Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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…
• 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,…
“ 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…
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…
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…
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…
(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…
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:…
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…
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…
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…
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…
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….
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…
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…
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…
Young client seeks chapter 7 relief for $$70K credit card debt Business owner files chapter 7 as losses mount CLIENTS are spouses who own and run a business together….
(Nurse fired for reporting safety issues awarded $1 million verdict) Q: I WORK in a company where a supervisor bullies employees into working long hours without extra pay, threatening to fire…
1. DO not boast about how you got away with undeclared income or manufactured deductions. Ever heard of whistleblowers? They earn rewards of 15% to 30% of your assessments. If…
SLEEPLESS nights. Stressed out. Worried about the future. Always broke. This is what most people are going through when they are considering bankruptcy in order to get out of debt. …
1. HEALTH COVERAGE. Information Reporting. The provider of your health coverage is required to send Form 1095-A, 1095-B, or 1095-C with list of individuals included in your family health coverage…
Young client seeks chapter 7 relief for $$70K credit card debt Business owner files chapter 7 as losses mount CLIENTS are spouses who own and run a business together. They…
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…
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…
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…
It’s well into the second month of the year — how many individuals have ditched their New Year’s resolutions to get healthy and shed some pounds? But if you’ve stuck…
THE overseas Chinese or hua-chiao is a term commonly used for the Chinese in Southeast Asia. In a broad sense, overseas Chinese refers to all Chinese who have left their…
1. YOU are required to file a California tax return if your gross income exceeds: a. Single – $16,256 (no dependent). b. Head of household – $27,489 (with one dependent)….
EXEMPTION Credits: a. $109 – Single, Married filing separately, Head of Household. b. $218 – Married filing jointly. c. $337 – Dependent. d. $109 – Age 65 or older. e….
Seniors seek chapter 7 relief for $48k credit card debt Business owner with $1.0M labor lawsuits CLIENT is 65. He operates a service-oriented business with 3 outlets in strip malls….
