Tax consequences of debt discharge
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…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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When does it make sense to file bankruptcy?
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…
Protecting your memories
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…
Series for seniors: Part 15 ways to get health insurance
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…
Client files adversary against debtor for $370K
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…
Protecting your parents
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…
Good news for domestic workers (especially caregivers and nannies)
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…
10 tips to handle a field audit at your place of business
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…
Need debt help but too embarrassed to ask?
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…
Foreign person NRA tax withholding
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…
Senior seeks relief from $40K credit cards
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…
Workers petitioned by US employers: Are your rights to wages protected?
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…
Types of home policies and what do they cover
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….
Should you form a Limited Liability Company (LLC)?
LIMITED Liability Company (LLC) is a hybrid that combines the pass-through attributes of a partnership with the limited liability of a corporation. The owners are called “members” who hold “interests”…
Should you file bankruptcy to get out of debt?
DECIDING if bankruptcy is right for you can be one of the most important decisions you’ll ever make in your life. As much as possible, most people try to avoid…
Being on the right side of the road: Tips on how to buy a car
Your vehicle is one of the most important purchases you will do in your life, but it doesn’t have to be daunting. Here are some tips that not only help make…
Basics of IRS appeals process
AFTER an audit of your tax returns by the IRS and you disagree with the determination, you have the option to either accept the assessment and settle the tax you…
What do auto policies cover?
A FRIEND who was recently hit by a car while jogging asked me if her premium would go up if she would claim from her auto policy. Sounded like a…
$3-M lawsuit against business forces client to consider Bankruptcy
Senior seeks Chapter 7 to wipe out $40K credit cards ONE of the many problems of owning a business is: getting sued by the employees. Employees always think that employers have…
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…
Should you run your business as an S Corporation?
S CORPORATION is a corporation that has elected to be taxed under Subchapter S of the Internal Revenue Code. But why elect S status? Well, this type of entity enjoys…
When bankruptcy becomes necessary
IF you’ve accumulated a lot of debt and something has happened in your life that’s made it difficult to pay your bills, you are not alone. After almost 18 years…
What is new for 2016 education tax credits
(Part 2) FORM 1098-T from an eligible educational institution is REQUIRED for 2016 TO CLAIM the American Opportunity Tax Credit AOTC (previously Hope Scholarship Credit), Lifetime Learning Credit LLC, and…
Accidental disinheritance
ASK any parent whom they would want to inherit their estate and the overwhelming majority would answer the same thing, “My kids.” Unfortunately, many Filipino parents are unintentionally disinheriting their…
Client files adversary against debtor for $370K
Senior files Chapter 7 to discharge $40K credit cards “ To live for eternity in paradise, we have to believe in Jesus Christ who said that “I am the way, the…
What are the rights of a true salaried employee?
Q: I AM a salaried employee exempt from overtime. I often work more than 40 hours per week. However, there are days when I work less than 8 hours per…
Should you run your business as a sole proprietorship?
SHOULD you operate as a sole proprietorship, partnership, corporation, LLC, or LLP? Which entity is most beneficial for you? Choosing the wrong form could cause unnecessary taxes, increased liability, and…
Have your credit card debts become a financial nightmare?
HAVE your credit card debts become larger than you have ever expected? Are you struggling to even keep up with the minimum payments required every month? If you are in…
What is new for 2016 education tax credits
(Part 2) FORM 1098-T from an eligible educational institution is REQUIRED for 2016 TO CLAIM the American Opportunity Tax Credit AOTC (previously Hope Scholarship Credit), Lifetime Learning Credit LLC, and…
Bank forecloses on client’s house despite Chapter 13 filing
Seniors choose Chapter 7 to discharge $30K and $10K credit cards CLIENT is 47, single and a registered nurse. Her income is good at $80K a year. She has no…