Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
IF you, or someone you care for spends six hours a week or more in a swimming pool, listen up! This is super important information to know. Prolonged pool water exposure can affect teeth Most swimmers are surprised to learn about the potentially corrosive effects pool water chemicals can have on teeth. When maintaining a pool it’s a…
WHEN an obese person weighing 500 lbs. implements steps to lose 300 lbs. and actually succeeds, people take note and are happy for that person. The reality shows call this extreme makeover. Real estate TV shows call the new look of the property after improvements are made on it as extreme makeover. The kitchen cabinets…
A LOT of people who find themselves at the end of their financial rope wonder about how they could rebuild their finances again. Out of desperation and in an effort to avoid filing bankruptcy, they use up all their savings and deplete their retirement plans hoping to survive from month to month until “things get…
And what they can do to fight back RONALD Shephard installed garage doors for Lowe’s, a home improvement retailer that operates nearly 100 stores in California. Lowe’s offers its customers installation services for products bought at its stores. In June 2012, Shephard sued Lowe’s in a class action for misclassification, reimbursement and denial of benefits. …
“If you have filed bankruptcy before, you may be wondering whether it’s possible to do it again. Generally, the answer is that you can file bankruptcy as often as needed BUT subject to some limitations.” I’VE been asked this question a few times lately so I decided to write an article on it. If you…
YOU are still upset from losing an IRS audit. You have two choices: pay or fight. If you choose to fight, go to appeals. Let me give you 10 tips on how to prepare for the appeals conference: 1. Request access to your case files. Take a look at any dossier they have on you….
CHAPTER 13 is normally used to save a house from foreclosure. But this is not the only situation where Chapter 13 is used. When a Chapter 13 petition is filed, just like any other chapter of the bankruptcy code, the automatic stay immediately stops foreclosure of the house. For instance, the foreclosure sale of the…
IF YOU have offshore bank accounts, should you report the accounts to the US government? Yes, if the aggregate balances exceed $10,000 at any time during the year. What if you had the accounts before you left for the US? Yes, you should. There are reasons why our government wants to know: combat money laundering,…
DAVID Bryant worked for 22 years for San Diego Gas and Electric as a bill collection clerk and then as a senior collector. For several years, he has reportedly complained about the company’s illegal bill collection practices that targeted the company’s poor customers who live in densely populated areas. The illegal practice was aimed at…
ARE you setting weight loss goals? Great! Just remember to stay healthy—and that includes taking good care of your teeth while dieting. Connections between oral health and whole body health Our bodies are amazing. Sometimes we forget about the connections between each system. If you’re working to lose weight, be aware of how those diet…
THE last few years have been financially difficult for a lot of people. When the real estate marked crashed a few years ago, millions of people found themselves with a mortgage they could not afford. A lot of people simply walked away from their homes out of desperation in some cases, they were forced out…
THE Supreme Court of the United States has often called Chapter 7 bankruptcy the “Fresh Start”. This is an accurate description of debt relief given by Chapter 7. Debtors are given a rare opportunity to get rid of their debts without paying them. At the same time, they are able to keep all, if not…
IN February 2010, Cable’s Restaurant in Woodland Hills, CA was acquired by GACN, Inc. During the acquisition, the employer promised that veteran servers Martha Aboulafia (57 years-old), Cheryl Colgin (57), Patricia Monica (66), Lesi Clothier (55), Patricia Long (74), and Regina Greene (47) will be able to keep their positions. Unknown to the servers, the…
7th Case Report of California Certified PA (Public Insurance Adjuster) Jae Park “Should I file a claim?” Water loss at Condo unit owner/ Town house owner at Pasadena/ nearby San Marino, California. At the end of December 2012, I visited the site where the flood damage occurred, namely the condominium located in Pasadena. The condominium…
6th Case Report of California Certified PA (Public Insurance Adjuster) Jae Park In August 2012, there was flood damage in Mr. A’s mansion (with floor space of approximately 5,200 sq. ft.) located near the Silver lake in Victorville. This mansion is a place that Mr. A, who lives near Los Angeles, visits for rest and…
EVEN after debtor obtains a bankruptcy discharge of his debts, he might feel morally obligated to pay a debt for some reason. For example, debtor borrowed $20,000 from his “rich uncle.” This debt was discharged in bankruptcy therefore no longer legally collectible. However, debtor decides to start paying his uncle $200 a month despite the…
How social media postings can harm an employment case THE internet has become a powerful instrument for socializing and reaching people. Networking sites are now virtual coffee shops for meeting new friends or catching up with old ones by posting comments or photos. Like all other tools, social media has its good and bad side….
EVERY day, I meet with a lot of people who are sick and tired of being in a financial mess but they are unwilling to pay the price of being debt-free. What do I mean by this? In this week’s article, I will tell you exactly what needs to change in order for you to…
MANY financially distressed borrowers lost their homes and had their loans cancelled during and after the recession. It was a relief to have their debts reduced or forgiven, but the same debt relief also triggered tax consequences that they were not aware of. In my CPA practice as a tax consultant, homeowners express shock and…
WHEN it’s warm outside we all enjoy our favorite warm weather foods and beverages. Have you ever considered how some of these affect your smile? You may be surprised. Here’s a short list of foods that can do some damage to your teeth if you’re not thoughtful about it. Warm weather food to be aware…
A FORECLOSURE deficiency is the amount you legally owe to the creditor after the property is foreclosed upon by the creditor. If a car is repossessed, the creditor takes it back then sells it on auction (same as foreclosure). The auction sale produces an amount of sale proceeds that is normally less than the balance…
IRS agents are equipped with a guide that provides audit techniques to issues unique to attorneys. IRS instructs its agents to probe into the following areas: – Unreported income, deferral of income. – Advanced client costs. – Bartering. – Constructive receipts. – Personal service corporations. – Worker Reclassification – were employees misclassified as independent contractors?…
ACCORDING to recent reports, Sarah Chookey worked as a commissioned sales employee in the automotive department of Sears in its branch in Thousand Oaks, CA. Apart from commissions, Ms. Chookey was also paid a base pay rate (an hourly rate). When Ms. Chookey worked overtime, her overtime pay was based only on her base pay…
YOUR debt problems may be undeniable. You know they are there and they will not go away until you do something about them. Perhaps at some point, you took the first step towards a resolution but failed to follow through. This week, I received a frantic call from a woman who found out that her…
Q: WHILE applying for work at a company, I was asked to sign an “Arbitration Agreement.” I was told it’s part of the application. What exactly is an arbitration agreement? Is it good for me? A: Arbitration is a procedure to resolve disputes without filing a complaint in court. The disputing parties refer the case…
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, we all find ourselves in a situation where debt can be overwhelming. Many people feel hopeless and powerless over their debt problems. Debt problems can easily spill over into…
IT STARTED with a letter from the IRS. Your tax return has been selected for examination. You suspect that something is wrong. Is it possible that the agent suspects fraud? Is it probable that you have been referred to CID (Criminal Investigation Division)? If so, you need help. In a hurry! It would be foolish…
ONCE a Chapter 7 bankruptcy is filed, the clerk of court sends out a notice of case commencement to all creditors listed in the mailing list of the petition. The notice includes deadlines to object to dischargeability of debts. If a creditor fails to timely file an objection to dischargeability, or fails to timely file…
CLIENT files a chapter 7 bankruptcy to discharge $100,000 of income taxes. He files his bankruptcy on March 30, 2014. On schedule B of his bankruptcy petition, he claims his 2013 tax refund of $10,000 as exempt property. On April 15, 2014, he files his 2013 tax returns. Instead of giving the $10,000 tax refund…
(Part 3 – Audit Scores) This is the last of three articles on how the IRS receives, validates, stores, and scores tax returns for audit. – How efiled and paper-filed tax returns are verified, validated, and reviewed for accuracy. – How tax returns are stored into master files. – How IRS scores tax returns for…
