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…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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Business owner chooses Chapter 7 for $250k personal guaranties on business loans
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…
Remedies for employees who blow the whistle on employers
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…
Should you go to IRS appeals?
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…
Do you owe money to the IRS?
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…
Wellness, cooking show and franchising at Fiesta In America
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…
Seniors file chapter 13 to rescue house and handle tax liens
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….
Misclassification of workers is a form of wage theft
THIS column has often stressed the general rule that most employees should be paid overtime rate if they work more than 8 hours per day or 40 hours per week….
12 basics of IRS appeals process
AFTER an audit of your tax returns by the IRS, you have a choice of either ending your misery by paying up or by continuing to fight at the Appeals…
When does filing bankruptcy work to your advantage?
IN spite of the negative things that you may have heard about it, bankruptcy relief still remains to be the best option to many individuals who need help in recovering…
Don’ts in an IRS audit
1. DON’T be late. Always remember first good impression will get your audit off on the right foot. 2. Don’t walk in without records. Be prepared with complete and organized…
Shouldering the share of cost
WHEN it comes to Medi-Cal , one of the concepts that our office gets the most questions about is something called Share of Cost. Share of Cost seems simple: it…
My employer keeps my personal information – should I be concerned about my privacy?
Q: MY workplace installed a new time recording system where employees are required to provide our photos and fingerprints to be able to clock in and out for work. I…
Where should IRS conduct field audit – your home or office?
NEITHER one, actually. You see, IRS conducts field audits where the books and records of a business are maintained. This, of course, is your home, office, warehouse, factory, or store….
Warning: Should you trust a debt settlement company?
IF you are delinquent on your debts, you may be able to avoid dealing with the bill collectors for a few months but sooner or later, you will still need…
Tax consequences of debt discharge
DURING and after the recession, many borrowers who were financially distressed lost their homes and had their loans cancelled. It was a relief to have their debts reduced or forgiven,…
Business owner seeks to discharge $100k credit cards used to buy business
Clinton beats trump to become first woman president of America CLIENT is 50. This is his financial picture: He has been working as a truck driver for a furniture company…
Being singled out – is it discrimination or retaliation?
Why non-discriminatory conduct can still be illegal retaliation FOR about 19 years, Maria Montoya worked as a police officer with the Los Angeles Police Department. In November 2011, while on…
10 tips on dependents and exemptions
• YOU may claim exemptions for yourself, your spouse and your dependents. • Dependents must have a Social Security number (TIN is not good enough). • Exemption amount is $4,000…
Is bankruptcy my only option to get out of debt?
ARE you being harassed by your creditors day and night due to unpaid bills? If you are, you know that this is a pretty unpleasant experience. You may feel scared,…
Tax consequences of debt discharge
DURING and after the recession, many borrowers who were financially distressed lost their homes and had their loans cancelled. It was a relief to have their debts reduced or forgiven,…
Senior seeks relief from $40K credit cards
Business owner seeks to discharge $100K credit cards used to buy business; Clinton beats Trump to become first woman president of America CLIENT is 65 and recently widowed. Her husband…
Health insurance enrollment periods
THE government is more lenient to people with low-incomes and assets in the sense that they can get Medicaid (Medi-Cal in California) anytime of the year. That leniency to get…
New law aims to increase minimum wage to $15 by 2022
ON January 1, 2016, the minimum wage in California became $10.00 per hour. Most employees in California are entitled to be paid at least the minimum wage. On April 4,…
Should you employ your children this summer?
IF you run your own business, consider employing your children this summer vacation. Employing your children gives you a triple benefit: 1. It teaches your children the virtue of work…
Need to file bankruptcy and rebuild your credit?
A LOT of people in need of debt relief are often hesitant to file bankruptcy for fear that it will ‘ruin’ their credit and that they will never be able…
Seniors seek relief from credit card debt
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…
Penalties for noncompliant US citizens residing abroad
YOU may be subject to harsh penalties – penalties that are more severe than you expect, penalties that can even exceed balances in your accounts if you are a US…
What is a conservatorships?
MY last article discussed the reasons why everyone should have a power of attorney for assets as well as a power of attorney for healthcare. But what if a loved…
Seniors seek relief from $80K and $28K credit cards
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…