If bankruptcy is necessary, it may hurt now but relief can last a lifetime
FILING bankruptcy can be very stressful and uncomfortable for people who are facing a financial crisis for the first time in their lives. But a lot of the anxiety involved…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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How ‘green’ is your car?
The United States Environmental Protection Agency (EPA) describes “green vehicles” as more efficient and less polluting compared to standard vehicles. These vehicles have lesser emissions and help save fuel, which,…
Why do you need to file your past due return?
FILE your past due returns even if you cannot pay in full your . And file the returns the same way you file if you file on-time. Let me tell…
Seniors need relief from big HELOC 2nd trust deed and $40K credit cards
Senior loses job, needs chapter 7 debt relief “When it rains, it pours just like Irma in Florida. Everything gets damaged.” THE clients are 63 and 64. They are young seniors….
Does your compensation plan pay for all hours worked?
RICHARD Brown and Charles Ridgeway worked for Wal-Mart Stores Inc. as truck drivers in California. Wal-Mart paid them per miles driven and per activity (drivers had to input pay codes…
States with the lowest and highest income and sales tax rates
INDIVIDUALS and businesses in all 50 states pay federal income tax. Residents in 41 states also pay state income tax while nine states have no state income taxes. Here are…
When does it make sense to file bankruptcy if you’re feeling hopeless about your finances?
LIKE most people, you’ve probably heard that filing for bankruptcy when you are in debt will ruin your credit forever and that you will never be able to buy a…
What to do when the IRS contacts you
WHAT you need to do when you received a call or notice from the IRS? Below are some tips that you should be aware of: • Revenue Officer (RO) observes…
Are your paycheck deductions legal?
Q: I HAVE recently joined the work force and received my first paycheck. When I reviewed my paystub, I see all these deductions. What are allowable deductions and what are…
The basics of statute of limitations
BACKGROUND: When is your tax return free from IRS audit? From your point of view, statute of limitations prevents the IRS from collecting a deficiency in tax or beginning a…
Bankruptcy: Only you can decide what is best for you
ARE ou urrently verwhelmed 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…
Consumer alert tips: The IRS is calling or at your door
DO not get scammed. Scammers may impersonate in person, through phone call, or e-mail, and pretend themselves as IRS agent or representative. Remember that the IRS: • Will first mail a…
Senior wants Chapter 13 to stop foreclosure by 2nd mortgagee for $50K and annul judgment lien of $60K
Company receives $200K lawsuit by landlord and files for Chapter 7 CLIENT is 72 and appears to be a widow. She previously operated a business, which closed down in 2006….
Senior wants Chapter 13 to stop foreclosure by 2nd mortgagee for $50K and annul judgment lien of $60K
Company receives $200K lawsuit by landlord and files for Chapter 7 CLIENT is 72 and appears to be a widow. She previously operated a business, which closed down in 2006….
Are you paid lower wages because of your sex?
Q: I AM a single mom and I have worked for this company for several years. Recently, while talking with another newly hired male co-worker whose responsibilities are similar to…
How long should you keep tax records?
HOW long do you have to keep tax records? How long can the IRS audit your tax returns? Let’s discuss tips on statute of limitations so you can clean your…
Bankruptcy: You can’t change the past, only the future
IF you are struggling with debt problems, you may feel depressed and alone. It may seem like the end of the world. Your self-esteem may have suffered. You may feel…
Clients with wage garnishment, huge sales tax, freak accident seek bankruptcy relief
FREAK accident liability I want to discuss the client with the freak accident first. The first client is 45. This is really a very unusual case. In fact, I have…
When insurance coverage is not enough
MS. Annie Cabrera* was a retired nurse, living out her life on her life savings from years of frugality, in a Pasadena house that she paid off before her retirement….
10 strategies at IRS appeals
LET’S discuss 10 strategies as you meet face-to-face with the Appeals Officer: 1. Learn how the appeals process works. Learn how to gather, research, file, and prepare adequately. Get a…
To working parents: Are you still broke every month in spite of having 2 incomes?
“ No matter how hard these people work, there is never enough money to go around. In some cases, they barrow even more in order to pay other creditors and thus perpetuating this…
Victoria’s Secret agrees to pay employees for “call-in” reporting time
MAYRA Casas and Julio Fernandez worked as sales clerks for Victoria’s Secret in California. Victoria’s Secret required them to follow two shift schedules: 1) the traditional shift which required them…
How to prepare for IRS appeals
AFTER losing an IRS audit, you can either pay or fight. If you choose peace and quiet—pay. If you choose to fight—go to appeals. Here are 10 tips on how…
Simplify your life by getting out of debt
DO you want to simplify your life, reduce stress and regain control over your financial future? If you are one of the millions of people in this country who are…
Senior with $60K in credit card debt wants relief
Chapter 7 trustee stipulates to dismiss adversary against client before trial CLIENT is 70. She is a widow, her beloved husband having passed away 5 years ago at 65. She owns…
Sale of real property outside of the US
PART 1 U.S. itizens re enerally taxed on their worldwide income regardless of where the income is earned or received. Facts • US Citizen sold residential property outside of U.S. • Property is…
Should you sign that severance agreement from your employer?
A SEPARATION package or a severance agreement is a contract between an employer and an employee who is about to leave the employer’s employment. In a typical severance agreement, the employer agrees…
Benefits and drawbacks of IRS appeals
AFTER an audit of your tax returns by the IRS, pay if you are happy with the results or don’t want to extend the agony of dealing with the IRS….
Can’t decide if filing bankruptcy is the right move for you?
DECIDING if bankruptcy is right for you is not always easy. But sometimes, the hole you’ve dug up is too deep that there is no other way out. Bill collectors…
Tips to remember when you owe the IRS
TIPS to remember when you have outstanding tax liability to the IRS: • Receipt of tax bill. If you receive a bill for taxes due, pay the taxes owed including…