About Gary

Attorney - GQ Law

Leadership Series: Storytelling

Leadership Series: Storytelling

A key role of any leader is to inspire. A very effective way to inspire is through storytelling.

Think of some of the most compelling accounts from history and how they’ve shaped us. The amazing tale of the forefathers and how they claimed the independence of the United States as the pilgrims immigrated across the ocean and began a new life. The great leadership of George Washington, Abraham Lincoln and others and their incredible histories. All of these stories engender in US citizens a spirit of values, self-reliance and independence.

Now think of your family history. What stories shape your core beliefs and have motivated you to become who you are?

Now, what about entertainment? The vast majority of the most famous movies and books of all times, all contained incredible stories.

But storytelling isn’t just for history and entertainment. It has great business application as well.

Let’s consider what’s known as “The Hero’s Journey.” This is the pattern that makes the best stories come to life. Below is an image detailing this process.

 

For a more detailed understanding of each element, see the website linked here.

So how can this apply to you as a business leader? Consider the story of your company. Undoubtedly you lived in an ordinary world, perhaps working for someone else. But then you had the idea put on your mind that you could “do your own thing” and call your own shots. You thought through the idea but became apprehensive about the uncertain income. All until you decided to call a trusted friend, adviser or mentor who encouraged you to take the leap, and so you do. Since then you’ve run into trials, you’ve found business partners and you’ve discovered your competitors.

Then perhaps you had to discover something more to grow you company and make an investment that was either going to make or break the business. Lo and behold, just before losing it all, that investment becomes the pivotal part of your company and the key to success in the future. You now continue a newly equipped enterprise with the wisdom to continue growing.

This is a model for telling any story and it will communicate your stories to your employees, customers and stakeholders.

We encourage you to use this model throughout presentations, in your marketing or in your day to day with those you work. It works and you’ll see the results!

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October 15th: Tax Day the Sequel

October 15th: Tax Day the Sequel

We all know the dreaded April 15th is Tax Day. However, there is a less infamous cousin of Tax Day: October 15th, the deadline to file taxes for those who received an extension for filing.

The IRS allows taxpayers to request a six month extension to complete their taxes. I am sure those businesses and individuals immediately felt a sense of relief at the time when their extensions were granted. Last year, over 12 million individuals requested an extension according to the IRS.

Fast forward six months, and the dreaded October 15th deadline is looming over their heads again if they had not planned ahead. Understandably, life gets busy and people put off dealing with their taxes when more immediate matters require their attention, especially if they run small businesses.

So this is a friendly reminder to all you extension filers out there to do your taxes by October 15th!

It is important to remember that the six month extension is for filing only; it does not extend the time you have to pay your tax liability without penalties. What if you cannot afford the taxes you owe the IRS or are having other tax related problems?

California Attorney Gary Quackenbush has been helping people like you resolve tax problems with the IRS through Offers in Compromise and Installment plans since 1988. He knows the IRS and will fight for you. Make an appointment to meet with him for your free consultation soon to see what he can do for you to help alleviate your tax problems. Call the office at 858-549-8600, 855-MY-GQLAW or click here to request your free consultation online.​

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Can I File Bankruptcy?

Can I File Bankruptcy?

Whether you qualify or not to file bankruptcy is dictated by a mechanical calculation created by the court to determine your ability to pay back their debt.
As you read on you will learn that this a complicated and confusing qualification process. We HIGHLY recommend that you meet with a bankruptcy professional in person to discuss your particular situation. Contact us online or call us at 858-549-8600 to set up for FREE bankruptcy consultation solutions with San Diego Attorney Gary Quackenbush and his staff. We’ve been helping people like to to get out from under overwhelming debt and to get back on their feet through filing bankruptcy since 1988 and would love to help you.

 

Bankruptcy Means Test

 

In 2005 the Federal Bankruptcy Code was revamped; creditors lobbied congress very hard to try and make it more difficult for people to qualify to completely eliminate their debts in Bankruptcy. Congress passed what was called BAPCA (Bankruptcy Abuse and Consumer Protection Act), which produced what is referred to as the “Bankruptcy Means Test”; the calculation that is used to answer the question “Can I File Bankruptcy?”.

 

In summary, the test looks at an average of the applicants gross monthly household income for six months prior to filing, then deducts some of the applicants real expenses, and many others that are pre-determined by the IRS standard allowances. At the conclusion of the test, if the applicant is negative, or in other words has more expenses than income without accounting for unsecured debt payments, they qualify for a Chapter 7 to eliminate all of their unsecured debts. If the result of the “Means Test” calculation is positive, or in other words if the calculation shows that after all expenses are accounted for there is remaining disposable income, then the applicant will only qualify to file a Chapter 13 Bankruptcy and be required to make payments of the amount disposable each month for three to five years (term depending on other factors of the test).

 

Debtors Assets

 

Another issue to consider in discussing Bankruptcy qualification is the debtor’s assets. Although it is income that dictates qualification for Chapter 7 Bankruptcy, there is only so much value in assets that can be protected or “exempted” in a Chapter 7, while concurrently eliminating unsecured debts. There are two sets of exemption laws that can be used to protect a debtor’s assets in a Chapter 7: California Civil Procedure Code 703 and California Procedure Code 704. Debtors can only use one or the other when filing a Chapter 7.

 

The former is referred to as a “wildcard” exemption, which provides for the protection of approximately $24,000 in miscellaneous assets. 703 also provides for the protection of some additional assets such as motor vehicles, household goods, etc., however they are less than generous in amounts allowed. Qualified ERIZA retirement accounts, however, can be generously protected up to approximately $1,000,000 when using either CCPC 703 or CCPC 704 in a Chapter 7. 704 is referred to as the “Homestead Exemption”, and depending on the debtor’s age, can protect up to $175,000 in equity in the debtor’s primary residence. When using 704, however, the remaining exemption amounts for vehicles and other assets are extremely limited. It is important to consider that an applicant can voluntarily enter into a Chapter 7 Bankruptcy, however they cannot voluntarily exit. Therefore, it is extremely critical that an experienced attorney determines whether a debtor’s assets can be protected, or “exempted”  in a Chapter 7 prior to the case being filed.
NOTICE:  

This article provides general information about California law. The laws are constantly changing and this article is not intended to provide legal advice about your specific situation. Seek competent legal counsel. Let me advise you about your particular situation.

Gary A. Quackenbush, Esq.

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Bankruptcy: Detroit, Radio Shack and You

 

Bankruptcy

For anyone considering filing bankruptcy, hearing the word itself can cause sheer panic. Rest assured that if the new “b” word sends you into shock, you are not alone. According to the US Courts website 1,072,807 individuals and 34,892 businesses filed for bankruptcy (BK) protection in 2013. If you think that the total of 1,107,699  filed in 2013 is a lot, just take a look at 2012, 2011 and 2010.

Total filed by Year

2013- 1,107,699

2012- 1,261,140

2011- 1,467,221

2010- 1, 596,355

With media buzz that Radio Shack, once everyone’s go-to shop for all things electronic, now on the brink of filing bankruptcy and frequent news from the City of ongoing Bankruptcy battles in court, its no wonder that “BANKRUPTCY” has become a big part of our American culture.

Many people have strong opinions about finances and how they should be handled. While most people would never want to file bankruptcy, a quick look at the numbers above shows that over a million people are left with no choice each year. The good news is that filing bankruptcy can protect you.

If you or someone you know is over run by creditors and behind on taxes bankruptcy may be a helpful option for them. Come set up a free meeting with Gary and his staff. They’ll help you look at all of your options and try to find a way to settle your debts without filing for bankruptcy. If bankruptcy ends up being the best option for you, Gary and his team are BK experts here to help you though the rough and tumble process.

For further information on tax and debt solutions- please see this page on our website.

——

This article provides general information about California law. The laws are constantly changing and this article is not intended to provide legal advice about your specific situation. Seek competent legal counsel. Let me advise you about your particular situation.

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5 Podcasts for Entrepreneurs

Podcasts for Entrepreneurs

Podcasts are one of the most underutilized, often free resources available to entrepreneurs and small business owners. What’s a podcast?

[box type=”shadow”] podcast (pod-kast, -kahst) noun

1. a digital audio or video file or recording, usually part of a themed series, that can be downloaded from a website to a media player or computer [/box]

The Apple iTunes store has a ton of podcasts available on a variety of topics.

Gary even has a podcast of Continue reading →

The Measuring Stick: Determining the Strength of Your Workplace

 

Image source: tothministries.org via Google search

Revenue, profit, sales volume – that’s easy enough for us to measure. But what about employee morale? Company culture? A manager’s effectiveness? Overall strength of a workplace? Now that’s tough. But, the Gallup Organization believes it’s possible, and so do I.

Over the course of 25 years Gallup studied these and other questions by interviewing over a million employees and gathering their answers to hundreds of similar questions. In the end, Gallup ran an in depth and extremely complex statistical analysis that ended up giving them the 12 questions that most strongly indicated the overall strength of a workplace. Here they are:

1. Do I know what is expected of me at work?

2. Do I have the materials and equipment I need to do my work right?

3. At work, do I have the opportunity to do what I do best every day?

4. In the last seven days, have I received recognition or praise for good work?

5. Does my supervisor, or someone at work, seem to care about me as a person?

6. Is there someone at work who encourages my development?

7. At work, do my opinions seem to count?

8. Does the mission/purpose of my company make me feel like my work is important?

9. Are my co-workers committed to doing quality work?

10. Do I have a best friend at work?

11. In the last six months, have I talked with someone about my progress?

12. At work, have I had opportunities to learn and grow?

 

Interesting, right? Now, these questions are in hierarchical order, meaning that number 2 is basically irrelevant without number 1 but once number 1 is at a solid rank (on a scale of 1-5) of 4 or 5 then you can move on to improving the following scores.

 

At first sight, some of these questions may seem either too simple (perhaps # 2) or a little irrelevant (perhaps # 10). But think about it. Can you imagine being a construction worker that doesn’t even feel like his nail gun works right? How excited is he going to be to get up and frame a house, knowing that half the day he’s going to be fighting with the compressor? Or what about the graphic designer who’s computer freezes all day long? And imagine the amount of commitment and low amount of turnover you’d have if each employee felt like he had a best friend at work. He would be happy to go each day.

As always though, remember that there is an order to these questions, the employee that has a best friend at work but doesn’t feel like she gets to do what she does best every day, may end up with a lack of productivity. Similarly, that employee may be bought into the vision of the organization (# 8) but may feel like she has no idea what is expected of her every day (# 1). Gallup recommends that we as managers start with the first 6 questions and then move up the ladder from there.

As always, here at GQ Law, we know what you expect of us, we have the resources and it’s what we do best. We look forward to helping you take care of all of your tax and legal questions, so don’t hesitate to call. We’re committed to quality work. Hope you’re enjoying the Summer!

 

For a more in depth review of this topic, see, “First, Break All the Rules” by Marcus Buckingham and Curt Coffman.

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IRS- Fresh Start Initiative

IRS Fresh Start Initiative Gives Taxpayers Hope

The IRS Fresh Start initiative is a program designed to help more tax payers successfully pay off their tax liability. The initiative allows more flexible terms to Offer In Compromise (OIC) and enables some of the most financially distressed taxpayers to clear their tax liability and to do it more quickly. In many cases this allows people to resolve their tax liability in as little as 2 years instead of the 4-5 years that its taken in the past.

This Fresh Start initiative  in different in that it uses a different standard of analysis to determine who can qualify for an Offer In Compromise. Some of the changes include:

  • Revised calculations for tax payers future income
  • Allowing taxpayers to repay student loans
  • Allowing taxpayers to pay delinquent state and local taxes
  • Expanding the Allowable Living Expense category and amount

An Offer In Compromise (OIC) typically is an agreement between the IRS and a taxpayer that settles the taxpayer’s tax liability for less than the full amount owed. A taxpayer has to apply for an OIC and be approved after a full review of qualifications. The IRS will not approve the OIC if they believe the tax liability owed can be paid in full- either as a lump sum or as part of an “Installment Agreement” that allows that tax payer to pay off the liability over time. Being a complicated, negotiated process, the help of an experienced tax attorney is essential. You’ll need an attorney who knows how to work with the IRS, understands the ins and outs of tax problem resolution, can help you figure out which option is best for you and is willing to fight for you.

California Attorney Gary Quackenbush has been helping people like you resolve tax problems with the IRS through Offers in Compromise and Installment plans since 1988. He knows the IRS and will fight for you. Make an appointment to meet with him for your free consultation soon to see what he can do for you to help alleviate your tax problems. Call the office at 858-549-8600 or click here to request your free consultation online.

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Protecting Your Online Reputation for Entrepreneurs

Protecting Your Online Reputation

 

As an entrepreneur or new business owner, protecting your online reputation is essential.

Whether or not you run your business online, in our tech savvy and internet dependent world, your online reputation is key to success as a business owner.

“Before the Internet connected the entire world, your business reputation was something that you built, not managed. Fallout from the customer complaints you couldn’t fix was of limited scope. Today, the Internet acts like a lens that magnifies every blemish, perceived insult and mistake—and then broadcasts it with a bullhorn.” Time.com

 

Just one negative review by a customer on a review site like Yelp or Google can seriously damage your reputation and eventually, your business’ bottom line.

Continue reading →

Christmas in July: Federal Gift Tax

The Federal Gift Tax and You

What is the gift tax? Do I owe a gift tax? Do I need to report all gifts to the IRS?

There are certain amounts and ways to give gifts tax free to your descendants and friends both during your life and through a properly arranged Estate Plan. What’s important is to learn the rules, set up a clear Estate Plan with Gary  (858-549-8600) and make sure your loved ones and finances are all squared away.

What is the federal gift tax?

The gift tax is a federal tax that applies to all the gifts you make in a lifetime. Lucky for most, unless you live in Connecticut or Continue reading →