Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
IF you are delinquent on your debts, you may be able to avoid dealing with the bill collectors for a few months but sooner or later, you will still need to face the reality of your debt problems and do something to protect yourself. For example, creditors will probably wait until you are 60 days…
NO, merely renting out your house, condo, or apartment does not attract IRS audits. But yes, there are rental items that attract IRS scrutiny: • Deducting expenses that are disproportionately high compared to rent collected. • Deducting capital items that should be capitalized and depreciated. • Claiming to be real estate professional. Let’s discuss these…
FOR those who are eyeing to buy a Maserati or Alfa Romeo in Southern California, look no further than Maserati Alfa Romeo of Puente Hills. Maserati Alfa Romeo of Puente Hills now occupies a brand new facility in the City of Industry, which was formally opened to the public in a grand opening ceremony last…
1. BLENDED Federal Income Tax Rate: For Corporations tax elected to use a fiscal year will pay a blended tax rate and not the 21% flat rate. The new rate 21% is effective after December 31, 2017. You may want to consider amending your corporate tax return fiscal year ending January 31, 2018 to reflect…
More than 200 buyers and over 220 sellers are set to participate in this year’s Philippine Travel Exchange (PHITEX) – organized by the Tourism Promotions Board (TPB), the marketing arm of the Department of Tourism (DOT) – to be held at the Marriot Grand Ballroom on 28 – 30 August 2018. PHITEX is the country’s…
BEING audited by the IRS is dreaded by most taxpayers. My clients constantly asked which method increase their chances of getting audited. Let’s compare two methods of filing your tax returns: • Old method of manually preparing and mailing your tax returns via post office. • Newer method of electronic software and efiling tax returns…
THE clients are seniors who just stopped working two months ago. The husband is 75 and the wife is 71. They own a house with $140,000 in equity. Their unmarried son lives with them for free. For free, meaning that he doesn’t pay them any rent to live there. This is understandable because parents who…
THE California Fair Pay Act (a.k.a. the Equal Pay Act), enacted in October 2015, prohibits employers from paying employees less than those of the opposite sex for “substantially similar work,” even if their titles are different or they work at different sites. This means the lower paid employee does not have to prove that the…
I KNOW we’ve never met. But there’s a common fear that everyone shares when they’re in debt. As a bankruptcy attorney, I hear it from people who consult with me every day. It is this: The possibility of losing what they’ve worked hard for all their lives…their homes, their savings, their retirement money, their business,…
Hundreds of foreclosures resulted from Wells Fargo glitch Democratic lawmakers in Sacramento are hoping to overturn a court ruling that would order California to use $331 million in helping homeowners hit with foreclosures. The sum came out of a 2012 nationwide financial protection settlement involving banks accused of improper foreclosure practices. California received over $400 million…
• PERSONAL exemptions: the personal exemptions for you, your spouse, and dependents are suspended. This line item may not even show on your 2018 Form 1040. • Credits for child and dependent • Child tax credit increased to $2,000 for each qualifying child and $1,400 for additional tax credit and is subject to phase out…
Q: I WORK as a nurse at a hospital that has a strict policy of no unapproved overtime, and no going on breaks unless we are relieved by another nurse. We are forced to skip our breaks if there is no reliever (which happens a lot because we are often understaffed). As for overtime, we…
YES, definitely. Mistakes can get you audited by the IRS. Let’s discuss common mistakes that can get you into trouble. 1. Filing On Paper Paper-filed error rate is 21% compared to only 1% for e-filed tax returns. 2. Procrastination: Some people have a habit of waiting and waiting until April 15 to file…an extension. Rushing…
ARE you struggling every month to pay your debts, especially your credit card bills? Are you always worried about not having enough left over for your mortgage, rent, food and other basic living expenses after you make your monthly debt payments? Do you want your credit card payments to be more affordable and manageable? One…
I REPRESENTED a foreign company with a $250,000-claim for a 40-foot container of manufactured goods that it delivered to the debtor, a California company, on December 30, 2014. The debtor had been in Chapter 11 for a year before the trustee was able to convert the case to Chapter 7 on April 4, 2015. The…
THE San Manuel Band of Mission Indians officially began its major expansion project, marked by Yaamava’, a celebratory event and groundbreaking ceremony, that was observed by dozens of community leaders, members, and guests. With the expansion comes San Manuel Casino’s first onsite hotel, a world-class entertainment venue, and an array of state-of-the-art amenities, including new…
Fil-Am sugar artist Albert Daniel partners with Fountain Valley Regional Hospital and Medical Center to gift cake pops as parting gifts to maternity ward patients GIVING birth is life’s greatest phenomenon, and not just for the parents welcoming a new, little bundle of joy into their family. For many hospital maternity ward staff, the great…
(Part 4) IN part 1: we defined 1) who are resident aliens, nonresident aliens or both, 2) who are exempt individuals, and 3) closer connection exception. In part 2: we defined 1) how resident aliens and nonresident aliens are taxed, 2) when is income considered U.S. sourced, 3) withholding requirement and employee issues. In part…
THE bustling SouthBay Pavilion Mall in Carson became the apex of the Filipino-American community last August 4 and 5 during the Travel, Trade and Consumer Roadshow (TTC). The event is the premiere foray of the Asian Journal into a more active effort to drive Filipino businesses into the forefront of U.S. enterprise. Project heads Cora…
Equal rights in parental leave benefits Q: I HAVE been working 4 years for a large company in Los Angeles. My wife just gave birth to our first child. When I asked my boss about parental leave, I was told that I could take off for 2 weeks and no more. I thought I was…
THE first senior is 73. He has been separated from his wife for 30 years but not divorced. So, for all intents and purposes, he is single because even if his wife makes a ton of money, her income is irrelevant under the means test since the client does not benefit from that income. Even…
THE Internal Revenue Service currently audits less than 1% of tax returns annually, so your probability of attracting IRS audit is incredibly low. Taking deductions that are higher than average deductions nationwide increases your probability of getting audited. • Taking unrealistic itemized deductions raises red flags. • The IRS has a sense of what’s a fair…
Do you have old debts in the past that you haven’t paid and are wondering if the creditors can still come back now and collect from you after so many years? This is a common question that I am often asked. I actually see a lot of people in this situation. At some time in…
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…
Hypermarket operator LuLu Group International is planning to invest $1 million in the Philippines for its export venture of products such as fruits and vegetables, textiles, garments, furniture, and electronics. In a courtesy call on President Rodrigo Roa Duterte in Malacañang on Tuesday, Lulu Group International Chairman and Managing Director Yusuff Ali Musaliam Veettil Abdul Kader…
IRS scores tax returns for audit. The higher the score, the more likelihood that you’ll be chosen for audit. 1. Scoring system: The IRS uses a Discriminant Function System (DIF) to determine returns that are most likely to generate additional revenue for the government. Scoring is secret and is known only to top brass at…
THE client is a foreign company that has been doing business with a California company since 2012. The client is one of the world’s largest manufacturers of a certain kind of equipment, which the CA company sells and distributes in the United States. Business was good reaching low million dollar figures until the CA company…
DOUGLASs Troester worked as a shift supervisor of coffee giant, Starbucks Corporation. As shift supervisor, he performed store closing tasks where he transmitted daily sales, profit and loss, and store inventory data to Starbucks’s corporate headquarters. He then activated the alarm, exited the store, and locked the front door. However, before performing these tasks, he…
WHEN people are going through financial difficulty and are unable to pay their bills, their first reaction is often to ignore their debts and avoid contact with creditors. They think that by doing this, somehow the creditors will simply give up and go away. Then one day they get a summons delivered to their home…
Free event on Aug. 4 & 5 features exhibitors, seminars, entertainment & food AN exciting summer weekend of Pinoy pride is coming up on August 4 and 5 at the South Bay Pavilion in Carson, California! The Travel, Trade and Consumer Roadshow (TTC) is the brainchild of the Asian Journal’s CEO Roger Oriel, in an effort…
