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…
Category: Business
Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
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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….
Solar energy credit for residential 2
SEC 25C refers to the $500 home or residential energy efficient credit expired after 2016. Sec 25D refers to the solar electric and solar water heating systems residential energy efficient…
Frequently asked questions on FBAR bank accounts
Q. AM I required to report bank accounts in a foreign country? A. Yes, if you have more than $10,000 at any time outside the U.S. Q. Am I exempted…
Will a business bankruptcy affect its owners?
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…
Problems surrounding employees paid by commission
MICHELLE McGrath and Veronica O’Boy worked for Wyndham Resort Development Corporation and its affiliates as Salespersons in California. Wyndham employed them to sell its goods and services such as interests…
To people who are considering bankruptcy to get out of debt
ARE you seriously in debt and thinking of filing bankruptcy as a last resort? Individuals who have accumulated excessive debt are often left to ponder whether they should file bankruptcy…
Visa applicants may soon be required to submit social media details
“Applicants for diplomatic or official visas will be exempt from the proposed revised questions.” ON March 30, 2018, the Department of State published in the Federal Register its…
Schneider Electric Introduces Galaxy Easy UPS 3S, Making Business Continuity Easy For Small And Medium Businesses
Offers optimized footprint design, advanced product features, and competitive specifications Easy to install, use, and service quickly Addresses customer needs in a wide-range of industries and environments Elevates industry standards…
Company files Chapter 7 due to $1 million judgment
THE client is a corporation that has been in business since 2000. It had good times and bad over the last two decades but always managed to land on its…
OIC basics: Series 1
STARTING March 27, 2017, new applications for offer in compromise (OIC) plus the application fee will be returned by the IRS if all required income tax returns are not filed…