Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
SLEEPLESS nights… Stressed out… Worried about the future.. Always broke no matter how hard they work…Feeling hopeless about their situation. This is what most people are going through when they are considering bankruptcy in order to get out of debt. The word “bankruptcy” often produces negative feelings because some people equate it with failure. They…
Widower seeks Chapter 13 for $50K credit cards CLIENT is 53 and recently widowed. She works as a caregiver and met her now deceased husband through her job. At first, husband was her patient. She provided caregiving services to the man in his house. He was 70, divorced and lived by himself. As part of…
(Liabilities of “joint employers”) Q: I WORK as a manager for a fast-food franchisee with three stores in Los Angeles. While my title is “manager” I spend 70 percent of my time doing cashier and cook duties. I work 10 to 12 hours per day, 6- 7 days per week, but not paid overtime. The…
Widower seeks Chapter 13 for $50K credit cards CLIENT is 53 and recently widowed. She works as a caregiver and met her now deceased husband through her job. At first, husband was her patient. She provided caregiving services to the man in his house. He was 70, divorced and lived by himself. As part of…
YOU have just received an invitation to visit an office of the Internal Revenue Service to examine (meaning audit) your tax returns. Don’t panic. You have stashed funds for a rainy day, and this is it – a gathering storm. Take a minute to compose yourself, then read these tactics to shelter you from the…
SLEEPLESS nights… Stressed out… Worried about the future.. Always broke no matter how hard they work…Feeling hopeless about their situation. This is what most people are going through when they are considering bankruptcy in order to get out of debt. The word “bankruptcy” often produces negative feelings because some people equate it with failure. They…
Client needs Chapter 13 to handle $50K personal guaranty CLIENTS are young seniors at 62. Husband took an early retirement as he has a serious illness. Two years ago, husband was diagnosed with stage 3 leukemia. He has been undergoing treatment with a new cancer-fighting drug that is still experimental. The cancer went into remission…
Q: I HAVE a heart condition that has become worse recently. I need to see my doctor periodically or when I feel dizzy or short of breath. This means I need to request a half day off every now and then to see my doctor. I am afraid to tell my boss because I may…
GUARANTEED? Too good to be true? Read on. The IRS cannot deny your application if you satisfy all of the following requirements: 1. The tax is not more than $10,000. 2. You timely filed and paid all income tax returns for the past five years. 3. You did not enter into any installment agreement. 4….
IF you are doing your best to pay your debts but simply do not have enough income to pay what your creditors are demanding from you, it may just be a matter of time before you face harsh collection actions. One legal option that most people don’t know about is debt consolidation through Chapter 13…
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…
CLIENT is 58. He is not divorced but separated for 20 years. His income is good. He nets about $7K to $8K a month. He lives by himself and does not even own a car. He goes carpooling with a relative to go to work. His rent is $800 a month. So, he doesn’t really…
THE Uber app allows riders to call, arrange and pay for taxi cab rides and other transportation services electronically via their mobile phone. On September 9, 2012, Caren Ehret used the UberTAXI option to arrange for a taxi ride in her city. When she signed up for the taxi driver to come pick her up,…
IF you are unable pay all your taxes owed to the IRS, you may make an offer to pay a smaller sum to fully pay all taxes, penalties, and interests. This is called Offer in Compromise (OIC for short). Let’s discuss the pros and cons of OIC. Advantages: If the offer is accepted, you will…
AS we prepare to wrap up another year, I still see a lot of families who are at the end of their financial rope with no place to turn for help with all types of debt problems. Some of them are paralyzed and feel stuck in their situation, unable to move forward and afraid that…
KEEP a low audit profile. It reduces risk of an audit. Here are some tips to keep the IRS from auditing your tax returns: • Make sure that social security numbers and names that you use on your income tax match exactly what appear on your social security cards. An incorrect number or name causes…
Business owner seeks to discharge $40K credit cards; Young debtor seeks to discharge $50K credit cards CLIENT is 50 and divorced ten years ago. Ex husband decided that working was not good for him so he just disappeared. They had one daughter that client has taken cared of since the divorce. Daughter is about to…
OBAMACARE is normally used to mean Covered California (Covered CA) but they not the same thing. Obamacare is the law, the formal name of which is Patient Protection and Affordable Care Act (PPACA) signed into law to reform the health care industry by President Barack Obama on March 23, 2010 and upheld by the Supreme…
ON April 27, 2014, in Compton, CA, L.A. County sheriff’s deputies were called to a Target store, where a theft was allegedly occurring. Police arrived at the scene and confronted 36-year old Jason Conoscenti. Conoscenti had a pair of scissors and apparently threatened the officers with it. He then fled in a vehicle, and was…
HERE 10 tips if you cannot immediately pay your liabilities to the IRS: • Pay What You Can: Pay promptly to stop additional penalties and interest from accruing. If you are unable to pay, consider getting a loan to pay the bill in full rather than make installment payments to the IRS. • Additional Time…
EVERY day, I meet with a lot of people who are sick and tired of being in debt. And yet when I talk to them, I discover that they are unwilling to make the changes needed to get them out of their financial mess. What changes are necessary for your life to get better if…
ADAM Prue worked for the Brady Company, a construction company in San Diego, CA. Prue was injured at work and suffered a hernia in June 2011. Because of this, Prue filed a worker’s compensation claim with the company. Prue requested light duty work, fewer scheduled days so he could rest, and assistance from his apprentice. …
ARE you a U.S. citizen or resident working in a foreign country? Have you declared your foreign income? Have you even filed a tax return? Or are you hiding from the long and lovely arms of the IRS? Can the U.S. government reach you on the other side of the globe? Unfortunately, yes. But is…
AS a Bankruptcy Attorney for the last 18 years, I have counseled thousands of individuals with all types of debt problems. A lot of these people often feel tired and hopeless as if there is no end in sight to their money problems. If you or someone you know has ever been in this situation,…
FOR taxpayers who itemize their deductions, the chart below should be of interest. But for those who take the odds, this chart should be of very special interest. While it may be interesting for taxpayers who itemized deductions to compare their figures with these average amounts, they should, however, not consider the chart as indicating…
87-Year-old senior seeks chapter 7 relief I REPRESENTED a foreign company with a $250K claim for a forty foot container of manufactured goods that it delivered to the debtor a California company on December 30, 2014. The debtor had been in a Chapter 11 for a year before the trustee was able to convert…
KEEP a low audit profile. It reduces risk of an audit. Here are some tips to keep the IRS from auditing your tax returns: • Make sure that social security numbers and names that you use on your income tax match exactly what appear on your social security cards. An incorrect number or name causes…
Senior files same to discharge $70k credit cards When I say young senior, I mean 60. She’s a single mom with two adult daughters who are over the age of 21. One daughter is still in college but has a part time job. The other works full time. Both daughters live with client in her house,…
“ Larry Itliong, his struggles, and his legacy continue to be relevant to the workers of today, particularly immigrant workers who face similar challenges in the workplace. For example, present-day workers continue to face the realities of inequitable wages in the form of wage theft, where employers keep or take away monies that rightfully belong…
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 list of states with lowest and highest state income tax, sales tax, combination of both, as well as county, city, and school district taxes. States…
