Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
Located in the foothills of the San Gabriel Valley and east of Pasadena, California sits Sierra Madre, which gives off a small town atmosphere reminiscent of somewhere in the middle of the country. The city’s main street is quaint and charming with local restaurants and shops and residents tend to know each other on a…
THE client is 50 years old and divorced. She owns her residence by herself. Ex-husband quitclaimed the house to her in the divorce and she agreed to buy him off payable when able. She has two children who live with her, so her homestead exemption is $100,000. The problem is that her equity in the…
“Any use use other than as your principal residence is nonqualified use. This includes vacation home, renting it out, vacancy and allowing someone’s living in it.” (Part 1) 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…
BEING in debt can be pretty depressing. I understand how you feel. When you’re drowning in debt, you may feel that your situation is hopeful and you have no motivation to even plan for your future. Your self-esteem may be shot. You may be experiencing anger, depression, guilt, or a combination of all three. You…
COL Financial kicks off its annual Investor Summit to teach Filipinos how to manage their portfolios better COL Financial recently held its first COL Investor Summit targeting customers actively managing their portfolios. The event brought together local and global investment professionals, who shared their insights on their respective fields of expertise. Riding out the volatile…
The client is 50 years old and divorced. She owns her residence by herself. Ex-husband quitclaimed the house to her in the divorce and she agreed to buy him off payable when able. She has two children who live with her, so her homestead exemption is $100,000. The problem is that her equity in the…
INGRID Avendano, Roxana Lopez, and Ana Medina are female Latina software engineers employed by Uber, a multi-billion dollar company that provides on-demand transportation and food delivery services globally. The engineers sued Uber, on behalf on themselves and all aggrieved employees in California, accusing Uber of violating California’s Equal Pay Act for failing to provide equal…
IF you lose an IRS audit, you have two choices: pay or appeal. Your decision depends on how you feel about the fairness of the auditor, amount of assessment, cost of defense, and extending or ending your misery with the IRS. • What is the role of Appeals? • Are Appeals Officers independent? • Do…
Secured creditor client seeks relief from buyer who filed Chapter 11 “ In any event, client does not have $100K. Client decides to have a fresh start in life with a Chapter 7 bankruptcy to wipe out the labor department award of $100K for back pay.” OH, the woes of owning and running a business come in all…
WHAT happens when your employer faces difficulties paying a significant claim for wages? Information regarding the identity of the various “employers” becomes important when employees have serious claims for unpaid wages or wrongful termination. Sometimes a smaller company may not have the financial resources to compensate employees who suffered damages. If more than one company…
IRS loves to audit Schedule C. This form is filed by taxpayers who conduct their businesses as sole proprietors (popularly referred to as “DBA” or doing business as) instead of corporations or LLCs. This includes professionals and independent contractors who receive 1099s as subcontractors (instead of W2s as employees). Sole proprietorships face a risk that’s…
IF you’re in debt and are considering bankruptcy as an option for you to get needed relief, perhaps just hearing the word “bankruptcy” makes you extremely nervous. Maybe the word conjures up images in your mind of losing everything you have and not having a financial future. Relax. It’s not what you think. Regardless of…
Sawtelle Boulevard in West Los Angeles is another haven for those with eager tastebuds and stomachs, as blocks are lined with sushi bars, ramen places, and Boba tea shops, as well as other selections from Korean to American cuisine. No matter the day of the week or time, many of the establishments often carry long…
A SOLAR electric residential property to be qualified for the credit must meet the following requirements: 1. Costs paid must be for qualified for solar electric property. 2. Qualified solar electric property costs: These costs must be for use of solar energy to generate electricity. You may rely on the manufacturer’s certification in writing that…
THE client is 65. He operates a service-oriented business with three outlets in strip malls. He has been in business for eight years. Of the three outlets, two are losing money, while the third has some profit that subsidizes the loss of the first two, and provides the client with some disposable income that is…
In 1995, José Arias, an undocumented immigrant, began work as a milker for Angelo Dairy. Two years later, Arias wanted to accept a job offer with another dairy company. The employer threatened Arias that if he left to work at the other dairy, the employer would report the other dairy to federal immigration authorities as…
HOW did I get selected for an audit? • Random selection and computer screening – how your return compares to norms. • Related party examinations - transactions with partners, investors, or audits of other entities. How will IRS notify me of audit? • IRS will notify you by mail. • They do not start any audit by…
When your financial circumstances are forcing you to declare bankruptcy, bankruptcy can be one way of dealing with debts that you can no longer manage on your own. Of course, the decision should not be taken lightly and it is best to consult with an experienced bankruptcy attorney to see if it is best for…
WHO said that, first is chance, twice is coincidence and third is habit? I have two new clients who are actually previous clients. The first is 55 and she filed jointly with her husband 12 years ago for Chapter 7 relief of credit card debt. To tell you the truth, I still remember mostly everything…
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…
TINDER is a smartphone-based dating app. Subscribers use the app to find people whom they would like to date. Tinder presents users with photos of potential dates. In March 2015, Tinder released a premium service called “Tinder Plus,” which allows users to access additional features of the app for a monthly fee. The monthly fee…
YOU’VE probably seen a lot of these ads: “Settle your debts for pennies on the dollar!”, “Reduce your debts legally without filing bankruptcy!” “Stop bill collectors now and pay them only what you can!” Are all these just exaggerated claims? Or are any of these ads true? How can you protect yourself from being scammed?…
APPROXIMATELY 78 million dogs and 85.8 million cats are owned in the United States (ASPCA Pet Statistics). About 52% of California households own a pet (American Veterinary Medical Association 2011 survey) and in San Francisco, “dogs outnumber children” (U.S. census figures from 2000 and 2005). Pets are a very important part of the American home. …
A FILIPINA domestic employee won her wage claims against her former employers after a court trial held in Los Angeles Superior Court. Linda Alzate (not her real name), an immigrant worker represented by Filipino-American employment lawyer, Joe Sayas, obtained a court judgment in the amount of $827,506, representing wages, legal interest, penalties, and attorneys’ fees….
THE Fair Debt Collection Practices Act (FDCPA) is a federal law that was enacted in 1978 by the United States Congress to protect consumers from abusive debt collectors. Note, however, that the FDCPA applies only to third-party collectors who collect debt for original creditors. It does not apply to the original creditor itself who uses…
DEBORAH Pierce, an emergency room doctor, brought a sex discrimination claim against the employer that had fired her. She had evidence that the employer had a pattern of denying women partnerships. However, because she signed an arbitration agreement, she was blocked from court and forced into private arbitration. The arbitrator was not a judge but…
1. THE new Tax Cuts and Jobs Act cuts corporate taxes from eight graduated rates of 15 percent to 35 percent to a flat rate of 21 percent. 2. The Act provides a 20 percent deduction for owners, partners and shareholders of pass-through entities such as S-corporations, LLCs and partnerships. However, the 20 percent deduction…
HAVE debt problems taken over your life? Do you lie awake at night thinking how in the world you’re going to pay back your debts while still being able to support yourself and your family? Do you ever feel like you are working for nothing because all your income just goes to paying creditors every…
For Susan Gross-Niedermeyer, a realtor in Phoenix, Arizona since 1989, there is no better place to be a resident, tourist, pilgrim, visitor, or investor than at Lombard By The Bay. “Lombard By The Bay is in Montemaria where natural beauty is beyond compare,” she answered when asked why she bought a penthouse unit with the…
Push for Entrepreneurship” will be celebrated during induction gala ON the eve of welcoming a new president and a new board for 2018-2019, a revolutionary upheaval of the cultural mindset will be officially launched by the Filipino-American Chamber of Commerce of Greater Los Angeles (FACC-GLA). The “Push for Entrepreneurship” movement is the brainchild of incoming…
