Average itemized deductions
FOR those of you who itemize, the table below should be of interest. For those of you who play the odds (you know what I mean), this table should be…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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Bankruptcy: Why blaming yourself will not help
BEING in debt can be pretty depressing. I understand how you feel. When you’re drowning in debt, you may feel that your situation is hopeful and you have no motivation…
Client’s ‘friend’ uses her identity to borrow $80K credit cards
Creditor puts lien on client’s house for $16K identity theft credit card TWO clients with issues relating to known and unknown persons who used their names and social security information…
New form requirement to report foreign financial assets
“ A single taxpayer is only required to file if the overall value of his specified foreign financial assets is more than $200,000 on the last day of the tax…
Client seeks chapter 7 relief again for $48 credit cards
Client seeks chapter 13 again for default on residence WHO said that, first is chance, twice is coincidence and third is habit? I have two new clients who are actually previous…
When are ‘commission’ and piece-rate employees entitled to back wages?
MELISSA Fong and other hair stylists worked for Regis Corporation, which operates several hair salons all over California. During their employment, the stylists were paid on a “commission” or piece-rate…
10 tips in deducting charitable contributions
• YOU may deduct donations to qualified organizations. Qualified organizations have tax-exempt status from the IRS. These include corporations or foundations organized in the U.S. for religious, charitable, educational, scientific,…
What creditors can do when you don’t pay
“ In some cases you may also be called to appear in court for something called a “debtor’s examination”, in which case, a bench warrant for your arrest may be…
Three reasons why your smile may be a fountain of youth
COULD the secret to perpetual youth be found in your smile (wink, wink)? Well, that’s probably a bit of an exaggeration! But as you know, here at our practice, we…
Foreign bank and financial accounts (FBAR-FinCEN Form 114)
SHOULD you report the accounts to the U.S. government if you have offshore bank accounts? Yes, if at any time during the year the aggregate balances exceed $10,000. What if…
Senior seeks chapter 13 protection for fully paid house from $15K credit cards
Client seeks chapter 7 discharge for $30K credit cards Senior seeks chapter 13 protection for fully paid house CLIENT is a young senior in his early 60’s who took an early…
Forced labor, unpaid wages, threats of deportation: How to spot labor trafficking
(Part 2) S. YUSUF is an Indonesian native who was brought to work as a housekeeper for Tija and Tija’s wife, Choi, in the United States. The Tijas promised to…
Should you direct deposit your IRS refund?
YES, of course. Direct deposit is the fastest and safest way to receive your tax refund. Here are reasons why you should use direct deposit of your refund: 1. Speed:…
Can bankruptcy really solve your debt problems?
ARE you having problems paying your debts? Are creditors calling you day and night threatening you with a wage garnishment, repossession or foreclosure? Are you starting to feel hopeless and…
Common misconceptions about dental health
DURING medieval times, people believed they could cure a toothache by driving a nail into an oak tree. Silly, right? Today’s misconceptions are different There are still some crazy ideas…
Frequently asked questions (FAQ) #2 – FBAR report of financial accounts
THE IRS requires specified individuals who file FBAR forms with an interest in “specified foreign financial asset” have a further requirement to file From 8938 (Statement of Specified Foreign Financial…
Forced labor, unpaid wages, threats of deportation: How to spot labor trafficking
Q. MY employer brought me to America to work as live-in nanny for their youngest child. I would be paid $1,000 per month with weekends off. When we arrived in…
10 tips on child/dependent care
IF you paid someone to care for your child, spouse, or dependent, you may be able to claim the Child and Dependent Care Credit on your federal income tax return….
Estate planning done right
In our Filipino community, there seems to be a reluctance to engage in comprehensive estate planning through the execution of living trusts, wills, and powers of attorney. Instead, many families…
Frequently asked questions (FAQ) #1 – FBAR filing requirements
NEW Foreign bank account rules were aimed to fight terrorism financing, tax evasion, fraud, and money laundering. Sorry to say, but folks like me and you get snared in the…
Family Businesses In The Year Of The Fire Red Monkey
I have decided to prioritize this timely article related to the Year of the Fire Red Monkey hoping our dear readers can use the information as a good reference point…
Business owner files chapter 7 as losses mount
Young client seeks chapter 7 relief for $$70K credit card debt Business owner files chapter 7 as losses mount CLIENTS are spouses who own and run a business together….
Can a lay-off be used as excuse to fire a ‘complaining’ employee?
(Nurse fired for reporting safety issues awarded $1 million verdict) Q: I WORK in a company where a supervisor bullies employees into working long hours without extra pay, threatening to fire…
12 ways to avoid an IRS audit
1. DO not boast about how you got away with undeclared income or manufactured deductions. Ever heard of whistleblowers? They earn rewards of 15% to 30% of your assessments. If…
Why bankruptcy may not be as bad as you think
SLEEPLESS nights. Stressed out. Worried about the future. Always broke. This is what most people are going through when they are considering bankruptcy in order to get out of debt. …
Federal tax update for what’s new for 2015 tax returns
1. HEALTH COVERAGE. Information Reporting. The provider of your health coverage is required to send Form 1095-A, 1095-B, or 1095-C with list of individuals included in your family health coverage…
Business owner files chapter 7 as losses mount
Young client seeks chapter 7 relief for $$70K credit card debt Business owner files chapter 7 as losses mount CLIENTS are spouses who own and run a business together. They…
When should employees challenge their ‘salaried’ and no-overtime status?
ZELMA Brawner worked for Bank of America (BOA) for about 28 years, occupying the positions of “Dedicated Service Director” later renamed “Treasury Services Consultant,” and “Treasury Services Senior Advisor” for…
Do you qualify for earned income credit?
HERE are the top 10 things the Internal Revenue Service wants you to know about this valuable credit: 1. EITC not only reduces the federal tax you owe, but could…
Worried about IRS tax problems?
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…