Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
“ The legislative intent of Congress in passing our bankruptcy laws is to allow a fresh start to those honest individuals who have found it impossible to cope with debt problems. Because life is not perfect, Congress realized that a person who needs to recover financially after experiencing serious debt problems should at least be…
You may be liable for U.S. self-employment taxes if you have become an independent contractor either for a new employer or a foreign employer with no ties to the U.S. U.S. citizen residing abroad is subject to self-employment tax as though you reside in the U.S. unless an agreement between the U.S. and the country…
Senior wants Chapter 7 to wipe out $22K credit card debt “ Some credit cards specialize in giving credit to people who have come out of Chapter 7. Chapter 7 is the best choice for client.” THE first case involves clients who are still young. By young, I mean less than fifty, late forties. They have…
Q: I WAS diagnosed with herniated disc and severe anxiety. I want to request leave but want to keep my privacy at work. Do I need to tell my employer about my medical or psychological condition? A: No. The employee is not required to disclose the nature of the employee’s medical condition or disability (i.e.,…
1. THE failure-to-file penalty is generally more than the failure-to-pay penalty. If you cannot pay all the taxes you owe, file to prevent that more costly failure-to-file penalty. 2. The failure-to-file penalty is 5% per month of the unpaid taxes. This penalty will not exceed 25% of the taxpayer’s unpaid taxes. 3. The failure-to-pay penalty…
HOW much debt is too much? Are you worried that you have accumulated more debt than you can afford to pay back? Are you feeling depressed, frustrated, hopeless or maybe even angry about your situation? What can you do about it at this time or at least stop the situation from getting worse than it…
YOU may be liable for US self-employment taxes if you have become an independent contractor either for a new employer or a foreign employer with no ties to the US. US citizen residing abroad is subject to self-employment tax as though you reside in the US unless an agreement between the US and the country…
(Part 2 in series of seniors) THE Original Medicare has Part A and Part B. Part A covers inpatient services like hospitalization. Part B covers outpatient services. In 2006, prescription drug coverage (Part D) was added to the program. Not all 65 and older are eligible. The senior has to be in the U.S. for…
Client files chapter 7 for $40K credit cards CLIENTS are seniors. Husband is 72. Wife is 71. Both are retired and receiving combined social security and pension total of $4,015/mo. Husband is still in good spirits although he is not in good health. He has been on dialysis for three years. He had hypertension when…
THERE are valid overtime or meal break claims that may be too small to require a lawsuit. The litigation may cost too much and the payoff for one employee may not be worth the problem. However, an employer’s wage violations should be stopped, especially if it affects other employees. Hence, employees who experience the same…
• FILE Electronically – Consider filing electronically instead of using paper tax forms. If you file electronically and choose direct deposit, you will receive your refund faster. 2. Check social security numbers – Make sure that SS numbers are correct for you, your spouse, and children. If you e-file, names used for your returns must…
ONE common misconception people have is that if they file bankruptcy, they will lose everything that they’ve worked hard for. For this reason, a lot of people continue to suffer needlessly in debt when the law provides a solution to their debt problems. Not good. Don’t get me wrong. Bankruptcy is certainly not the answer…
The Organization of Chinese Americans (OCA) of Las Vegas presented its 4th Annual ICON Awards on Monday, Sept. 26 at Spanish Trails. this year’s ICON Award honorees are: Dr. Zhian Khan (interventional cardiologist), Councilwoman Gerri Shroder (City of Henderson) and Dr. Dean Tsai (Southwest Medical Associates). OCA is engaged in organizing its over 80 chapters…
(Part 2) WE talked about other payment plans in our other newsletter. Now let us explore Offer-in-Compromise “OIC” under Code section 7122. OIC is a tax liability settlement agreement of less than the full amount of debt, between taxpayer and IRS. Here are some tips on how to prepare for OIC application. • OIC is…
WHEN succession goes very wrong, it can be fatal. The case of Mayfull Foods Corp. is a lesson to founders and family business leaders in Asia not to take succession for granted. Questions of succession should never be a side dish nor an afterthought at the moment they begin to consider retirement. The planning starts…
CLIENTS are young seniors at 60. Husband has a stable middle management job that pays $5K a month. Wife is not employed. They don’t own a house. They rent for $1200 a month and pay for a 2016 Lexus SUV 3.0. They enjoy travelling by SUV. This is the little luxury that they indulge in….
ON Christmas night in 2013, 19-year-old Asa James Dolak was having a domestic dispute with his ex-girlfriend, who is also the mother of his two-year-old son. The dispute ended with Dolak attacking his girlfriend with a knife and setting her apartment on fire, while their two-year old son was still inside. Firefighters were able to…
MANY financially distressed borrowers lost their homes and had their loans cancelled during and after the recession. It was a relief to have their debts reduced or forgiven, but the same debt relief also triggered tax consequences that they were not aware of. In my CPA practice as a tax consultant, homeowners express shock and…
NO one ever likes to talk about bankruptcy. However, it’s simply a fact of life. Things happen. Whether it’s losing your job, going through a divorce, having huge medical bills that you can’t pay – or sometimes simply making poor financial decisions- any of these can lead to bankruptcy. It’s a scary thing to a…
COMEDIAN George Wallace was performing one night at the Flamingo Las Vegas when he approached an elderly lady in the audience. She stood up and he asked her a simple question, “Who are you here with tonight?” Perhaps it was the pressure of being in the spotlight (although she seemed to be enjoying herself), but…
SENIORS who are 65 and older have 5 ways of getting health insurance. What are they? Employerbased insurance, Covered CA, outside of Covered CA (also known as Off Exchange), MediCal and Medicare solutions. Employer-based insurance is an employer offered health plan available to employees and their dependents. If a senior has one like this, the…
Senior files chapter 7 to discharge $40K credit cards CLIENT is a foreign company doing business with a California company since 2012. Client is one of the world’s largest manufacturers of a certain kind of equipment, which CA Company sells and distributes in the United States. Business was good reaching low-million dollar figures until – CA…
SINCE its inception three decades ago, the ombudsman program has investigated elder abuse and other complaints on behalf of residents of California’s 1,300 nursing homes and more than 8,000 assisted living facilities. Many of the extraordinarily vulnerable people living in long term care facilities have no family or friends who visit or advocate for them….
Q: THANK you for keeping us updated on the latest employment laws. I work as a caregiver/housekeeper for a senior couple in Los Angeles. Back in 2014, they started paying me overtime because they said it was the new law. But I heard from another caregiver friend that this new overtime law is only temporary…
THERE are three basic types of audits: correspondence, office, and field examinations. Correspondence audits are the simplest ones – W2s, 1099s and other items that can be easily resolved by mail. Office audits are more complicated and involve small businesses and individuals with difficult issues. The exams are conducted at IRS offices (not your office)….
HAVE you ever faced a situation in your life where you needed help so badly but you were just too afraid or embarrassed to ask for it? Perhaps you felt confused and overwhelmed with the problem that you spent sleepless nights trying to figure out what to do. Over the years I have met a…
Nonresident Alien NRA tax withholding is applicable to U.S sourced income paid to foreign person and does not apply to payments made to U.S. persons. Foreign persons include nonresident alien individual, foreign partnerships, foreign corporations, foreign estates, and foreign trusts. The tax generally must be withheld from the payment made to the foreign persons. If…
Business owner seeks to discharge $100K credit cards used to buy business CLIENT is 65 and recently widowed. Her husband was suddenly taken ill and was diagnosed with lung cancer even though he doesn’t smoke. Strange. Husband was in the pinnacle of good health, so it seemed. He had no known illness. His blood pressure was…
Q: I AM a Filipino worker petitioned by my U.S. employer to work as part of its IT staff in California. My employer pays me only half the agreed rate and there are a lot of “fees” that are deducted from my pay. I work 10 to 12 hours, 5 to 6 days per week,…
ASIDE from your cars, you also want your other properties to be protected. Properties can be personal properties or real properties. Personal properties are movable while real properties are fixed. Examples of personal properties in a house include furniture, clothing, books, electronic gadgets, arts, jewelry, etc. Examples of real properties can be your singlefamily detached…
