announcer: building a better bay area, moving forward, finding solutions. this is abc 7 news. i am kristen sze. you are watching "getting answers" on abc7. we talk about issues important to the bay area and get answers for you. today michael finney has tax experts available to answer your questions. you can call them right now at 415-954-7621. we will check in with michael in just a little bit. hollywood's biggest night is two weeks away. the film "everything all at once" is nominated.

we will speak with the organizers about what is being called the official bay area aapi watch party. silicon valley bank is seized by realtors after the largest failure since washington mutual collapsed at the height of the financial crisis more than a decade ago. we will talk with the professor about what this means for the markets and customers. first, the atmospheric river has passed through the bay area but more rain is on the way. here is meteorologist lisa argen. lisa: enjoying the blue sky. we are looking at showers in san jose. gilroy, san martin, live doppler 7 picking up on the conveyor belt of moisture that is in southern california. we will get into a little bit of shower activity over the weekend with level 1 system's. the bulk of the activity is in southern california. showers in san martin and gilroy.

highway 17 has wet weather. a flood advisory for the next hour from the peninsula to the santa cruz mountains area and in the north bay, rivers and streams subsiding but still through 7:00 through petaluma, certainly a lot of activity with some of that water overflowing the banks. the activity has been mainly in the san joaquin valley and southern california. for us the flood watch continues through sunday as we will see waves of light rain move through the bay area. here is a look at 5.5 inches, two inches in oakland and sanjo , se64 in palo alto. where you have the sun, 60 degrees in santa rosa. her teen degrees warmer than yesterday at this time. a level one system with some debris on the roadways. isolated showers, slippery roads and there is a look at san jose. some isolated showers and

continue into the weekend with another atmospheric river monday into tuesday. daylight saving times returns so we spring forward one hour tomorrow night and the sun is setting at 7:13 on sunday. the next several hours, a lot of cloud cover. some isolated showers. into early saturday, the bulk of the activity is in the north bay. 4:30 in the afternoon on saturday, north bay showers. saturday night into sunday, a heavy line of rain moving through and some showers on sunday into monday. this is when things get interesting. another round of heavy rain, another atmospheric river and strong winds heading our way monday night into tuesday. the weekend rain anywhere from one third of an inch in concord to half an inch in oakland. you can see the bulk of the activity, the rainfall is scaled-back. it is in the north bay, half an inch expected from novato ro a winter storm warning and snow levels above 8000 feet.

it is 50 degrees on top of mount tam. cold air tomorrow. we could see one foot of snow but they have had all of rain for the past day. temperatures tomorrow for your saturday in the upper 50's. a mild day with isolated showers. in level 1 system for saturday and into sunday. tonight with the cloud cover in the mid-40's and the accuweather 7 day forecast getting into some thunderstorm activity perhaps late on sunday into monday. that level 1 system wrapping up with gusty winds. level two on tuesday but check out wednesday, thursday and friday. we are sunny and mild. it is feeling and looking like spring the second half of the upcoming work week. kristen: thanks so much. in the biggest financial bank collapse since the 2008 financial crisis amid the second largest failure in u.s. history. big letters took over silicon valley bank, the 16th largest

bank and one of the biggest institutions serving silicon valley investors. these are stunned customers outside of the palo alto branch today. joining us to help us understand what is going on, economics professor amari. thank you for being with us. >> thank you. kristen: this is complicated for people who are not finance majors. how did this collapse begin? >> the silicon valley bank is a bank that has deposits that are in silicon valley like the name suggests. many of these are large businesses. they are more than you or me. it takes the money and invest in all kinds of things and one of the things it invests in seems very safe which is just bonds from the government. the problem is that interest

rates started going up and the value of those bonds came down. one of their big investments which seemed very safe just lost value because when interest rates change, bond prices change. that is one thing that happened. silicon valley is going through a slowdown. all of the boom years, the last two or three years, were coming to an end. all of a sudden, things got tight for that bank. this -- these clever investors from silicon valley started being advised by venture capital firms and everyone else to take their money out. that started what they call a panic which the fbi see in charge -- the fdic authority to take over the bank which is what they did. kristen: earlier this week the

bank indicated that it was going to raise money to cover. if it did not do that, with things have been fine? did that contribute to the panic? >> definitely. if there was a price at which it could raise, it is almost the definition of insolvency that you cannot raise money for the assets you have. when that happens that is beyond what an accounted would allow you to put on a balance sheet. that is when people start thinking you actually do not have enough to pay me and they prefer to take the money out especially if it is not insured. kristen: in silicon valley how significant is this bank to the operations, the companies? what is its role? >> it is big because its are a lot of silicon valley companies. i believe it had close to

billion of deposits. the vast majority were not insured, meaning that the deposits were over $250,000. that is where it could affect the depositors if they themselves have payroll to pay. then they are beginning to worry about whether they can make payroll because what they got from the new bank. the fdic said they would open a new bank called fdic santa clara bank, a new institution that would allow people with up to $250,000 to withdraw their money. people above that may get some certificate that would say when we sort it out, we will give you money back. it might not be all of it. now there is a delay. that would be what would happen if they file for bankruptcy but

the process is managed by the fdic. kristen: for anyone over the $250,000 amount, that money may be poof. >> we don't know. now you get into the politics of a situation like that. you start having people from congress say you have to guarantee everybody. that is what happened with the financial crisis because everyone was panicking. morgan chase by the fdic. the fdic did take over but instead of managing the process, they just sold the bank to j.p. morgan chase which has really wanted to buy that bank back in the last big failure of washington mutual which also happened here. kristen: are there other banks that may be similarly in danger?

>> that is when you start the process that is sort of contagion in the sense that people panic because they are not sure about anything anymore. when that starts happening, we just don't know very much about what other skeletons in the closet of which banks. back in the great depression there were a lot of bank closures. since then we have a federal reserve which is supposed to help everybody with a liquidity problem. we have a federal insurance corporation, the fdic which is there for the insured deposits. if the government guarantees more, then it would. but it is a situation in which everyone start getting nervous. kristen: professor, i would like to get into the needed reforms but we need time on another day. thank you so much. really appreciate. it we want to give you a live

look at the 7 on your side office because tax experts are taking your calls right now and answering your questions so you can call the number on your screen, 415-954- we will be right back.

>> the 7 on your side tax chat is possible by united bay area. kristen: tax experts from united way bay area along with the irs and golden gate society of enrolled agents are here to take your calls and answer your tax questions.

michael finney joins us from tax central otherwise known as the 7 on your side office. michael: let me start by giving you the telephone number to call if you have a tax question, a personal tax question. 415-954-7621. all of our experts have your answers. you have time to paperwork together if you need to look up the question you want to ask you how's -- you want to ask because we will be here until 7:00 tonight. i want to begin with lindsay. she is with united way bay area free tax help. they are doing so much to help people. let's talk about what you do. give me an overview of united way free tax help. >> low to medium income households to help them get as much of the credit that are available for them.

we provide the services for free through 70 different organizations within eight different counties in the bay area to provide these free services by volunteers who are certified by the irs to prepare tax returns. michael: this is a weird tax year. it is no longer april 15. there are tax credits and middle class tax stuff. it is a weird year, right? >> yes. the deadline has extended from april 18 to october. the important thing is that even though it has been extended and outstanding amounts are extended, it is important to prepare your taxes as soon as possible.

also there are a couple of things that have changed with the child tax credit that will be affecting a lot of families. it has reverted back to what it originally was pre-pandemic. it is only partially refundable which means you would need to have at least $2500 earned income to receive that child tax credit. there is however, the young child tax credit from the state of california. that is something that is great for families who made less than $30,000. michael: i will jump in right here because i have a different expert to talk about that. united way is doing a fabulous job. i think you very much, lindsay, united way bay area. let me bring in the expert, norm from the golden gate society of enrolled agents.

you wanted to talk about the rax twhat's up with that? >> california issued a one-time refund because of the rampant inflation last year. taxpayers who had filed a 2021 tax return and had been a resident for at least six months were entitled to a refund depending on filing status and if they had a dependent. it could range from $700 to $1050. california immediately said this was not taxable. we are waiting for the irs. the irs finally issued a notice saying they were not going to tax it either. some people who received the 1099 miscellaneous form for more than $600 they should file it and put it on their tax return but immediately back it out and say it is not taxable. michael: is there any reason to put off doing your taxes?

lindsay was just talking about you have more time but should you take more time? >> it depends if you will get a refund or not. if you will get a refund, why wait? get your money now. some people need more time. there may be benefits for business owners, for retirement plans and other contributions they may want to make. they may need additional time. michael: it is still a good thing to know where you stand right now and then you can start making those decisions. thanks for being here and answering questions. these are the kinds of experts you will get here answering your questions privately. just give us a call. 415-954-7621. we will be here until 7:00 tonight. back to you. kristen: get those energy drinks ready. what a great resource. thank you. the oscars are just two days away. a big night for asian americans with the film "everything everywhere all at once"

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kristen: we are counting down to the oscars. the night is her in two days oue dolby theatre in hollywood. crews are setting up, that no rain will dampen the champagne colored carpet. it is not red this year. changing things up. there is also change when it comes to inclusion. the film "everything everywhere" is nominated for 11 oscars. joining us asian americans are celebrating, two of the organizers of what is being called the official san francisco bay area aapi watch party.

>> pleasure to be here. kristen: mark, i will start with you. your group is cohosting is watch party. what are you celebrating? >> it has been for asian americans. i think we discovered our superpower and our superpower is community. we managed to come together for so many things, coming together to fight for our rights, to empower our community but also to celebrate. this is what this moment is about. when we organized the premier one year ago, it was amazing to see 1200 people standing outside just to support. we joked that if she ended up getting nominated for the oscars, we would throw a big party. it has been incredible to watch the ascent of this film and what

it means for all of us. kristen: there is the event you held the asked -- the event you held last year. this event is a promise from you to her. this is fantastic. when you saw it, did you know it would become so big and become the oscar favorite? >> it is funny because when this film came out, it has always been an underdog. if you look at the roles michelle has played throughout her career, she has always played roles where she is a queen. that is kind of her nickname. he always call michelle are clean because she always plays -- we always call michelle are our queen. this is a very relatable story. in this way it really showcases the power of the community because this is ultimately a

family story. this is the highlight of her career in my opinion. kristen: that one sequence where she is having the alternate universe where she steps onto the red carpet like she became a movie star. there is the michelle we are accustomed to. it was great to see her in this role. do you think the success of everything everywhere and crazy rich agents -- crazy rich asian s would open the door to more stories that you want to tell? >> i am glad you showed this clip of hollywood. i walked by the chinese theater where the event was held and as a little kid the understanding was the glitz and glamour of hollywood and the storytelling is great as long as people who look like me are not part of it. the understanding is that we would not be part of it.

to bethis film is nominated for1 oscars including forwriting, ac. over the past several years we haven from asia. what is unique about this moment is the top categories. when you think about the fact that just a few years ago it seemed like the world had turned on asian americans. the anti-asian hate was going on. this is a moment of maturity because even as these anti-asian sentiments are still alive in the community, we are getting this feedback by the academy and public opinion that our fellow americans can walk and chew gum at the same time whereas we as asian faces have always been seen as the perennial foreigners. we are being celebrated in this movie where these are asian

american characters. these are american characters while they hold onto a lot of asian culture and features and still be included in the global movie stream. that is a powerful moment and it is encouraging for things to come. kristen: indeed. this is why stand for asians was born. there had been so much antagonism and attacks on asian americans. you wanted to stand up. this is actually a fundraiser to continue your work. >> that's right. the way we loo just the beginning. what our community stands for is coming together. what we will see is that even the people who will be coming to this event, they are not just people in entertainment. they are people in politics, business, the tech community. that is our diaspora.

what we can figure out going forward is how can we come together and when we come together, we can come together for different reasons and that is the power of community. kristen: hollywood storytelling has the power as well to create community. congratulations. i know you're oscar party is sold out but a lot of people are clearly supporting your work and excited for "everything everywhere all at once." thank you both. >> thanks for having us. kristen: abc7's coverage of the oscars on sunday. the countdown to the oscars starts at 3:30 and the show gets going at 5:00 p.m.. we will be right back.

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kristen: thanks for joining us. we are getting answers today. tonight, the state of emergency, the dangerous and potentially deadly flooding unfolding right now. parts of an interstate shutdown, rooftops collapsing. the new and dangerous system slamming the west at this hour. several feet of snow expect in the some places. 8 inches of rain elsewhere. the flooding emergency already tonight and the winds gusting to 100 miles per hour. it will move across the country. meantime, the other system in the northeast tonight. the potential snow coming tonight and tomorrow. rob marciano timing it all out. also tonight, where is our money? customers demanding answers tnight after a bank shuts down, the largest bank failure since the banking collapse of 2008. re