Resident, nonresident alien status tax wise – Part 4
(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…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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First annual Travel, Trade and Consumer roadshow a resounding success
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…
Are men entitled to the same leave for a new baby? (Equal Rights in Parental Leave Benefits)
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…
A tale of two seniors in financial distress
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…
Are you taking too many itemized deductions?
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…
Can creditors still sue you for old debts?
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…
You have not filed your income tax returns for years?
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…
Lulu Group International to put up export operation in PH
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….
How does the IRS select tax returns to be audited?
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)…
Client files adversary against debtor for $370K
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…
Does 5 minutes of unpaid work really matter?
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…
Important questions you need to ask when in debt
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…
Fil-Am businesses on display at Travel, Trade & Consumer Roadshow in Carson, CA
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…
Exclusion of gain from sale of home
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…
Is bankruptcy right for you?
“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…
Are employees with work visas protected from wage theft?
“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…
How does IRS score your tax returns for audit?
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…
If you have debt problems, where did they come from?
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…
From business journalist to social entrepreneur
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…
Philippine trade agency hosts seminar on job creation and entrepreneurship in LA
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,…
SM Cares forum tackles disaster preparedness for youth with disabilities
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…
Resident, nonresident alien status tax wise – Part 2
(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…
Client seeks Chapter 13 relief for massive default on mortgage
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…
PLDT, Smart cited as PH’s fastest in Ookla Speedtest Awards
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…
Clark Freeport and Special Economic Zone, the New Business and Investment Hotspot in the Philippines
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…
Valuable insights on international trade opportunities
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…
Fiesta In America: unique booster of US and RP brands
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…
Protecting employees from retaliation when they report misconduct
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…
How does the IRS look into your hobby losses?
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…
Bankruptcy: How you can turn failure to success
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…