Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
M.F. worked for Pacific Pearl Hotel Management, LLC as a housekeeper at its five-building hotel property. One morning, the hotel’s engineering manager saw a drunk trespasser with a beer in…
THE business tax provisions of the Tax Cut and Jobs Act include: • The new Tax Cuts and Jobs Act cuts corporate taxes from eight graduated rates of 15 percent…
IF you are delinquent on your debts, you may be able to avoid dealing with the bill collectors for a few months but sooner or later, you will still need…
Audit Issues: If you claim deductions for medical expenses, charitable contributions, and employee business expenses in Schedule A of your Federal Form 1040 do not be surprised if you received…
THE client is a specialty food retailer who started operations in a commercial center two years ago. Five partners invested $50,000 each for a total of $250,000 for a food…
KETRYN Cornell has been diagnosed as severely obese since childhood with a body mass index of over 50. Her weight interferes with daily life functions, including bathing and walking. She…
1. MORTGAGE interest deduction has been lowered: Current homeowners can continue to deduct interest on loans of $1 million; however, new homeowners will be limited to interest on loans of…
ARE you one of many people who needs to file bankruptcy but you are afraid that it may be the worst mistake you can ever make in your life? Are…
2017 versus 2018 tax rates: individual income tax rates in 2017 in percentage are 10, 15, 25, 28, 33, 35, and 39.6. The 2018 rates in percentage are 10, 12,…
“ Apart from becoming a cultural phenomenon, the phrase ‘me-too’ is actually found in the law, as when plaintiffs invoke ‘me-too’ evidence in support of their claims for damages involving sexual harassment and discrimination.” THE MeToo ampaign started…
THE client is 74. Her husband passed away two years ago. Her only source of income is social security of $2,000 a month, which was her husband’s social security. Her…
1. THE standard deduction is doubled: Republicans want to simplify our tax code so more people can claim standard deductions instead of more complicated itemized deductions. This becomes a reality…
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…
AMOUNTS for tax returns in 2017 are compared with amounts in 2016. Exemption credits: a. $114 from $111 – Single, Married filing separately, Head of Household. b. $228 from $222…
THE client is 50 and operates a business. There is a state court judgment against him for $80K. Is this judgment dischargeable in bankruptcy? The answer is: If the judgment…
Q: I WAS severely injured in a recent car accident while returning to work on an errand. I had to undergo multiple surgeries. I missed several weeks of work and…
REPUBLICANS hail the Tax Cuts and Jobs Act as their biggest legislative achievement under President Trump. It’s the first major tax overhaul since the days of fellow Republican Ronald Reagan. The…
DO you need help with debt problems but are too embarrassed to even talk about them? Perhaps you’re under a lot of stress due to your finances but don’t even…
A CLIENT wants Chapter 7, but can he avoid the presumption of abuse? The client is 55, married with a son and daughter who have just entered college. His income…
2017 versus 2018 tax rates: individual income tax rates in 2017 in percentage are 10, 15, 25, 28, 33, 35, and 39.6. The 2018 temporary tax rates percentage are 10,…
THIS is our yearly wrap-up of some of the new laws that were created or that took effect in California in 2017 to continue to protect employees: California Prohibits On-Duty…
OUR recommendations of tax moves before year-end is a little different because of President Trump’s major tax overhaul and the time – or lack of it – to implement tax…
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 bankruptcy is their only…
THE clients are husband and wife and they are still young. When I say young, this means anyone who is 65 and younger up to 17. The World Health Organization…
IF you owe more than $50,000 in delinquent taxes, penalties, and interest to the IRS, you are considered seriously delinquent. This puts your passport in jeopardy. Take action now before…
ARE you sick and tired of being in debt and having bad credit? Do you want to start over but simply don’t know where to begin? Is filing bankruptcy an…
THE bills described in this Rental Property Owner and Mangers Guide are rental housing related bills that were signed into law in 2016 and become effective January 1, 2017 unless…
THE client is 50 and operates a business. There is a state court judgment against him for $80K. Is this judgment dischargeable in bankruptcy? The answer is: If the judgment…
Q: I AM a part-time hourly employee working in retail. I work between 20 to 30 hours a week. I recently got sick and had to be out for three…
1. CAN you get a passport if you owe taxes? Of course, you can. But if your taxes, penalties and interest total more than $50,000, you fall under a new…
