Do undocumented immigrants really hurt our social security system?
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…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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Will a business bankruptcy affect its owners?
“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…
Should “commute time” in company vehicle be paid?
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…
When debt problems cause stress in your marriage
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…
OXFORD BUSINESS GROUP’S 2018 PHILIPPINE REPORT MAPS OUT PLANS TO EXPAND CAPITAL MARKET
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…
What you need to know about pretax plans
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…
Affected transactions and sanctions under the Bank Secrecy Act (BSA)
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…
Clients seek to discharge $100K and $30K in credit card debt
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…
What is unlawful discrimination and how to protect against it
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…
Bankruptcy: Should you file now or later?
“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…
Philippines and US want to move forward with a bilateral trade deal
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…
Supreme Court says employers can now force arbitration
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…
Delinquent tax debt could mean revocation of your passport
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….
Orange County Asian Business Organization promotes “Small Business Development Day”
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…
Foreign Bank Account Reporting (FBAR) penalties for noncompliant US citizens residing abroad
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…
What to do if you were fired
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…
Finding hope when facing bankruptcy
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…
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…
The “secret” fear that people have when in debt
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…
Should you file FBAR for foreign bank accounts?
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…
Commissioned employees must still be provided rest breaks
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…
Chapter 7, Chapter 13 or debt settlement? Client with $40K in credit card debt examines the differences
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…
Globe myBusiness Academy now online to reach more entrepreneurs nationwide
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…
DTI-CITEM eyes P7.7B sales in IFEX Philippines 2018
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…
FATCA reminder for US persons
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…
IFEX Philippines 2018 open to food exporters
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…
To people who need to file bankruptcy but are afraid of making a mistake
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…
The ABCs of Foreign Bank and Financial Accounts (FBAR)
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…
Misclassified independent contractors or 1099 workers may be entitled to back pay
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…
Do I need a will?
FOR most of us, busy driving the kids (or grand-kids) to school, going to work, and trying to pay the bills, the last thing on our minds is our mortality….