Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
YOU may exclude from gross income gain from sale of principal residence under Internal Revenue Code Section 121. 1. You may be able to exclude gain of $250,000 or $500,000 if you are married filing a joint return. 2. To be eligible for the bigger $500,000 exclusion for joint filers, must meet the three requirement:…
“Are you facing foreclosure and want to save your home? Chapter 13 will stop the foreclosure on its tracks and allow you five years to pay off the default while protecting your house from foreclosure. If you owe credit cards and other unsecured debts like medical bills, Chapter 13 may even allow you to have…
“AVisa workers come to work in the U.S. hoping to better their lives and their families’. They work hard, and are less likely to complain about substandard working conditions. There are employers who exploit this situation for profit.” Q: I AM a Filipino worker petitioned by my U.S. employer to work as part of its…
E-Filed Returns: • Electronic data are transmitted to a centralized Submission Processing Center. • Tax preparation software assigns a unique 14-digit Declaration Control Number to each return. • A unique Filing Location Code shown as the first two digits distinguishes returns as e-filed. • An Electronic Management System provides format data verification, data translation, and…
I WAS counseling someone the other day in my office. He looked shocked and confused as we sorted through all the credit card statements on my desk and added up how much he owed. $65,000! That’s how much the statements said he owed! How could this be? He said he remembered paying a lot of…
MAD Travel co-founder Tom Graham shares journey towards social tourism platform Whether it’s family, friends, pristine beaches, food, shopping, or business — people find themselves in the Philippines for a number of reasons. For former business journalist Thomas Graham, his journey to the Philippines came by way of an assignment — to report on business and investment…
LOS ANGELES — In an effort to uplift the jobs market in the Philippines, the Philippine Trade and Investment Center and the Philippine Consulate General of LA hosted a “Trabaho, Negosyo, Kabuhayan” seminar on Thursday, July 26 at the Consulate office in Koreatown. Conceived from the AmBisyon Natin 2040 and 2030 Agenda for Sustainable Development…
More than a hundred participants in wheelchairs, crutches and accompanied by caregivers, attended the first Emergency Preparedness Forum at the SMX Convention Center. Hosted by SM Cares, the Corporate Social Responsibility arm of SM Prime Holdings, the forum enlightened the audience on the possibility of a potential earthquake in Metro Manila, as well as other…
(Part 2) 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 alien and nonresident alien are taxed, 2) when is income considered U.S. sourced, 3) withholding requirement and employee issues. Taxation and…
THE client is 55 and single. He appears to have no problems to worry about. He is self-employed and makes about $5,000 monthly teaching people a special skill. He has no dependents. He owns a house that has no equity. The house is worth $400,000 but he owes $420,000 for it. He has not paid the…
PLDT group wins twin country awards for top mobile and fixed network PLDT and its wireless subsidiary Smart Communications, Inc. (Smart) have been cited for being the country’s fastest fixed and mobile networks for Q1-Q2 2018, respectively, by Ookla®, the global leader in internet testing and analysis. Ookla said Smart achieved a Speed ScoreTM of 14.98, with…
Investment opportunities in the Philippines’ “alternative city” mapped out Manila, July 2018 – Plans to position the Clark Freeport and Special Economic Zone as a regional business and investment hub were mapped out in interviews conducted by Oxford Business Group’s online broadcasting channel, Global Platform, with Udenna Group of Companies President and CEO Dennis Uy…
ONE of the purposes of the upcoming “Multi-City Travel,Trade & Consumer Roadshow” on Saturday, August 4 and Sunday, August 5, at the Southbay Pavilion in Carson, CA — spearheaded by the Asian Journal — is to educate the general public not only about the many amazing products that the Philippines has to offer, but also…
Numbers don’t lie. Data, in fact, tell startling truths about a population niche in the United States whose profile may be low, but whose income leads most populations: Filipinos. A median household income of $81,929 puts Filipinos near the top among all American consumers (only South Asians, Jewish Americans, and Taiwanese Americans are ahead, the…
Q: AS a newly hired employee, I have seen discriminatory practices against women and older persons in the company. I reported these to upper management and I was told something would be done. After following up on my report, I was told I was fired for “not being a team player.” What are my rights?…
THE classic “hobby loss” situation involves a professional or businessperson who starts Zumba classes, dog-breeding business or a farm. If the IRS determines that the Zumba, dog-breeding, or farm project is more for enjoyment rather than making money, it could be classified as a hobby. Losses from hobbies are not deductible. A sole proprietor who…
BANKRUPTCY sure sounds like a scary word. And most people see it as an admission of financial failure. By declaring bankruptcy, they figure they are hitting rock bottom. But is that really true? If you take a look around at all the people who have experienced bankruptcy, you will discover something rather remarkable: Bankruptcy is…
Asian Americans now have the highest income inequality among all racial and ethnic groups, new Pew report shows Income inequality has been steadily rising for the last 50 years for all Americans and, as a result, has become a key political issue, igniting the call minimum wage increase and holding those responsible for the 2008…
WE may always think that as Filipinos, our culture dictates that we are expected to take care of our parents when they are no longer able to take care of themselves. However, here in the United States, Americans face the same situation. There is no denying that American society is aging, with the Baby Boomer…
There is never the perfect time to think about who you would like to inherit from your estate in case you pass away or at least who among your closest friends (BFFs) and family members are even deserving of inheriting from your estate. In doing so, you should also think about which vehicle you plan…
TECHNOLOGY has dramatically changed the way that people work and earn a living in the 21st century. Instead of the traditional employer-employee model, companies who need services obtain them from the general public, leading to the formation of what is called the “on-demand economy” or “gig economy.” This has allowed the rise of alternative work…
THE client is 57 and is recently divorced with two children, one in high school the other in college. She makes $40,000 yearly in middle management for a large corporation. She has $50,000 in credit card debt accumulated while she was still married. The ex-husband had good income. So, when she was still married, her…
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…
YES, it does. Losses from hobbies attract IRS audits. It’s cool to run a business that you enjoy, such as photography, dance studio, martial arts, dog-breeding, farming, and other leisurely activities. If you convert that stress-reducing pastime into a regular business, try to make some money; otherwise, you may attract an IRS audit, especially if…
In New York City, it is a luxury to have your own washer and dryer in your unit, or even in your building. Some would stuff their dirty laundry into a luggage and go to a laundromat or use a store front cleaner nearby. Rechelle Balanzat struggled with her laundry needs and got frustrated by…
MANILA, July 13, 2018 – The World Bank maintains its 6.7 percent growth forecast for 2018 and 2019 despite rising global uncertainty. Considering recent economic data, the composition of expected growth was revised as compared to the April edition of the World Bank Philippines Economic Update. Given recent fiscal trends, government consumption growth was revised…
Veteran marketing comms exec Onat Roldan appointed President and CEO AdSpark Inc, Globe Telecom’s digital advertising subsidiary, has appointed seasoned marketing communications executive Onat Roldan as the company’s new President and Chief Executive Officer effective August 6, 2018. Onat, as he is fondly called in the digital media world, brings with him 25 years of…
A Senior Care Home is also known as board and care, residential care facility for the elderly (RCFE) and assisted living facility. It is a place where non-medical care is provided to residents 60 years old and over, assisting them with their activities of daily living (ADL). As a consultant, the most frequent question asked…
(Part 2) IN the previous issue we defined: 1) who are resident aliens, nonresident aliens or both, 2) who are exempt individuals, and 3) closer connection exception. Do not forget to remember that U.S. tax laws controlling principles are whether you are a resident alien or nonresident alien. On the other hand, immigration laws refer…
Q: TWO weeks ago I was fired from work. My employer told me my last paycheck will be mailed to me by next payday. I have not received it yet. When I called the company to ask where my check is, I was told it was on the way. I waited again but still no…
