Febuary 5, 2008

News Briefs

Mortgage debt forgiveness may be taxable in California 

California does not automatically conform to the “Mortgage Forgiveness Debt Relief Act of 2007” signed by the President on Dec. 20. In order for the provisions of this act to apply to California, the legislature must enact conforming legislation.

The “Mortgage Forgiveness Debt Relief Act of 2007,” was enacted to provide relief to families hit by the sub-prime mortgage market. Under California tax law, however, debt forgiven following mortgage foreclosure or renegotiation is considered income for tax purposes and may result in a tax liability for taxpayers.

There is pending California legislation, Senate Bill 1055, which will provide modified conformity to provisions of this federal legislation. Introduced by Senators Michael Machado and Lou Correa, the bill would provide that mortgage debt forgiveness is not included in California taxable income.

FTB will provide further information in the event this legislation is enacted. Taxpayers can check FTB’s Web site at www.ftb.ca.gov under “law and legislation” for updates. Taxpayers who have questions about their accounts can call FTB toll free at (800) 852-5711 Monday through Friday from 7 a.m. to 6 p.m.     

Theater Arts scholarships offered by WVLO

West Valley Light Opera Association, one of the premier South Bay community theater organizations, announces their 2008 Performing Arts Scholarship for a graduating high school senior.

The Board of Directors of the West Valley Light Opera Association [WVLO] is pleased to announce the sixth annual Gene Pincus Memorial Theater Arts Scholarship for 2008.

WVLO believes the future of quality Community Theater lies in our youth and want to offer a deserving young person this scholarship as an aid to pursuing his or her dream. The scholarship is dedicated to the memory of Gene Pincus, who worked tirelessly in support of WVLO for 25 years.

The scholarship will award, on a competitive basis, an amount of $500 to a Santa Clara County graduating high school senior who intends to pursue a career in Theater Arts and who has demonstrated a high degree of involvement in the performing arts throughout his or her high school career.

The applicant must be a graduating high school senior going on to a two- or four-year college; their intended college major must be in the Theater Arts; this includes acting, music [vocal], dance or stage production; and they must be a Santa Clara County resident.

Application materials must be postmarked no later than Tuesday March 11. For application details please see www.wvlo.org. E-mail questions to WVLO@WVLO.org.

The V Foundation & Team ESPN announce 7th annual ‘Show Your Spirit’ fundraising campaign

The V Foundation for Cancer Research and Team ESPN announce the launch of the 2008 Show Your Spirit annual fundraising campaign; inviting companies, organizations and schools nationwide to unite on March 20 and 21 in the fight against cancer. Show Your Spirit Day annually coincides with the start of the national collegiate basketball tournament. Partici-pants are asked to contribute a minimum $5 donation to The V Foundation, which “earns” them the right to wear their favorite team apparel to work or school on Show Your Spirit Day.

Non-basketball fans are urged to participate as well. Each participant will receive a “Don’t Give Up. . . Don’t Ever Give Up!”® pin to wear to commemorate their support and visibly remind others of the need for cancer research funding.

Current statistics reveal that cancer will strike one of every two American men and one of every three women. As tournament brackets go up on office walls and fans nationwide celebrate the start of a great American sporting event, they can also team up to help fund cancer research.

“In the fight against cancer, we all play on the same team,” said V Foundation CEO Nick Valvano. “What a powerful force we’d be if millions of people across the country would join together against this common foe. Every single Show Your Spirit contribution will help make a difference in the fight against cancer, a disease that will eventually affect every American family.”

Online program registration on The V Foundation Web site at www.jimmyv.org/showspirit/ starts the process for a company, organization and/or school to participate in the campaign. A participation kit will then be provided to help each “team” organize a spirited and successful Show Your Spirit day. Additional information about the program is also available on the Web site and program materials will be available to download, several in both English and Spanish.

“The strength of Show Your Spirit comes from each and every individual who makes a contribution. I urge everyone to take action and help provide financial, as well as visible support to fund needed cancer research. Together, we can make a tremendous impact,” Valvano concluded.

For further information or to register visit to www.jimmyv.org/showspirit/ or call 1-800-4JimmyV.

Free Living Trust seminar offered in Los Gatos

“Everything You Wanted to Know about Wills and Trusts but Were Afraid to Ask” will be presented by estate planning attorney Robert P. Bergman Feb. 9 from 10 a.m. to 12 p.m. at the Addison-Penzak Jewish Community Center, 14855 Oka Road, Los Gatos. Call (408) 247-0444 or visit www.lawbob.com to register.

Ladies' Night Out Fundraiser at Cardiff Lounge

It's Ladies' Night Out at the Cardiff Lounge on Feb. 7 from 6 p.m. to 8 p.m. Downtown Campbell's Bombshell Boutique and Willow Glen's Bliss Parties present a special fundraiser for the American Heart Association in honor of Valentine's Day, featuring a lingerie fashion show, boudoir photos sessions, Pussycat Doll dance workshop, and pleasure party. Women over 21 only, please. Admission is $5 donation. After the party, Bombshell Boutique, from 8- 10 p.m. will have a two-hour sale on all lingerie.

Free housing and foreclosure intervention classes

On Feb. 5 prospective homebuyers and those in need of information on foreclosure can attend a housing education seminar presented by Neighborhood Housing Services Silicon Valley [NHSSV]. The seminar is one of a series of free educational seminars available to all residents in the San Jose area.

The free, two-hour classes will offer information for first-time homebuyers, tips on avoiding foreclosure and advice to borrowers who are already in trouble. As a result, attendees will be able to identify and avoid risky lending.

As the foreclosure crisis continues, many San Jose families are in desperate need of information regarding homeownership. The NHSSV Housing Education Program will prepare families for responsible home ownership, prevent them from falling victim to predatory lending and aid in putting a stop to the rise of foreclosure in the San Jose area. Homebuyer education is the key to finding the right home, keeping families safe and finally, preventing foreclosure

The Housing Education Program started on Jan. 17 and will continue through June. The seminars, which are made possible by funding from the city of San Jose, will be hosted in the evenings in the Strong Neighborhood Initiative communities. The program at each location will be the same.

If community residents are interested in attending, they should call NHSSV at (408) 279-2600 to sign-up for a seminar in their neighborhood or visit www.nhssv.org/community_dev.htm.

Liberty Tax Service to hold March of Dimes Fundraiser

Liberty Tax Service is sponsoring a ‘March of Dimes’ appreciation week starting March 3 to benefit the March of Dimes. Taxpayers can get their tax returns done free at Liberty Tax during the ‘March of Dimes’ appreciation week in exchange for a donation made to March of Dimes.

“Liberty’s goal is to raise $2,000 during the March of Dimes Appreciation Week, and create excitement and support for March of Dimes and its programs. All local funds raised by Liberty Tax and other supporters are utilized right here in our community,” said Paul Grewal, a local franchisee sponsoring this event at his office on South Bascom Avenue in San Jose.

In addition, during the entire month of February, Liberty will give a discount of 30 percent for each customer who makes a $10 donation to the March of Dimes by providing a discount during some of the busiest time in the tax season, Liberty hopes to beat their goal of $2,000.

“This is a great program to benefit a much needed program such as March of Dimes,” said Grewal.

The March of Dimes is a national voluntary health agency whose mission is to improve the health of babies by preventing birth defects, premature birth and infant mortality. Founded in 1938, the March of Dimes funds programs of research, community services, education, and advocacy. For more information, visit the March of Dimes Web site at www.marchofdimes.com or its Spanish language Web site at nacersano.org.

March of Dimes is about ALL babies. The mission of the March of Dimes is to improve the health of babies by preventing birth defects, premature birth and infant mortality. They carry out this mission through programs of research, community services, education and advocacy. Of every dollar raised, 76 cents goes directly to programs that save babies’ lives.

As a national sponsor of the March of Dimes, Liberty Tax wants to raise funds and place a national emphasis on March for Babies events and programs. Liberty Tax Service is the fastest growing retail tax preparation company in the industry’s history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service [www.libertytax.com] has prepared over five million individual income tax returns and currently operates over 2,400 offices throughout the United States and Canada.

Humane Education Network announces 18th annual High School Essay Contest
The Humane Education Network, a non-profit organization that advocates the humane treatment of animals announced their 18th annual “A Voice for Animals” high school essay contest. The contest is co-sponsored in part this year by the Palo Alto Humane Society.

The objective of the contest is to encourage high school students to become more informed about and respectful towards animals. The cash prize for first place is $1,000, second place $500 and third place $100. A $750 prize will also be awarded for the best personal and active involvement in a project or venture that directly impacts animal welfare. The entry deadline is March 10.

Students should visit www.hennet.org for contest rules and to submit entries online. Contact the Humane Education Network at (650) 854-8921 or hen@hennet.org for additional information.

Asian Pacific Fund offers $27,000 in prizes to student artists and writers

The Asian Pacific Fund is now accepting essays, poems and artwork by local students for the 2008 Growing Up Asian in America contest. Cash prizes totaling $27,000 to youth of all ages and from all Bay Area neighborhoods will be awarded. The 2008 contest theme is "Winning and Losing, Competition and Teamwork."

Growing Up Asian in America encourages young people to creatively express their ideas on identity and culture. Students of all backgrounds are invited to submit entries, including Chinese, Filipino, Indian, Japanese, Korean, Thai, Vietnamese, other Asians and Pacific Islanders and students of mixed heritage.

As students brainstorm the theme, they should consider questions such as: “What is it like to win or lose? Is it important to be the best at something?" and "Have you every helped a teammate? When has a teammate helped you?" They are encouraged to share stories from their own lives or about people in their communities. The Fund hopes to prompt students to think about whether or not growing up Asian in America makes their thoughts on winning and losing any different from other people’s ideas.

Students compete in three grade categories: kindergarten through fifth grade, sixth through eighth grade and ninth through twelfth grade. The first place winners in each category receive $2,000, with second and third place receiving $1,500 and $1,000, respectively. Numerous honorable mention honors are also awarded gift merchandise.

Entries must be postmarked by Thursday, March 6 , or delivered in person by 5 p.m. that day to Growing Up Asian in America, Asian Pacific Fund, 225 Bush Street, Suite 590, San Francisco, Calif. 94104. No entries are accepted by fax or e-mail.

Winners must live in Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano or Sonoma County. Each entry must include the student’s full name, grade, complete mailing address, the title of the work and the name and city of the student’s school. Guidelines are available at your local public library and online at www.asianpacificfund.org. Please call [415] 433-6859 with questions, or e-mail contest@asianpacificfund.org.

The Asian Pacific Fund is a community foundation established to improve the health and well-being of all Asian Americans in the Bay Area. By providing services and awarding grants to more than 90 Asian organizations, the fund supports a broad range of local groups that help a diversity of Asian Americans. The fund is the only organization in the Bay Area focused exclusively on working closely with Asian donors, raising funds for community agencies and public education projects, and ensuring that contributions have a lasting impact.