Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
PAY attention to your filing status because it determines your standard deduction, tax due, or refund. Here are 12 tips to help you choose your correct filing status: 1. There are five filing status options to choose from: single, married filing jointly, married filing separately, head of household and qualified widow/widower with dependent child. 2….
YOU already know that your home is in foreclosure. You’ve received that dreaded Notice of Default. You know that after 90 days, your home can be scheduled for a Trustee Sale. You don’t have a lot of time left. Your home with all its memories, hopes and dreams will be gone. What are you going…
I AM frequently asked the question: “Is it a good business opportunity to open a senior care home?” First, let us define what a Senior Care Home is and how is it different from an Assisted Living Facility or a Residential Care Home Facility for the Elderly (RCFE). A care home is a regular house…
MY grandfather is one of the greatest men I have ever known. After fighting in the Philippines during World War II, he talked his way past guards at a U.S. Navy recruiting center and was one of only two men from his town that were accepted into the United States Navy. When he completed his…
Client seeks chapter 7 relief for $78K credit card debt CLIENT has had an on going “battle” with Wells Fargo for justice on her mortgage since 2007. It’s been 9 years since she made the mistake of refinancing her fully paid house with World Savings Bank. Yes, client was already a senior 9 years ago when…
LYFT, the “ride-sharing business” and Uber competitor, has settled a class action lawsuit by its drivers for over $12 million. Lyft drivers had accused the company of misclassifying its drivers as independent contractors (ICs), when they should have been classified as employees. It is important for workers to be correctly classified as employees and not…
1. DON’T go to your appointment unprepared. 2. Don’t be late for your appointment with the auditor. 3. Don’t volunteer information. 4. Don’t be condescending of education, experience, age, or gender. 5. Don’t be arrogant, even if you clearly have an upper hand. 6. Don’t flaunt your being a CPA or lawyer to an agent…
HAVE you ever faced a situation in your life where you needed help so badly but you were just too embarrassed to ask for it? Perhaps you felt confused and overwhelmed with the problem that you spent sleepless nights trying to figure out what to do. As a bankruptcy attorney, over the years I have…
“FIGHTING multinationals was very tough. At first, everyone thought I was crazy. They told me, how would I survive this? True enough, it’s by the grace of God that I’m still here in the toothpaste industry after 20 years. God is good,” – Cecilio K. Pedro In our fast-paced, hectic world we all need a…
Client 1: Garment Factory CLIENT presents himself as a businessperson, who has been in the garment business since 2002. He has a factory with ten employees where he pays his sewers a little over the minimum wage. When business was good, his factory was humming along. Orders for his garments were pouring in. He never…
A SEPARATION package or a severance agreement is a contract between an employer and an employee who is about to leave the employer’s employment. In a typical severance agreement, the employer agrees to give the employee additional compensation (the severance pay) in exchange for the outgoing employee’s agreement not to sue the employer for any…
(Part 2 Of 2) J.P. Morgan Securities Philippines, Inc. JPMorgan Chase Bank, N.A. – Manila Branch Land Bank of the Philippines Legazpi Savings Bank, Inc. Longmeadow Corporation Macquarie Capital Securities Philippines Macquarie Infrsture Advisory Philippines Malayan Bank Savings and Mortgage Bank Mandarin Securities Corporation Manulife Chinabank Life Assurance Corporation Manulife Financial Plans, Inc. Maybank ATR…
THE cost of a college education has spiraled out of control for most families. In the last 10 years, student loan debt has sharply risen from $240 billion to $1 trillion dollars. Almost 60 percent of this debt is held by households with less than $8500 in net worth. This makes sense because if these…
THAT’S the title of my second book! After three years and three copy editors, my book is now available! To give you an idea on how this book was conceptualized, let me share with you two distinct reasons. First, the family business in Asia has grown considerably in the past decades. It has made an impact in China, India, the…
Secured creditor client seeks relief from buyer who filed for Chapter 11 OH, the woes of owning and running a business come in all shapes and sizes! Even when a business is profitable, something can go wrong that wipes it out. This is particularly true with small businesses when an unexpected lawsuit literally kills the business….
Q: I AM a live-in employee at a residential care facility. I work six days a week and have one day off. I sleep in a room inside the facility together with another employee. I don’t eat breakfast but eat my lunch and dinner in the facility’s kitchen. I am paid a flat rate of…
(Part 1 Of 2) 14-678 Property Holdings Inc JV 18-2 Property Holdings Inc JV 19-1 Realty Corporation JV 6-24 Property Holdings Inc JV 6-3 Property Holdings Inc JV AB Capital and Investment Corporation AB Capital Securities, Inc. ABC Financial Institution AFS Philippines, Inc. Al Amanah Islamic Inv Bank of the Phils. Altus Capital Corporation Armstrong…
IF you’ve made the decision to file bankruptcy in order to get a fresh financial start, here are some things to consider in choosing between Chapter 7 or Chapter 13. Be aware, however, that your income and expenses have a lot to do with which chapter you will be able to file because the courts…
FOR both children and adults with special needs, dental care can be challenging. In some cases, limited coordination can make brushing and flossing tricky. In other cases there may be less access to professional care. Some patients may experience high anxiety levels too. Medications that lead to dry mouth can also contribute to dental care challenges. But…
“OUR life is what our thoughts make it.” That’s a powerful quote by Marcus Aurelius. According to writer Alyssa Sparacino, New Year’s resolutions are a bit like babies: They’re fun to make but extremely difficult to maintain. But I want to resonate the eight powerful words above that might just change your life forever. And…
CLIENT is a specialty food retailer that started operations in a commercial center two years ago. Five partners invested $50K each for a total of $250K for a food business that sells a specialty product that everyone likes to eat. The problem with a business that’s based on a retail outlet in a commercial center…
Q. WHAT is the new minimum wage? A. Effective January 1, 2016, the minimum wage in California will be $10.00 per hour. Most employees in California are entitled to be paid at least the minimum wage. This new rate also affects overtime pay. Employees who are paid minimum wage and work overtime must be paid…
IF you have offshore bank accounts, should you report the accounts to the US 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 US? Yes, you should. There are reasons why our government wants to know: combat money laundering,…
IF you are experiencing debt problems, you may find it difficult to talk to other people about it to the point that you are not getting the help that you need to find a solution. I understand. Debt is a very personal matter so most people don’t feel comfortable discussing it with anyone. So they…
By: Prof. Enrique Soriano “With great enthusiasm, family businesses always look forward to a wish list of New Year’s resolutions and good intentions. But in a relatively short period of time, we naturally revert back to business as usual with our old habits by sweeping unresolved issues under the rug.” Succession is a process and…
“ If client no longer wants to continue doing business, the best option is Chapter 7. In Chapter 7, all claims against the company, including the judgment of $1.0M will be filed in the bankruptcy case.” CLIENT is part owner of an S corporation. Business started 15 years ago. It imports and distributes high value…
THE year 2015 has been an interesting time for employment law, with the legislature and the courts defining additional protections to employees. The following are some of the new laws that may interest our readers: Employers Must Now Provide Paid Sick Leave to Employees On or after July 1, 2015, most employees working in California…
CHAPTER 13 is the section of the US Bankruptcy Code that allows individuals in the United States to reorganize their finances. If you are having difficulty paying your debts (credit cards, medical bills, personal loans, taxes, late mortgage payments and property taxes- all kinds of debts) due to insufficient income, don’t despair. Chapter 13 may…
ARE you pregnant or thinking about becoming pregnant? Do you know someone who is pregnant? While you’re picking out tiny clothes and reading childcare books, remember the importance of your oral health! Pregnancy brings so many physical changes. You crave different things. Your hair feels different. In fact, just about everything feels different. And, your mouth is…
ON Friday, the 25th, the entire Christian world will celebrate the birth of Jesus Christ 2015 years ago. Christmas is the birthday of Jesus who is the manifestation of God’s love and mercy for mankind. He is consubstantial with the Father, God from God, begotten, not made and through Him all things were made, and…
