy
IMAGINE you won the new Prius in your church lottery. Instead of keeping the car, you sold it for $25,000. You use the $25,000 to pay down the mortgage on…
Clarifying family business boundaries: Operational responsibilities vs. strategic financial decisions
One of the most dangerous survival tests for family businesses is their succession. It is no surprise therefore that many successors and heirs feel relief and complacency once the transition…
Filing bankruptcy when you face a financial crisis
A LOT of people end up filing bankruptcy when they get to the point of feeling hopeless about their financial problems. Despite what others may think, there is no shame…
California life insurance beneficiaries to receive about $138M
IN 2008, the California State Controller’s office led a multi-state audit of the practices of 21 national insurance companies, to determine these companies’ compliance with state unclaimed property laws. California’s…
Short sale for 2013: What are the consequences?
ADVANTAGES of home sales for 2013 is that there will be fewer short sales and hopefully more regular listing coming back on the market. Lenders have pulled together finally and…
10 tips to prepare for an IRS appeals conference
YOU are still upset from losing an IRS audit. You have two choices: pay or fight. If you choose to fight, go to appeals. Let me give you 10 tips…
Is stockbroker’s forgiveable loan bonus dischargeable?
YOU know what a stockbroker is and what he does for a living, right? A stockbroker recommends what stocks to buy and sell to his client, and he makes a…
Come to our Sweet Swap Post-Halloween party!
IF this Halloween proves to be too much candy for your children’s teeth, then come join us at Millbrae Smile Center on November 2nd for a Sweet Swap Post-Halloween party…
Bankruptcy: Debt forgiveness for honest debtors
CONTRARY to what others may think, the majority of people who file for bankruptcy are honest, hard working people who simply need to get a fresh financial start. Because life…
Are you being paid the correct overtime rate?
Q: AS an employee for a service provider company, I am paid an hourly rate and an additional piece rate if I respond to customer calls after hours. I often…