Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
YOUR penalties may be abated (forgiven) if you can prove Reasonable Cause. Here are some tips for you: • You don’t have a background in finance or taxation • You exercised due diligence by going to a competent tax adviser. • You went to a tax professional. • You even hired a CPA (Certified Public…
The right to privacy and intimate association JANELLE Perez was hired as a police officer in the Roseville Police Department. A few months into her probationary term, Janelle and a fellow officer, Shad Begley, began a romantic relationship. Both Janelle and Shad were separated from their respective spouses but remained married. Shad’s wife, Leah, filed…
THE client is 71. Her husband died five years ago, so she lives with her unmarried son who does not have full time or steady employment. She has a large equity in her residence of about $400,000. For her age, the equity exemption for homestead is $175,000. She was a registered nurse when she was…
California Governor Gavin Newsom this week announced another round of closures, from bars to indoor shopping malls, as positive cases and hospitalizations associated with the coronavirus continue to be reported across the state. The order, made in coordination with the California Department of Public Health on Monday, July 13, directed the closure of indoor operations…
By: Martin Santiago, Broker-Associate WHAT’S a jumbo loan? A jumbo loan is any loan that exceeds the loan limits set by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are nicknames for the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLM), respectively. The median value of a home in California is more than double the median…
Bankruptcy is often a last resort for people who are in serious debt trouble. But if you’re one of many millions of people who have suffered a job loss due to the COVID-19 crisis, it might make sense if it’s your only hope of being able to survive financially during these tough times. This is…
IS the 2020 tax deadline extended again? No. 1. Requests for more time to file your taxes have been denied. IRS will stick with the July 15 deadline for 2019 income tax returns. 2. Treasury Secretary Steven Mnuchin announced via IRS News Release that the tax filing and payment deadline of July 15 will not be…
How a sick leave policy fell short of disability discrimination law Mykyn Woods worked as a Senior Community Manager for Greystar Management Services, a property management company with offices all over the United States. Less than a year after she started working for Greystar, Woods was injured in a vehicle accident. She sustained herniated discs,…
THE client is 48. He owns an “S” corporation that has been operating for 15 years. The corporation provides a service to the public in several shopping malls. Business has been good for the last 15 years until the virus reared its ugly head. Like every other retail business, the corporation stopped doing business in…
IRS extended the federal income tax deadline from April 15, 2020 to July 15, 2020. This new due date applies to both filings and payments due April 15, 2020. This extension is automatic. There’s no need to file additional forms. If you need additional time beyond July 15, 2020 (which I suspect most of you…
Up to 50,000 households can be helped for two months In an effort to address the mounting financial insecurity among families during the pandemic, the City of Los Angeles has unveiled a new $103 million rent relief program to help lower income renters stay in their homes, the City of LA Housing and Community Investment…
MAKATI CITY — Department of Trade and Industry (DTI) Secretary Ramon M. Lopez congratulated the Department of Public Works and Highways (DPWH) in officially opening to motorists the C3-R10 section of the North Luzon Expressway (NLEX) Harbor Link Segment 10 in Navotas City last June 15, which would ensure better movement of commercial vehicles and…
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, all of us get into a situation where debt can be overwhelming. Money problems can easily overlap into other areas of our lives. Many people feel hopeless and powerless…
When reporting for work does not mean showing up ALEXIA Herrera worked as a Sales Associate at Zumiez, Inc., a retail store in Chico, California. Zumiez scheduled Herrera and other employees for work according to two scheduling policies. First, Zumiez scheduled employees for “Show-Up” shifts, requiring the employees to physically report for scheduled work at…
WE discussed the benefits of divorce last week. Let’s discuss drawbacks this week. Medical insurance: It’s typical for one working spouse to carry medical insurance for the whole household. One spouse may lose coverage and end up paying for the whole cost of new healthcare insurance which can be very expensive. IRA for non-working spouse:…
THE clients are a husband and wife in their mid-60s. I asked them if they have started receiving social security benefits, and sadly they told me that they migrated less than 10 years ago so have not yet contributed at least 10 years to social security. They have contributed for eight years and need two…
GOV. Phil Murphy stopped the supposed reopening of restaurants in the state this week for a few reasons, among them the violations in some restaurants that have opened for Phase 2 a couple of weeks ago soaring infection rates from the states that have reopened across the country. New Jersey allowed outdoor dining on June…
Island Pacific Supermarket, with locations in California and Nevada, is the first Filipino supermarket chain to offer online shopping with same-day grocery delivery in the United States. As phases continue to reopen in California and Las Vegas, the grocery chain is taking even more precautions to keep our community safe amidst the coronavirus pandemic. Island…
By Martin Santiago, Broker-Associate PRICES for existing homes rose 4.7% compared with April 2019, up from 4.6% in the previous month, according to the S&P CoreLogic Case-Shiller National Home Price Index. But home sales have rebounded quickly and dramatically, with signed contracts on existing homes in May making the strongest monthly jump since Realtors began…
THE word “bankruptcy” is packed with all sorts of negative emotional triggers. It sounds bad — even dirty. It’s embarrassing. (What if people find out?!) People paint ugly pictures of what their lives will look like post-bankruptcy. But it’s not true. Bankruptcy is an opportunity to close one chapter of your life and open a…
Recent discussions over colorism and racism force companies to rethink skincare among communities of color THE global skincare conglomerate Johnson & Johnson has decided to discontinue two popular lines of skin-lightening products from its Asian and Middle Eastern markets in response to the worldwide reckoning of the ways in which commercial entities feed into racism…
WOULD you fake a divorce to save income taxes? I don’t advise it but let’s discuss it anyway – benefits this week and drawbacks next week. Medicaid for nursing home: A sick spouse in need of nursing home care might have too much in assets to qualify for Medicaid. You can slowly draw down your…
Protecting employees from retaliation for whistleblowing SHUJUN Qiu was hired by Three Rivers Provider Network Inc. as its controller. Throughout her employment, Qui excelled at her job and her employer had no complaints about her performance. She was eventually promoted to corporate treasurer. On the fifth month of her employment, Qui was informed by another…
Downloading videos is easy when you see a download button. Unfortunately, most video sharing sites obviously don’t allow downloads, usually to protect copyrights or because there’s not a large demand to download their videos. But there are tools and tricks you can use to download videos even when there isn’t a download button. Maybe you…
THE first client is in his 40s, married with two children, ages 8 and 9. He doesn’t own a house. The absence of a house makes eligibility analysis easier. If he did own a house, the current equity in the house would come into play and dominate the entire analysis for eligibility. If the equity…
People with overwhelming debt problems during this difficult time are asking a lot of questions. Are you scared of being sued and having creditors getting judgments against you and garnishing your wages and levying your bank account? What would happen to your home or business if you fall behind on your debt obligations and are…
1. You can amend to correct a previously filed tax return Form 1040, 1040A or 1040EZ. 2. Amend your return if you discover errors such as filing status, dependents, total income, deductions, or credits. 3. Use Form 1040X to amend your U.S. Individual Income Tax Return. 4. You can also use Form 1040X to correct…
NEARLY three months since the coronavirus upended daily life and forced strict measures to be enacted, Los Angeles County moved forward with the third phase of easing restrictions on Friday, June 12. Under the modified health order, gyms, fitness facilities, hotels, lodging, short-term rentals, museums, galleries, zoos, aquariums, day camps, RV parks, campgrounds, outdoor recreation…
HERE are 10 tips to avoid residency audits when you move to a tax-free state: • Get a driver’s license in your new state. • Register to vote in your new state. • Open a bank account in your new locality. • Change vehicle registrations. • Update address on bills. • Join social clubs in…
THE middle-aged client owned a retail business for some time. The business was located in a good location so the lease was for $10,000 a month. The company that he owned, which operated the business, signed a lease for 20 years worth $2 million. Three years ago, the client sold the business to a third…
