Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
HERE is a welcome new for seniors like me. Probably you too. We hate filling out tax forms with small words crammed into small boxes. Fear not, support is on the way with a new simpler 1040 SR. It displays bigger fonts for elderly eyes. Here are 10 things about this new simple form 1040…
Q: I am a working parent with a school-age child, who has been sent home due to fears of infection from the coronavirus. My work entails interacting with people throughout the day. I want to take precautions, practice social distancing, and self-quarantine if necessary. However, I am worried about my job. What are my rights…
“ My senior client cannot do Chapter 7 because he has a lot of non-exempt equity in his house. He can only do Chapter 13 to handle those credit cards.” WHAT do I mean by “very senior client?” The client is 90 years old. He qualifies as my second most senior client, after a 92-year-old…
Malacañang on Wednesday, March11, urged the public to refrain from panic-buying and the sharing of unverified information amid threats of the coronavirus disease (COVID-19) in the country. Presidential Spokesperson Salvador Panelo said “buy only what they need” after reports about hoarding necessities in groceries came out. “This would only result in undue hoarding and price…
(Yes, if employer has control over employees) OVER a decade ago, four truck drivers sued Wal-Mart claiming Wal-Mart violated California’s meal and rest break laws. As part of their job, truckers would travel a wide range of routes, to different locations, hauling different freight. Wal-Mart paid truckers through an “activity-based pay system,” which included pay…
LET me give you the background on this case. The husband is 81 but still looks active. He is slim and sprightly. The wife is 79 and looks nervous. Normally, spouses are on the same track and agree with what has to be done. But in this case, I’m not sure what is going on….
1. One big change this year is a reduction of Form1040 schedules from six in 2018 down to three in 2019. Some schedules will be merged while some will revert to the base 1040 form. 2. Decimal places for cents are deleted from each line. Cents are useless and create clutter. Most people round dollar…
RCEF to provide more funds to support farmers’ productivity and income Manila – During the press conference updating the public on the Rice Tariffication Law (RTL), Trade Secretary Ramon Lopez lauded the “game-changing” measure for bringing down retail prices of regular milled rice and well-milled rice to a seven-year low since the start of its…
The words “fashion” and “sustainability” were rarely ever used in the same sentence before. However, things began to change when people began talking about climate change and its chilling effects on the planet, and policies were made in order to make sure that the next generations to come would have a future. This was the…
AFTER nearly three decades vacant, Panorama Tower reopened on Thursday, February 24 in Panorama City, California at the corner of Van Nuys Boulevard and Titus Street. Originally designed by Welton Becket as a 13-story office building in 1962, the tower was damaged during the 1994 Northridge earthquake and had been unoccupied since. After being purchased by the Shomof Group…
FILING Bankruptcy is a serious decision for most people. Although almost a million people file Bankruptcy in every year, most don’t have a clue about how the process works until they actually consult with an attorney. Confusion often results from hearing conflicting personal opinions from people they know. Sad to say, well-meaning friends and family…
A 65-year-old husband has just handed in his application for retirement from his job. He makes a gross of $5,000 a month with overtime. Upon retirement, he will net about $3,700 as pension. That’s not bad at all. In fact, that’s a lot better than social security benefits. If it were social security, he would…
You fail to report investment income from interest and dividends: You must report interest and dividends from banks and brokers. If you fail to disclose such accounts to your spouse… err, the IRS, you could be courting an audit if the amounts are material. Remember that banks and brokers submit 1099-INT and 1099-DIV to the…
THE Asian American Professional Association’s (AAPA) Mentorship Program is approaching— don’t forget to apply this week! The APA entorship Program provides professionals with a one-year mentorship and leadership training program. Participants attend speaker sessions, workshops, and executive forums that teach critical management skills while working one-on-one with a mentor to reach specific career goals. The program is…
RIOT Games, Inc. is a multi-billion dollar video game developer, with headquarters in Los Angeles, operating in 24 offices around the world and employing about 2,500 workers, 80% of them male. Riot Games’ employees, Melanie McCracken and Jessica Negron, sued their employer in a class action, alleging that female employees in the company were denied…
Despite her family connections to ABS-CBN, Philippine Senator Grace Poe on Wednesday, February 26, said the network giant’s franchise hearing is fair and objective. Poe, who chairs the Senate Committee on Public Services which led the hearing, said the issue is within the committee’s jurisdiction as it handles “all matters affecting public services and utilities;…
IF you are in debt and are seriously considering bankruptcy as an option, I am sure a lot of thoughts are going through your mind. I just want to get out of debt and start a new life but how quickly can I recover from bankruptcy? What are the different types of bankruptcy available? How…
EVEN though the economy and stock markets are positive, the coronavirus problem has dampened business outlook worldwide. Given this environment, not all businesses here are able to survive. For instance, even if phase 1 of the trade deal with China has been signed, many businesses that cater to the Chinese trade business cannot continue operating…
AMANDA Frlekin and others worked for Apple Inc. as retail store employees in its retail stores in California. Apple requires them to undergo exit searches pursuant to its “Employee Package and Bag Searches” policy, which imposes mandatory searches of employees’ bags, packages, purses, backpacks, briefcases, and personal Apple technology devices. Failure to comply with this…
You deposited or withdrew over $10,000 in cash: Depositing or withdrawing over $10,000 in cash attracts attention. Banks are required to notify the IRS. Depositing or withdrawing $9,950 or $5,000 twice is even worse. This creates a pattern and suspicion that you are purposely evading tax rules. The former can lead to penalties; the latter…
The Philippine Senate will proceed with its first hearing on the franchise renewal of broadcasting network ABS-CBN this month, ahead of the House of Representatives, which has yet to discuss the matter. The first hearing on February 27 was confirmed by Senator Grace Poe, who chairs the Senate Committee on Public Services. She clarified that…
IF financial start. Bankruptcy is a powerful remedy because it stops most collection actions, including lawsuits, wage garnishments, bank levies and foreclosure. It also wipes out many types of debts. Most people who file bankruptcy have credit card debts, personal loans, medical bills, back mortgage payments, medical bills, to name a few. While most debts…
As protests continue against the Duterte administration’s move to revoke ABS-CBN’s franchise, Malacañang on Thursday, February 13 brushed it off as “much ado about nothing” since the media giant can apply for a new license to operate. Earlier this week, Solicitor General Jose Calida filed a quo warranto petition against ABS-CBN Corp., which many journalists…
You missed to report all W-2s, 1099-MISC, 1099-INT or 1099-INT: If you missed to report income from employment (W-2 with withholding) or independent contracting (Form 1099 without withholding), tough luck. You see, companies who pay you report W-2 and 1099s to the IRS. Your failure to report such income creates a mismatch with IRS computers….
LET’S assume that you have incurred too much debt. What do I mean by too much debt? By this, I mean that you are now a slave to creditors because your debt level is beyond what your income can handle comfortably such that there is every month you have no savings. Let’s discuss the pros…
And which of them should pay back wages? ELVIA Jimenez worked as a direct employee for Ameritemps, a temporary employee staffing service. Ameritemps placed Jimenez with U.S. Continental Marketing, Inc. (USCM), a manufacturing company that makes shoe care products. Jimenez was performing a supervisory role as a line lead in USCM’s production department, overseeing both…
Philippine House Speaker Alan Peter Cayetano vowed that there will be fair hearings into the bills seeking to renew the franchise of media giant ABS-CBN. According to him, the franchise renewal of ABS-CBN is among the issues that the House has been carefully studying from day one of the 18th Congress, even as some of…
THE fate of ABS-CBN’s franchise renewal lies upon Congress and the Supreme Court, Malacañang said on Tuesday, February 11. This comes a day after Solicitor General Jose Calida on Monday, February 10 filed a petition before the Supreme Court for the cancellation of ABS-CBN’s 25-year franchise, alleging that the TV network reportedly violated rules set…
Groups condemn anti-API ‘racism and hate’ AS the global medical community continues to try to mitigate the threat of the severe coronavirus, the World Health Organization (WHO) and leading social media giants are working to combat another epidemic of a different nature: the dissemination of misinformation. Since the news of the coronavirus — a novel…
JEREMIAH Matthews worked as a cook and a maintenance supervisor for Happy Valley Conference Center. Happy Valley is an affiliate of the Community of Christ Church and hosts seminars, retreats, and camps for church members in their property. Mathews was supervised by the executive director, Melinda Gunnerud. Gunnerud frequently flirted with younger male employees. Gunnerud…
