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.
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?
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
The Apple iTunes store has a ton of podcasts available on a variety of topics.
Gary even has a podcast of (more…)
What Happens If I Die Without a Will? Anna Nicole Smith
What happens if I die without a will?
Look to these celebrities for what NOT to do.
A lot of what happens you die without a Will, and really, without a proper and complete Estate Plan, depends on (more…)
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.
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.
Child Tax Credit: The Cost of Raising a Child
Child Tax Credit
USA Today recently reported that a middle-income family with a child born in 2013 can expect to spend $245,340 to raise their child to age 18. Jaws of penny-pinching parents across the nation are dropping at the enormous figure. We here at GQ Law have a bit of good news for you! Follow along as we shine a little money saving light on the topic of child-rearing, showing you what sweet tax breaks come along with your new bundle of joy.
Gary’s son with his family of 5.Child Tax Exemption
Tax payers receive an exemption of $3,900 on their (more…)
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.
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 (more…)
Crowdsourcing for Small Business- Maximizing Your Time
Crowdsourcing for Small Business
Now that’s you’ve read through GQ’s e-book Accidentally Self Employed and met with him to set up the right business format, you’re on your way to small business success, right? Well, at least you’ve gotten over the first hurdle.
According to the Small Business Administration only about half of all small businesses make it past the 5 year mark. Gary and the team here at GQ Law want your business to be one of those 50% who make it. We’re going to be posting a series of tips and tricks to help keep your small business in the green. Read on about our first trick: crowdsourcing.
(more…)