Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
“Remember that a debt settlement company cannot legally represent you if you are sued and thus, they cannot protect your legal rights. Also keep in mind that some creditors will flat out inform you that they refuse to work with a debt settlement company and if this happens, that means you leave them no other…
APEX confers 4-Star honors for PAL’s inflight service, seats & cabin products PHILIPPINE Airlines has won another international award, garnering a FOUR STAR Major Regional Airline 2019 rating certified by APEX – the New York-based Airline Passenger Experience Association, a world-renowned global, non-profit airline customer association. The new 4-Star honors, awarded in a special ceremony…
The Philippines placed 56th globally among 140 countries in the latest Global Competitiveness Report 2018-2019 of the World Economic Forum. It also showed the Philippines as the fifth most competitive economy among the nine economies of the Association of Southeast Asian Nations (ASEAN). WEF’s Global Competitiveness Index released by partner institute Makati Business Club (MBC)…
The government’s guidelines for popular tourist spot Boracay Island still have many Boracay businesses confused. Elena Brugger, president of the Philippine Chamber of Commerce and Industry – Boracay, said in a DZRH interview on Tuesday, October 16, that many establishments are still unaware of the progress of their permit applications. “Hinihingi ng business sector na…
YOU have not filed your income tax returns for the current year and previous years because: 1) you decided you are not required to file? 2) You are a victim of identity theft and therefore excused? 3) You know you will owe taxes and you will have to pay when you file, decided not to…
HOUSTON 16 October 2018 – The Philippines as a premiere investment destination was highlighted at the the 2018 Houston Global Trade Conference & Expo, where Philippine Consul General in Houston Jerril G. Santos gave a presentation during the Conference’s Asia Forum, showing the country’s readiness to receive investments. The Philippine Consulate General in Houston participated…
SECRETARY of Budget and Management (DBM) Benjamin Diokno on Wednesday, October 10, said the Philippines expects economic growth to recover to 7-8 percent target next year as it pushes ahead with massive infrastructure spending plans. According to him, the gross domestic product (GDP) growth would be back to targeted level next year, mainly bolstered by…
WHEN debts spiral out of control, bankruptcy can become an invaluable financial recovery tool in getting you back on the right track. While it’s not for everyone, close to a million people every year find it to be their only hope of getting a fresh financial start. Debt problems can be the result of unemployment,…
1. DEALING in Cryptocurrencies People are not reporting transactions with Bitcoin, Ethereum, or Litecoin. The general public may not be aware that they are reportable. They may also not know how to report the purchase, sales, or exchange of digital currencies. This is something new. Reporting gets technical, even for tax pros. 2. Claiming Stock…
(Holding others liable for payment of wages) CALIFORNIA’S Labor Commissioner’s Office has awarded over $45 million in unlawful deductions from wages and out-of-pocket expenses to more than 400 misclassified port drivers. However, most of the drivers have not been able to collect their money because the companies that committed the wage violations have filed bankruptcy…
“It looks to me that there’s more stuff going on here, although it’s my policy not to get involved in matters that are between husband and wife.” 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…
A new World Bank research released today provides policymakers a compelling evidence that delivering better outcomes in children’s health and learning can significantly boost the incomes of people — and of countries — with returns far into the future. Launched today at the World Bank-IMF Annual Meetings is the Human Capital Index. It measures the…
(Part 3) 1. Amusement, recreation, and entertainment are now non-deductible under the new act. Businesses may still claim 50% deduction on meals if 1) provided to potential customer or client 2) not extravagant 3) the employer or employee is present 4) purchased separately from entertainment events. You may rely on Notice 2018-76 until the Department…
Client is 58. He is not divorced but separated for 20 years. His income is good. He nets about $7K to $8K a month. He lives by himself and does not even own a car. He goes carpooling with a relative to go to work. His rent is $800 a month. So, he doesn’t really…
ARE you overwhelmed with too much debt and don’t know how you can get out? Do you spend at lot of time worrying about your finances and don’t know how you can make it through another month? Are creditors calling you and harassing you for payment? When people are going through financial difficulty and are…
FIRST, you get a notice called a “contact letter” by mail – postal mail. The IRS does not reach out to taxpayers via email or phone; if that happens, you are probably being scammed. IRS will ask you to bring specific documents via Information Document Request (IDR). Here’s a list of what to do: • Respond…
THE area of sexual harassment litigation involves complex rules that are continually evolving. Last month, California lawmakers signed some laws designed to close several loopholes in California’s sexual harassment laws. Some of the more important common-sense changes include the following: A single incident of harassing conduct is sufficient to create a triable issue regarding the…
CLIENT is 58. He is not divorced but separated for 20 years. His income is good. He nets about $7K to $8K a month. He lives by himself and does not even own a car. He goes carpooling with a relative to go to work. His rent is $800 a month. So, he doesn’t really…
Starting your own business is always going to have risks. Maybe you’re making a career shift and decided to pursue your passion. Or maybe you want to upgrade your current enterprise and expand its reach. Whatever the motivation is, starting and sustaining a business is a fulfill For the Asian American community, starting a business…
WASHINGTON, D.C. – After attending the High-Level Meeting on the Implementation of the United Nations Decade of Family Farming (2019-2028) in New York held at the margins of the 73rd Session of the United Nations General Assembly, Philippine Agriculture Secretary Emmanuel F. Piñol proceeded to Washington, D.C. to discuss with the U.S. Department of Agriculture (USDA)…
U.S. citizens are generally taxed on their worldwide income regardless of where the income is earned or received. A U.S. citizen who earns income in a foreign country may also be taxed on that income by a foreign host country thereby leading to double taxation. Below are the three tax provisions alleviating potential inequity: •…
Innovation in the 21st century could be summed up into one word: startup. The ubiquity of the Internet, social media and smartphones into our daily lives has established the new millenia as the digital age, where possibilities for invention technological engineering are endless and individual founders can start and scale up their business ventures. Though…
EARLY this month, state and local law enforcement arrested employers who were operating adult residential and child care facilities in the Bay Area. The employers were charged with human trafficking and other labor-related crimes, according to various news reports. The charges resulted from a year-long investigation conducted by government agencies into the Rainbow Bright care…
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…
NO one ever likes to talk about bankruptcy. However, it’s simply a fact of life. Things happen. Whether it’s losing your job, going through a divorce, having huge medical bills that you can’t pay – or sometimes simply making poor financial decisions- any of these can lead to bankruptcy. It’s a scary thing to a…
THE IRS will tell you what records to bring to an audit. The requested documents varies based on your situation. They will need support for income that you report and deductions that you claim. This may include income records for wages, dividends, stock trades, and bank statements. This may include records to support deductions for…
MAJORITY of Filipinos want the current administration to immediately address rising prices of basic goods and services. The figures from the September 2018 Ulat ng Bayan revealed that 63 percent of the 1,800 respondents said controlling the rising costs of commodities is their top concern. “This is the predominant opinion in all geographic areas (53…
Customer’s satisfaction has always been the company’s top priority MON Cargo Services, Inc. the pioneer in door-to-door delivery services to the Philippines in the Bay Area celebrates its 32nd year anniversary. As they celebrate their 32nd year, they always attribute their success from the patronage of their customers old and new for their extensive &…
HONOLULU 26 September 2018 – To ensure fast and efficient service to the public, the Philippine Consulate General in Honolulu will construct a new consular annex building and renovate its existing chancery. Consul General Joselito A. Jimeno led the inauguration of the construction and renovation project, which will be undertaken in the next one and…
Part 2 THE US tax system is on a pay-as-you-go basis. Taxpayers are required to pay most of the tax liabilities during the same year they earn the income. If you pay less than 90 percent of your taxable income for the current year, you will be assessed with estimated tax penalty plus interest for…
