Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
Mary Burns worked as the women’s basketball coach at San Diego State University (SDSU) for 16 years, and was considered the “winningest coach in SDSU women’s basketball history.” However, during her tenure, Burns lodged several complaints to the school regarding unfair treatment of the women’s basketball program, because the school “prioritized men’s sports over women’s…
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 only what you can!” Are all these just exaggerated claims? Or are any of these ads true? How can you protect yourself from being…
A little known provision of a new law could result in a denial of health care benefits to an estimated 50 million Medicaid (California’s Medi-Cal) enrollees. This includes hundreds of residents in nursing homes around the Southland. With President-elect Donald Trump taking office soon, these issues are sure to be raised again. On February 8,…
ABM Security Services, Inc. employed about 15,000 current and former security guards at residential, retail, office, and industrial sites throughout California. In 2005, Jennifer Augustus and two other security guards, filed a class action case against ABM on behalf of all ABM security guards. The complaint accused ABM of failing to provide uninterrupted rest breaks…
Are you struggling with debt problems and have thought about filing for bankruptcy but have questions that you’re afraid to ask? Over the last 12 years, I have counseled and helped thousands of individuals in debt. From what I’ve seen, a lot of people suffer for many years in debt when they could have obtained…
Best wishes to all readers for the new year! Mr. Trump has made filing for bankruptcy relief as a sign that he’s smart. He’s smart he says because his companies filed for bankruptcy 4 times using applicable law. Bankruptcy allowed his businesses to get rid of debt, a lot of it, and bankruptcy allowed him…
Being in debt can be one of the most stressful situations you will ever face in life. It happens to everyone although you may feel like you’re the only person on the planet going through what you’re going through. But let me assure you that you are not alone in your struggle. The first step…
This is our yearly wrap-up of some of the new laws created in California this year to continue to protect employees: Gender Pay Equality Law Expanded Beginning January 2016, an employer shall not pay employees at wage rates less than the rates paid to employees of the opposite sex for substantially similar work, and performed…
WHILE my columns usually focus on the serious subject of IRS audits, let’s end this year with more somber versions of Murphy’s Law: Law of IRS Audits If you are a rat pack who keeps lots of tax records, you get an IRS audit letter as soon as you discard your records. Keep your records…
Best wishes to all readers for Christmas! HUSBAND and wife are both 66. They were my clients 15 years ago. I do not remember how much credit cards were discharged then but I do remember that their problem was too much credit cards. After they wiped out these cards in 2001, they were able to…
Q: I WAS diagnosed with early stage cancer a few weeks ago. I can still do my job but I will need about 5 hours off from work every week for 3 months for medical treatments. I asked my manager for intermittent leave. When he refused, I emailed him information from the Labor Commissioner’s office…
THE loss of our homes to foreclosure, short sale, or deed in lieu of foreclosure is akin to adding insult to injury – after losing our homes, we also have to worry about lender repercussion, credit history, and tax consequences. Let’s define and discuss tax consequences of foreclosure, short sale, and deed in lieu of…
FOR people who are considering bankruptcy as a way to get out of debt, some questions constantly arise. Am I doing the right thing? What other options are available? If I decide to file bankruptcy, should I file now or do it later? Filing for bankruptcy is a serious decision to make. Unfortunately, a lot…
Among the top resolutions people make when the new year comes around is getting their finances on the right track. The promise of new beginnings and the burden of self-improvement help people look back to a year’s worth of regrets. Aside from spending more time with family or trying to be healthy, we all certainly…
Senior seeks Chapter 7 relief for $100K credit cards CLIENT is 52 and married. Her husband filed for Chapter 7 relief for $30K of credit card debts two years ago. At that time, I suggested to her that she should just file a joint Chapter 7 petition with her husband so that she could also get…
(And can employees use their paid sick time to care for family members?) Q: I AM a part-time hourly employee working in retail. I work between 20 to 30 hours a week. I recently got sick and had to be out for three days. I was told that I was not entitled to paid sick…
ARE you worried about your future due to having too much debt? You’ve probably heard the saying, “The failure to plan is a plan to fail”. And yet so many of us don’t realize how we so easily neglect to plan for our financial future. Ask a few people you know what kind of financial…
JANUARY 31, 2017 is the new deadline for filing 2016 Forms W-2 and W-3 both in paper forms and electronic. If you need 30-day extension complete Form 8809. There are penalties for the late filing of W2s for employee compensation payments and Form1099 Misc for non-employee compensation payments in box 7.These penalties are based on…
Another young senior files Chapter 7 for $10K credit cards CLIENTS are 59 and 58. Husband had a solid and well paying job for the last 20 years. He grossed about $150K a year working for the State. But the job caused his mental health to deteriorate, as it was a high stress work environment…
KIMBERLY Murphy worked at a Caremark CVS pharmacy in California. As a pharmacy employee, she was required by her employer to undergo a security inspection of her bag every time she leaves the store. The employer also required employees to label items brought from home or items purchased at the store. This policy applied to…
MARRIED couples buying property are asked to decide how they should hold title: • Joint tenancy or • Community property. Basically, it is a choice between the ease of transfer to the survivor for joint tenancy and the tax benefits of holding property for community property. Unfortunately, it also a choice between the loss of …
ONE of my clients told me recently: “My wife and I both work very hard to raise our two children. On some days we work long hours and don’t even get home until late. It doesn’t seem fair. No matter how hard we work, we are flat broke every single month. We don’t even see…
1. YOU are REQUIRED TO FILE an income tax return if your 2016 gross income reaches: A. Single $10,300 (11,850 age 65 or older) B. Married filing jointly $20,300 (21,850 age 65 or older, one spouse) (23,000 both spouses) C. Married filing separately $4,000 (any age) D. Head of household $13,250 (14,800 age 65 or…
BEING able to get a driver’s license is an enormous step in a person’s life, whether the new driver is a teen or older. Once the ability to drive is earned, a car and the freedom to travel without the help of others symbolize independence for many, regardless of age. However, a driver’s license should…
Young couple need Chapter 7 relief for $40K credit cards CLIENTS are married to each other and they are both seniors. He is 68 and she is 66. He is a member of the professions and still works in that professional capacity. She is retired. Their residence has equity of $400K. This fact alone knocks them…
Different Health Plans PRESIDENT-elect Trump vowed to repeal at least parts of Affordable Care Act (ACA). Certain parts of that he will maintain, as he wants all Americans to have insurance and to maintain health coverage for those who have pre-existing health condition. Surely change will come, but for now, Covered CA assures Californians that…
(Injured persons’ immigration status not subject to inquiry under new law) ON October 23, 1979, Jesus Rodriguez was injured in a traffic accident after being hit by a vehicle driven by Samuel Kline. As a result of his injuries, Rodriguez could no longer work at his usual job. Rodriguez sued Kline in court and won…
WHEN buying real estate, there is always that inevitable question: how do you hold title? Your choice can have dramatic impact on estate taxes and income taxes. Let’s explore choices to help you determine which title is best for your next property. Whichever you chose, get legal advice from your attorney. Joint Tenancy: • Any…
I CAN’T believe this year is almost over. This morning, I saw a lot of my neighbors starting to put up their Christmas lights. It seems like 2016 just started. Where did the time go? For me, it’s going a little too fast these days. It is usually around this time of the year that…
THERE are two types of income tax – Regular and AMT. Currently, regular tax rates are: 10%, 15%, 25%, 28%, 33%, 35%, 39.6%, while AMT tax rates are: 26% with alternative taxable income (ATI) of not more than $186,300 in 2016, 28% with ATI greater than $186,300 from $185,400 in 2015. AMT limits the excessive…
