Equal pay for equal work: The fight continues
Q: I HAVE been working at this company for 4 years and in my industry for 15 years. I just found out that a newly-hired male co-worker who is doing…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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Tax tips for students working at summer jobs
HERE are 10 tips for students with summer jobs: 1. Fill out Form W-4 (Employee’s Withholding Allowance Certificate). This form is used by employers to determine the amount of tax…
Tax problems: Is the IRS making your life miserable?
Question: I owe a lot in back taxes. I’m constantly getting threatening letters from the IRS. This has become a big problem that I have no idea how to solve. …
Should employees give up their right to be heard in court?
Q: I RECENTLY heard from a friend who sued her employer for unpaid wages. However, the court threw out her case and she had to go to “arbitration.” She said…
Do I need a power of attorney?
AS an Elder Law attorney specializing in estate planning and Medi-Cal for Long-Term Care, I receive phone calls from adult children all over the country who have an aging parent…
Should you be present at your own IRS audit?
SHOULD you attend your IRS audit? Yes, I mean, you—your own audit. Well, you don’t have to. This is always a strategic question that should be discussed at the early…
Warning: Homeowners struggling with mortgage payments now have limited time to apply for government loan modification
ARE you currently struggling with high mortgage payments? Did you get your loan modified in the past but now have a new hardship based on changed circumstances? If so, this…
New IRS reporting requirement to US persons
STARTING 2015, filer of Form 8938 who satisfies the reporting obligation by completing Part IV Excepted Specified Foreign Financial Assets, must complete the newly added checkbox on item D on…
Client seeks relief from $700K commercial lease
– Seniors seek relief from $80K and $28K credit cards CLIENT is 52, still young by any standard. He has got it all together. He has no credit card debt…
‘Salaried’ employees may still have a right to overtime pay (California overtime law is still superior to new federal overtime law)
Q: MY job title is “manager.” I work at least 10 hours per day, 6 to 7 days per week. While I supervise a few employees, I mostly do the…
Basics of statute of limitations
Background WHEN is your return free from IRS audit? From your point of view, statute of limitations prevents the IRS from collecting a deficiency in tax or beginning a civil…
Does filing bankruptcy make sense for your situation?
ARE your debt problems keeping you up at night and causing a lot of stress in your life? Have you thought of filing bankruptcy but can’t decide whether it’s the…
Be prepared for dental emergencies
INJURIES always seem to happen when we least expect them. Picture yourself at an outdoor gathering, having fun, when suddenly a crying child runs up to you, knocked-out tooth in…
10 facts on debt forgiveness on your main residence mortgage
THE exclusion from gross income of discharged qualified principal residence indebtedness is extended for two years through December 31, 2016. It applies to discharge occurring before January 1, 2017 or…
Work-related activities before you clock-in: Should these be paid?
Q: I WORK as a “team member” in the service industry in Los Angeles. Before we clock-in for our shift, we are required to attend a “huddle,” or a meeting…
Can you be deported for filing false tax returns?
YES, you can be. Terrible, but it happens. In a landmark case, the Supreme Court held that a conviction for willfully filing a false tax return is a deportable offense…
7 common bankruptcy misconceptions that stop people from getting help
PERHAPS you’ve considered filing bankruptcy but in the back of your mind, you have one or two questions that you’ve always been afraid to ask. In counseling thousands of people…
Last Part: Family Feuds and Shattered Families
“It’s not the first “prominent/wealthy family” inheritance battle waged nor will it certainly be the last, but the on-going estate litigation of Potenciano ‘Nanoy’ Ilusorio’s heirs has emerged as one…
Seniors plan their golden years
One gets rid of debt, while the other attempts to collect monies lent I GOT my senior’s week last week. Two different seniors, both over 80 came to see me…
Sexually harassed employee forced to quit, wins wrongful termination case
MS. Olivares worked as a dental assistant for Colton Dental Group (CDG) which is owned by dentist, Sam Dason. In May 2011, Dason told Olivares that employees from his San…
Wealth or debt: What are you accumulating for your future?
DON’T let this happen to you! A client of mine said he never saw it coming. Everything he ever wanted in life, he always purchased on credit. The “pre-approved” credit…
12 divorce tax tips
1. YOUR legal marital status is determined as of December 31 of each year. Even if you were married for the previous 364 days if you were divorced on the…
Debt relief exclusion for rental properties
WE talked about tax consequences of short sales, foreclosures, and abandonments of homes. Let us now talk about tax consequences of cancelled debt on qualified real property – including rental…
Family Feuds and Shattered Families
I had a wonderful time exchanging notes with the participants of my Family Business Talk last Friday at the Holiday Inn in Makati. It was a sold out event with…
Will business bankruptcy affect owners of the business?
CLIENT and husband are the only stockholders of an S corporation that has been doing well for the last 15 years. In fact, it’s still doing well and had a…
Protecting employees against workplace violence
YOWAN Yang worked for ActioNet as an information technology technician. ActioNet is a contractor providing technical support to the Federal Aviation Administration (FAA). Cy Tymony was another technician who worked…
Right 1095 to avoid tax penalty
ANALOGOUS to taxpayers showing their earning statements with W2 or 1099, this year taxpayers are asked to show 1095s as their health insurance statements. Without proof of health insurance, they…
How to spot an IRS fraud audit
IT started with a dreaded letter from the IRS. Your tax return has been selected for examination. Lately, the agent has been asking about cash transactions, safety deposit box, foreign…
Get out of debt without filing for bankruptcy?
BEING in debt and doing nothing about it can have more serious consequences than you think. First of all, it can impact your financial future. Uncontrolled debt can deprive you…
Do landlords have to file 1099-misc?
YOU must have noticed questions on Schedule E, Part I for rentals: • Were you required to file Form 1099-MISC? • If so, did you or will you file? Very…