Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
Philippine Stock Exchange signs first MoU with Oxford Business Group Manila, May 29, 2018: The new 2018 report from global research and consultancy firm Oxford Business Group (OBG) maps out the positive impact on the country’s capital market of the decision of Fitch Ratings, Inc. to award the Philippines investment status. The Report: The Philippines 2018 by OBG will track the new…
NO, they don’t; in fact, undocumented workers help shore up our Social Security system. You see, they pay millions, no, make that billions with a “b” to a system that they may not collect from. They pour an estimated $13 billion into the system but collect only $1 billion per year. Why? Some use fake…
“In the client’s case, the problem is that her husband is ill and can no longer run the business.” THE client and her husband are the only stockholders of an S corporation that has been doing well for the last 15 years. In fact, it’s still doing well and had a great year last year….
JOSELUIS Alcantar works for Hobart Service as a service technician travelling to Hobart’s customers to perform after-sale maintenance and repair services on equipment sold by Hobart’s parent company. Service technicians regularly drive to and from customer locations in company vehicles, carrying the tools and repair parts. Each technician is assigned to one of Hobart’s thirteen…
ACCORDING to statistics, debt problems are one of the leading causes of divorce in this country. When couples have more debt than they can handle, stress and tension easily build up like a pressure cooker. All too often, husbands and wives blame each other for their current situation and hurtful words are exchanged in the…
Philippine Stock Exchange signs first MoU with Oxford Business Group Manila, May 29, 2018:Thenew 2018 report from global research and consultancy firmOxford Business Group(OBG) maps out the positive impact on the country’s capital market of the decision of Fitch Ratings, Inc. to award the Philippines investment status. The Report: The Philippines 2018 by OBG will track the…
THE only means an employer can offer employees between taxable and nontaxable benefits is through section 125 plan. What are a section 125 plan, a cafeteria plan, and the IRS requirements for this plan? 1. Cafeteria Plan: Cafeteria plan is a written plan maintained by employer for employees that meets the requirements and regulations of…
AFFECTED Transactions A. Currency Transaction Report (CTR): You must report cash transactions in excess of $10,000 during the same business day. The amount over $10,000 can be either in one transaction or a combination of cash transactions. It is filed with the Internal Revenue Service. B. Monetary Instrument Log (MIL): You must indicate cash purchases…
Both qualify for different chapters of the bankruptcy code MOST debtors prefer to have a Chapter 7 wipe-out of debt. This is called a fresh start without debt. Most debtors who qualify for Chapter 7 debt relief get to keep everything they own but are able to get rid of all of their debt, thus,…
ON May 29, 2018, about 175,000 Starbucks workers at about 8,000 locations will undergo a training on race discrimination. The training session will focus on understanding both racial bias and the history of racial discrimination in public spaces in the United States. Starbucks announced the training session after two black men were arrested for allegedly…
“If you’ve come to the end of your financial rope and don’t know what else to do, it is time to face your debt problems with dignity and do what your situation calls for.” THE last several years have been financially difficult for a lot of people. When the real estate marked crashed a few…
The United States and the Philippines want to move forward with a bilateral free trade deal, said the Philippines Department of Trade and Industry (DTI). The consensus followed a visit to the Philippines on Wednesday, May 23 by Deputy United States Trade Representative (USTR) Jeffrey Gerrish and his delegation to further trade and investment ties…
A 5-4 U.S. Supreme Court decision reached Monday, May 21 made it so that businesses can now forbid their workers from banding together in class action lawsuits, and instead require individual arbitration. This comes despite roughly 25 million American workers not having union protections. Justice Neil Gorsuch, in writing for the conservative majority, said…
IN February 2018, the IRS will start certification of individuals with delinquent tax debt to the State Department. How will the IRS certification impacts you? • Upon receipt of certification. The State Department will either deny application or revoke current passport or both. • You are overseas. Limited validity passport for direct return to the…
IRVINE, CA — The Asian Business Association of Orange County (ABAOC), held its annual Small Business Development Day (SBDD) on Thursday, May 10 at the Delta Hotels By Marriott in Garden Grove, CA. The event was sponsored by US Bank, and more than 125 attendees participated in this half-day event. Roger Cheng, ABAOC board member…
IF you are a US citizen (or dual citizen) residing outside the U.S. but do not report your foreign accounts, you may be subject to harsh penalties—penalties that are more severe than you expect, penalties that can even exceed balances in your accounts. It is therefore critical that you learn the new rules for FBAR…
TERMINATIONS can be difficult situations, particularly where employees see the firing as unfair. The following are some helpful guidelines in navigating this difficult time: First: Make sure that the employment relationship has ended and there is no misunderstanding about this. Employment may end by resignation, lay-off, or discharge. “Discharge” includes involuntary termination (being fired). Second:…
IT can happen to anybody. At one time or another in life, we may be faced with financial and debt issues that seem impossible to overcome. A lot of people end up filing bankruptcy when they get to the point of feeling hopeless about their financial problems. Despite what others may think, there is no…
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…
I KNOW we’ve never met but if you are facing debt problems, I know there’s a common concern that people share when they are in your situation. As a debt relief attorney, I hear it from people who consult with me every day. t is this: The possibility of losing what they have worked hard…
IF you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing FinCEN Form 114, Report of…
WE recently discussed the problems surrounding employees who are paid only by commission. One of the problems we pointed out was that commissioned employees are often shortchanged when it comes to their rights to rest breaks. Under California law, an employer shall not require an employee to work during a rest period. If an employer…
THE client is 42 and is going through a divorce. It was a short two-year marriage. He has moved out of the marital home and now lives by himself. He has a toddler who is with his wife, so he expects to pay child support. There is not alimony because the marriage has not lasted…
May 9, 2017 – Globe myBusiness, the micro, small and medium enterprise arm of Globe Telecom launches today its online learning site designed to provide entrepreneurs with easy access to lessons and insights from industry experts anytime and anywhere they may be. Called Globe myBusiness Academy Online, the website was created to reach more entrepreneurs…
One hundred fifty million dollars or more than 7.78 billion pesos worth of export and domestic sales are expected to be generated by around 450 anticipated local and international food exhibitors in the upcoming 12th edition of IFEX Philippines on May 25 to 27, 2018 at the World Trade Center Metro Manila (WTCMM) and the Philippine…
THE Foreign Account Tax Compliance Act (FATCA) requires foreign financial Institutions and other non-financial foreign entities to report on the foreign assets held by their U.S. account holders or be subject to withholding on certain payments. 1. Form 8938 Statement of Specified Foreign Financial Assets: U.S. taxpayers holding financial assets outside the United States must…
The 12th edition of the International Food Exhibition (IFEX) Philippines is set on May 25-27 at the World Trade Center Metro Manila, Pasay City. Food exporters or those with the intent to break into the export market are highly encouraged to secure a booth in this event. Interested exhibitors may contact Ms. Zharita Bagayas, IFEX Philippines lead coordinator…
A LOT of people who are in over their heads in debt think of filing bankruptcy as their last resort. But they are afraid that they might be making the wrong decision. After all, filing bankruptcy is not something that you do every day. Well, to address that concern, I’d like to first acknowledge the…
IF you have offshore bank accounts, should you report the accounts to the U.S. government? Yes, if the aggregate balances exceed $10,000 at any time during the year. What if you had the accounts before you left for the U.S.? Yes, you should. There are reasons why our government wants to know: combat money laundering,…
WORKERS generally lose when they are classified as independent contractors (ICs) instead of as employees. Companies misclassify real employees as ICs in order to save money. This is good for the employer but not for the employee. Just a few days ago, the California Supreme Court issued a ruling that favors the classification of workers…
