Client’s ‘friend’ uses her identity to borrow $80K in credit cards
TWO clients with issues relating to known and unknown persons who used their names and social security information to borrow credit card in their names. The first client is 51…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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Remedies for employees and consumers when their personal data is stolen
Q: I work at a hospital and we heard rumors that our computer servers were hacked. As a result, both patient and employee information were stolen. I am very worried…
Don’t let abusive bill collectors treat you like a criminal
IF you are delinquent in your debt obligations and are being pursued by bill collectors, you may be wondering what these bill collectors can do to force you to pay….
How to prevent falls
DID you know that every 35 minutes an older American dies from a traumatic brain and head injuries precipitated by a fall? In fact, each year 2 million American seniors…
Senior seeks Chapter 7 relief for $40K in credit card debt
THE client is a senior at 67. He is married but has been separated from his wife for some time. He lives with a woman but is not married to…
Can employees be entitled to more than 12 weeks of medical leave?
Q: AFTER 12 weeks of medical leave for a surgery, I suffered new complications and my doctor told me I needed to take more leave time. I told my employer…
2018 extension forms and due dates for last year’s 2017 tax returns
* * * Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV…
Chapter 13: Stop creditors and pay only what you can
IF you are struggling to pay your bills every month due to insufficient income and/or excessive expenses, there is a way to make your debts more manageable so you can…
Rachelle Arizmendi: On serving the city of Sierra Madre and the need for future Fil-Am leaders
Located in the foothills of the San Gabriel Valley and east of Pasadena, California sits Sierra Madre, which gives off a small town atmosphere reminiscent of somewhere in the middle…
Client files Chapter 13 to handle $120K credit cards
THE client is 50 years old and divorced. She owns her residence by herself. Ex-husband quitclaimed the house to her in the divorce and she agreed to buy him off…
Exclusion of gain from sale of home
“Any use use other than as your principal residence is nonqualified use. This includes vacation home, renting it out, vacancy and allowing someone’s living in it.” (Part 1) You may exclude…
Bankruptcy: Why blaming yourself will not help
BEING in debt can be pretty depressing. I understand how you feel. When you’re drowning in debt, you may feel that your situation is hopeful and you have no motivation…
Managing market volatility takes spotlight at first COL Investor Summit
COL Financial kicks off its annual Investor Summit to teach Filipinos how to manage their portfolios better COL Financial recently held its first COL Investor Summit targeting customers actively managing…
Client files Chapter 13 to handle $120K credit card debt
The client is 50 years old and divorced. She owns her residence by herself. Ex-husband quitclaimed the house to her in the divorce and she agreed to buy him off…
Women & minority employees continue fight for pay equality
INGRID Avendano, Roxana Lopez, and Ana Medina are female Latina software engineers employed by Uber, a multi-billion dollar company that provides on-demand transportation and food delivery services globally. The engineers…
Is the IRS Appeals Office independent?
IF you lose an IRS audit, you have two choices: pay or appeal. Your decision depends on how you feel about the fairness of the auditor, amount of assessment, cost…
Business owner seeks Chapter 7 relief from employee lawsuit for backpay of $100K
Secured creditor client seeks relief from buyer who filed Chapter 11 “ In any event, client does not have $100K. Client decides to have a fresh start in life with a Chapter 7…
Who else is liable for unpaid wages?
WHAT happens when your employer faces difficulties paying a significant claim for wages? Information regarding the identity of the various “employers” becomes important when employees have serious claims for unpaid…
IRS audits schedule C of sole proprietors
IRS loves to audit Schedule C. This form is filed by taxpayers who conduct their businesses as sole proprietors (popularly referred to as “DBA” or doing business as) instead of…
3 reasons why bankruptcy might be the best solution for debt problems
IF you’re in debt and are considering bankruptcy as an option for you to get needed relief, perhaps just hearing the word “bankruptcy” makes you extremely nervous. Maybe the word…
Fil-Am Chef Barb Batiste turns to Filipino classics at Big Boi on Sawtelle
Sawtelle Boulevard in West Los Angeles is another haven for those with eager tastebuds and stomachs, as blocks are lined with sushi bars, ramen places, and Boba tea shops, as…
Solar energy credit for residential
A SOLAR electric residential property to be qualified for the credit must meet the following requirements: 1. Costs paid must be for qualified for solar electric property. 2. Qualified solar…
Business owner files Chapter 7 due to $1-M labor lawsuits
THE client is 65. He operates a service-oriented business with three outlets in strip malls. He has been in business for eight years. Of the three outlets, two are losing…
Reporting undocumented workers to ICE by employer’s representative is unlawful
In 1995, José Arias, an undocumented immigrant, began work as a milker for Angelo Dairy. Two years later, Arias wanted to accept a job offer with another dairy company. The…
Q&A: What to expect during an IRS audit
HOW did I get selected for an audit? • Random selection and computer screening – how your return compares to norms. • Related party examinations - transactions with partners, investors, or audits…
Bankruptcy: Making the law work to your benefit
When your financial circumstances are forcing you to declare bankruptcy, bankruptcy can be one way of dealing with debts that you can no longer manage on your own. Of course,…
Client seeks Chapter 7 relief again for $48K in credit card debt
WHO said that, first is chance, twice is coincidence and third is habit? I have two new clients who are actually previous clients. The first is 55 and she filed…
FATCA reminder for US persons
THE Foreign Account Tax Compliance Act (FATCA) requires foreign financial Institutions and other non-financial foreign entities to report on the foreign assets held by their U.S. account holders or be…
Charging different prices to consumers based on age may be discrimination
TINDER is a smartphone-based dating app. Subscribers use the app to find people whom they would like to date. Tinder presents users with photos of potential dates. In March 2015,…
Are you thinking of debt settlement to avoid bankruptcy?
YOU’VE probably seen a lot of these ads: “Settle your debts for pennies on the dollar!”, “Reduce your debts legally without filing bankruptcy!” “Stop bill collectors now and pay them…