Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
“ The cosigner is fully legally responsible for the entire debt, just as the main borrower is.” IT is not uncommon for banks and other financial institutions to require a cosigner on a credit application. This is especially true when the applicant either has no prior credit history or the credit score is not high…
” Singles or married alike must know that certain life insurance policies have valuable cash value. There is no restriction as to where you can use the cash value for. “ A lot of people are skeptical about the value of a life insurance. You have auto, home, medical policies. You may have these because…
If you own a foreign bank account, brokerage account, mutual fund, or other financial account, you may be required to report the account annually to the government. Let’s get an understanding of what FBAR is, who must file new forms, and who do not have to file. I also included a few tips on filing…
“You as the family member have the right to give information, ask questions, participate in care plan meetings, offer suggestions, review care plan documents and accept or refuse offered care.” Last week, we discussed why it may be beneficial for a family to move a loved one into long-term care. Whether the determining even was…
” California law prohibits an employer from paying any of its employees at wage rates less than the rates paid to employees of the opposite sex for substantially similar work, and performed under similar working conditions.” Dandan Pan started work at Qualcomm, Inc. as a Market Analyst in 1993. In 2015, she was a Director…
Fights to keep house “Nowadays, the correct value of the residence is critical to keeping the house safe from the clutches of the Chapter 7 trustee, because house values are at their peaks again. Mortgage rates have been kept very low by the Feds for a long time.” When I say young senior, I mean…
Like most people, you’ve worked hard and have done your best to pay all your bills on time. But in life, at one time or another, all of us get into a situation where debt can be overwhelming. Money problems can easily overlap into other areas of our lives. Many people feel hopeless and powerless…
The IRS announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by providing: • Payment plans – more taxpayers can apply without financial statements. • Offer in Compromise OIC – IRS added flexible terms and guidelines for higher collection potential. We will explore OIC in our next article. When you owe…
” It is a wonderful thing that we and try to keep our parents, grandparents, and other family members at home as long as possible. When my grandfather had a massive stroke, we cared for him at home until he passed (which was relatively quickly). However, there are compelling reasons to seek assistance taking care…
“The new California law clearly states that a person who takes a photograph or makes an audio or video recording of a police officer (or any public officer), while the officer is in a public place, is not violating the law. Even if the officer is not strictly in a public place, the act of…
If you are a U.S. citizen (or dual citizen) residing outside the U.S. but do not report your foreign accounts, you may be subject to harsh penalties—penalties that are more severe than you expect, penalties that can even exceed balances in your accounts. It is therefore critical that you learn the new rules for FBAR…
Senior wants to wipe out $22k credit card debt “The chance of winning power ball is 1 in 292 million. You have a better chance of getting hit by lightning, twice, than winning power ball.” The first case involves clients who are still young. By young, I mean less than fifty, late forties. They have…
Have your credit card debts become so large that you can’t even afford the minimum payments? Or perhaps you’re already behind and your accounts have been turned over to collections? What do you do to get out of this financial mess? If you are in this situation, maybe you’ve wondered about what the legal repercussions…
Senior files chp 7 to discharge $35k credit cards CLIENT is 59 and single. He has a decent job where he makes $4K a month gross. He doesn’t owe any credit card debt. He only owes 3 secured debts. He owes a mortgage on his house for $400K plus he has arrears of $83K on…
FIVE year-old Jane Fine* was walking along the sidewalk on Green Street with her parents, trying to peer into the shops which displayed brightly colored toys. The Fine family was taking Jane out for a frozen yogurt treat in the city’s shopping district. While the Fine family was making their way to the yogurt shop,…
YOUR case was closed unagreed and have decided to bring your case before the appeals office of the IRS. You have learned the basics of the appeals process and how to prepare for the conference from my prior articles. Let me now give you 10 strategies as you meet face-to-face with the Appeals Officer: 1….
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…
Should I buy a condominium unit in the Philippines? What investment opportunities are there? What brands should I consider if I want to franchise? Is a condo unit a more sound investment than a house and lot? I’m planning to retire in a few years, how can I invest my hard-earned savings properly? When is…
IF you do not agree of the IRS results of examination, your options are: request a meeting or telephone conference. If after the meeting or conference you still do not agree, appeal your case to the IRS Appeals Office. If you ignore and do nothing, a notice of deficiency will be issued which allows you…
Senior files Chp 7 to discharge $35K credit cards CLIENT is 59 and single. He has a decent job where he makes $4K a month gross. He doesn’t owe any credit card debt. He only owes 3 secured debts. He owes a mortgage on his house for $400K plus he has arrears of $83K on…
Q: I AM a registered nurse in the Philippines but I have not yet obtained a license in California. However, I am working as a ‘private nurse’ to a bed-ridden patient in Los Angeles. My duties are mainly nursing duties – tube feedings, inserting catheter, tracheal suctioning, observing and recording vital signs, administering therapies prescribed…
YOU are still upset from 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. Let me give you 10 tips on how to prepare for the appeals conference: 1. Be organized in gathering and grouping records. An organized approach to gathering,…
ARE your debt problems keeping you up at night? Stressed out and worried about your financial future? According to a recent article written by a doctor, this can affect your health, leading to stress-related illnesses. This may seem like a stretch, even funny at first, but this is no joke and I’ll tell you why…
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 owe by signing the agreement form or request an appeals conference by writing a protest to Appeals Office. The appeals process is an administrative means…
Senior files same for $55k credit cards “Do not sign personal guaranties for business loans because you will be on the hook if the business cannot pay the loans. If you own a house, why risk your house with a personal guaranty for a business loan?” Client is 45. He is actually a medical professional…
Ninoos Benjamin worked as a Director of Economic Division of the City of Los Angeles’ Community Development Department (CDD). According to several news outlets, Benjamin sued the city claiming retaliation for his whistleblowing activities and for refusing to take sides in a race turf war between African-American and Latino managers in the department. When he…
After losing an audit to the IRS, you have the option of paying or appealing. Pay if you are happy with the results or don’t want to extend the agony of dealing with the IRS. Appeal if you are not happy or feel that you have not been treated fairly. Let’s explore the advantages &…
IRS problems have a way of ruining all aspects of your life. They can take a toll on you financially, emotionally and physically. When you owe the IRS, you’re always wondering if today might be the day when the IRS shows up at work, your home or your business; or if today might be the…
The east coast’s biggest Filipino and multicultural indoor expo will revolve around a Total Wellness theme, according to Nanding Mendez, Fiesta In America’s President. Fiesta In America will celebrate its 18th anniversary on August 13 and 14 at the Meadowlands Expo Center in Secaucus, New Jersey. “A Goya Foods, Inc. cooking show based on ancestral…
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…
