CRIMINAL AND TAX
PENALTIES ON
REPORTING OF FOREIGN
BANK AND FINANCIAL
ACCOUNTS (FBAR facts)
Reminders on what you
should DO and NOT DO
when filing Bankruptcy
See whole article on page 6
for more details.
Read full article on page 6.
What are the
inadmissibility grounds
covered by a waiver?
See whole article on page 3 for
more details.
ENTERTAINMENT
Why Bela Padilla left GMA-7page 13
o one is above the law,”
Senate President Franklin
Drilon said on Tuesday, referring
to Vice President Jejomar Binay
who is facing possible corruption
charges for the alleged overprice
in the construction of a Makati
parking building.
“Whether you are rich or poor,
powerful or an ordinary person,
if you are liable under the law,
you have to face it,” Drilon said
in a radio interview, adding that
he disagreed with the position
of lawyer and University of the
Philippines law professor Harry
Roque who had said Binay was
immune from suit because the
Vice President was an impeachable official.
“Whether you are rich or poor,
powerful or an ordinary person,
if you are liable under the law,
you have to face it,” Drilon said
in a radio interview, adding that
he disagreed with the position
of lawyer and University of the
Philippines law professor Harry
N
“No one is above the law,” Senate President Franklin Drilon said
on Tuesday, referring to Vice President Jejomar Binay who is facing possible corruption charges for the alleged overprice in the
construction of a Makati parking building.
Pacquiao loses House panel
chair bid, heads to
Olympics comm. instead
T
alk about being
outfought twice.
Fresh from losing
to American boxer
Floyd Mayweather
Jr. in the muchawaited “Fight of the
Century” last May 2
(US time), Filipino
boxing icon and Sarangani Rep. Manny
Pacquiao lost anoth-
FREE
‘VP not immune
from suits, probes’
VIEW US ONLINE: WWW.FILAMPOST.COM
VOL. 3 ISSUE 30
er battle for a chairmanship on the committee on migrant
workers in the House
of Representatives.
The House decided
to give the post to
AGAP party-list representative Nicanor
Briones.
(Cont. on Page 6 )
MAY 21, 2015 - MAY 28, 2015
Roque who had said Binay was
immune from suit because the
Vice President was an impeachable official.
The Senate President said such
a position was difficult to accept
as the country was a democracy
where everyone was equal under
the law.
Neither is Binay immune from
investigations, according to Sen.
Francis Escudero, including that
of the Anti-Money Laundering
Council (AMLC), which recently filed a petition to freeze the
Vice President’s assets.
Escudero, himself a lawyer,
disputed Roque’s contention
that the AMLC petition to freeze
Binay’s assets violated the Vice
President’s immunity from suit,
and that it was only a matter of
time before the Supreme Court
declared the freeze “unconstitutional.”
The senator said the AMLC’s
petition
and
(Cont. on Page 2 )
the Court
De Lima accused of receiving P5 million monthly
from Mangudadatu
A
woman who previously
revealed that ranking
officials of the Department
of Justice (DOJ) of receiving bribe money from the
Ampatuans has accused
Justice Secretary Leila de
Lima of receiving P5 mil-
lion every month from Maguindanao Governor Esmael “Toto” Mangudadatu.
The accusation is contained
in the four-page affidavit of
Jerramy T. Joson where she
also accuses Mangudadatu
and 10 others of serious il-
legal detention.
Last year, Joson revealed
she has in her possession a
notebook containing names
of Justice Undersecretary
Francisco Baraan, and several prosecutors handling
the Maguindanao massacre
case as recipients of bribe
money from the Ampatuans.
This year, she recanted her
statement and said she was
only forced by Mangudadatu and his
lawyer
(Cont. on Page 6 )
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FREE
FIL-AM POST app
at iTunes and
Google Play Store.
PAGE 2
May 21, 2015 - May 28, 2015
NEWS ROUND-UP
Arrest of 3 Makati execs held in abeyance
until Monday
Senator Teofisto “TG” Guingona III,
chairman of the Senate blue ribbon committee, on Wednesday ordered the Senate
sergeant-at-arms to hold in abeyance the
arrest of three officials of the Makati City
government.
The three are Danilo Villas, head of the
city’s department of environmental services, Vissa Marie Aldon, head of human
resource development and concurrent
Public Employment and Service Office
(PESO) manager of the city, and city engineer Line dela Peña.
Villas and Aldon were among the 14 resource persons ordered arrested and detained by the chamber Tuesday for continued refusal to attend the Senate blue
ribbon subcommittee’s hearings on the
allegedly overpriced Makati City Hall
2 parking building while the arrest for
Dela Peña had been issued earlier by the
chamber.
But in separate letters to Guingona this
week, the three promised to attend the
subcommittee’s next hearing scheduled
on May 28, 2015.
“I’m giving the three persons so named
up to Monday to appear before the office of the blue ribbon before the director general, personally appear and make
a verbal and written pledge undertaking
that they shall participate in subsequent
to blue ribbon hearings,” he said.
The amendments made by congressmen
to the proposed Bangsamoro Basic Law
(BBL) are making the Moro Islamic Liberation
Front
(MILF)
“uneasy,”
its
chief peace negotiator, Mohagher Iqbal, said
on Tuesday.
Iqbal described
the proceedings
in the House of
Representatives
as “90 percent
OK,” but there
were some amendments that took away
“substantial” parts of the draft BBL.
He told the Inquirer by phone the changes were “watering down” the measure
that would create a new Bangsamoro
autonomous region, the centerpiece of
the peace agreement signed between the
government and MILF last year to end
the decades-long war in
Central Mindanao.
Asked if President
Aquino’s meeting with
select members of the
House ad hoc committee before the proceedings in Congress was
an assurance to the
MILF that the government was keeping to its
commitments, Iqbal replied: “To some extent,
yes. But what is happening in the House…
We are uneasy about it.”
By signing the peace agreement, the
MILF offered to give up its separatist campaign and opt for a substate that
would take over the existing Autonomous Region in Muslim Mindanao.
BBL amendments ‘90% OK’ with
‘uneasy’ MILF
CHEd approves tuition hike for
313 private colleges
Students from 313 private colleges and universities nationwide may expect to pay more come
enrollment time, as the Commission on Higher
Education (CHEd) has approved the request of
these higher education institutions (HEIs) for
an increase in tuition and other school fees.
In a statement released on Tuesday, CHEd
Chair Patricia Licuanan said the commission
had approved an average tuition increase of
P29.86 per unit, while the average increase allowed for other school fees was P135.60.
The CHEd, however, did not release the list
of the 313 schools increasing their fees this
school year. A total of 405 HEIs applied for an
increase, the commission added.
For the National Capital Region, the CHEd
approved an average tuition increase of
P32.34. The average increase in Central Luzon
was P35.60, and P37.36 in Calabarzon.
Central Luzon posted the highest increase
in other school fees at P556.13, followed by
Calabarzon at P501.67. The National Capital
Region’s increase in other school fees amounted to P34.79. The three regions have the highest number of colleges and universities in the
country.
Licuanan said no increase was approved in
Eastern Visayas, which suffered the worst
brunt of Supertyphoon “Yolanda” (international name: Haiyan) in 2013, though four of 81
educational institutions in the region applied
for an increase.
The CHEd chair said the commission considered several factors before approving the increase, among them the effects of the regional
inflation rate, the school’s financial standing,
and the students’ financial capacity.
FIL-AM POST
Remitly offers free lessons to teach
Filipinos how to send money online
SEATTLE – May 6, 2015 – Remitly, Inc
– one of the fastest growing companies in
the remittance space is offering “free lessons” for Filipinos who are more accustomed to offline money transfer to begin
using their computers and mobile phones
to send money. All one needs to do is dial
1888Remitly, no purchase is required.
“It’s a question of access”, says Remitly’s Marketing Manager Stefan Suarezalso a Filipino residing in the US. “For
thousands of people, the technological advancements that are supposed to make life
easier are intimidating, scary, and seemingly outofreach.
We want to change that by walking you
through your first online transaction, stepbystep.”
“It’s simply paturo. One Christmas, I
gave my mom an iPhone. I saw how happy she was but at the same time I could
sense that she was a little bit afraid. I told
her that part of my gift was that I was going to patiently teach her how to use it. I
believe she appreciated the lessons more
than the phone. Today, she’s comfortable
using Whatsapp and FaceTime which enable her to see her grandkids even if we
are far away. That’s the same thing we
want to do here at Remitly, but for money
transfer.”
Remitly tells us that they have customers that are 60 years or older using their
service every day. “Online money transfer shouldn’t just be for young, techsavvy
kids”, Stefan Suarez continues. “Everyone, including lolo and lola should find it
easy to send money home. The team here
is working tirelessly to make that happen.
Our customer service is dedicated to teach
you how to use it, just like your young
nephew or niece might have once taught
you how to use email or Facebook or surf
the web.”
Because of this dedication towards access and easeofuse, in 2014 Remitly’s
customer base grew 400% yearoveryear
and customers are sending over $100 million dollars a year using Remitly. Along
with being easy to use, Remitly is also the
most affordable remittance service.
The World Bank has Remitly listed as the
lowest cost way to send money to multiple delivery options.
“Sometimes people need motivation to
try or learn something new”, said Stefan
Suarez. “For a limited time we will also
give new customers a $30 gift card if they
complete their first transaction of $100 or
more. It’s our way of rewarding you for
making the right choice and embracing a
faster, easier way to send money.”
Leftists break silence, come out
swinging at Binay
Even the militant group that kept quiet as counts allegedly owned by the Binay famVice President Jejomar Binay was pum- ily and their close associates, as reported
meled in a corruption scandal last year is by the AMLC to the Court of Appeals, connow speaking up.
stitute grave allegations of systemic plunBagong Alyansang Makabayan (Bayan) der of public funds by a high government
came out swinging at Binay on Saturday official and his cohorts,” Casiño said.
saying the information reported by the
Casiño, however, warned the public that
Anti-Money Launthe corruption
dering
Council
scandal could
(AMLC)
“indibe played out
cates corruption
as part of the
of such scandalous
2016 “election
proportions.”
drama,” aimed
“This cannot be
at neutralizing
dismissed by genthe opponents
eral denials or atof the administribution to a detration.
molition job by the
“It is in the
Vice President’s
public interest
enemies. At the
to see the prinvery least, being
cipal players
public
officials,
investigated
the Binays have an Bayan spokesperson Teodoro Casiño.
and properly
obligation to show
charged
in
the true figures of
court.
Even
their wealth and
as we seek
explain how they acquired this,” Bayan truth and accountability with regard to
spokesperson Teddy Casiño said.
the Binays, we reiterate our demand—all
Systemic plunder
of those involved should be called to acLast year, Bayan opposed the Senate in- count,” he said.
quiry into the alleged overpricing of the
Casiño noted that it is the duty of the
construction of Makati City Hall Building courts, the Ombudsman, the Department of
2 and accused President Aquino of un- Justice and related agencies to see to it that
leashing his “attack dogs” on Binay while appropriate charges are filed against those
he remained silent on the corruption alle- involved.
gations against his allies.
Bayan, however, lashed out at the AquiBut now after being criticized for the no administration, accusing Malacañang
Left’s deafening silence on the allegations of “systematic corruption” in the guise of
against Binay, Bayan is singing a different pork barrel and public-private partnership
tune.
projects.
“The reported billions stashed in bank ac(Cont. from page 1...VP NOT IMMUNE)
of Appeals’ freeze order were only part of
the council’s investigation and could not be
considered a case or suit against the Vice
President.
When the freeze order expires in six
months, the AMLC may or may not file a
case against Binay and his associates, depending on the results of its investigation,
he added.
“[The] freeze order is not a case against
(Binay). In fact, no hearing is necessary,
no case is necessary, to freeze an account
under the [Anti-Money Laundering Act],”
Escudero said in an ambush interview.
“It’s not a case against them. If it were,
they should’ve been given due process…
The point of this whole thing is to investigate,” he said.
The senator added that the Constitution
“doesn’t say anywhere that anyone is immune from investigation.”
Escudero said even President Aquino was
investigated, in a way, when the Senate looked into the Mamasapano incident. “Even if the President was immune from suit, he was not immune from
investigation,” he added.
The AMLC had sought to freeze the assets of Binay and his alleged dummies for
alleged involvement in questionable transactions.
The Vice President is being investigated by
the Office of the Ombudsman for the alleged overpriced construction of Makati
City Hall Building II when he was still
mayor of Makati City.
The Binay camp has decried the freeze order, contending that the AMLC had misled
the court and that the petition was part of
a well-orchestrated move of political foes
to demolish the Vice President’s chances in
the 2016 elections.
Binay had declared his intention to gun
for the presidency next year.
IMMIGRATION
FIL-AM POST
S
PAGE 3
May 21, 2015 - May 28, 2015
What are the inadmissibility grounds covered by a waiver?
ometimes, for lack of guidance from an
experienced immigration attorney, applicants for immigration benefits, including
those seeking K-1 or K-2 visas, makes a
fraudulent action or willful misrepresentation. In these cases, the applicants are required to file Form I-601 or Application for
Waiver of Ground of Inadmissibility.
Q: What grounds of inadmissibility may be
covered by a waiver?
A: The following grounds of inadmissibility under the Immigration and Naturalization Act (INA) are as follows: health-related
grounds, criminal and related grounds, immigrant membership in a totalitarian party,
misrepresentation in immigration matters,
smugglers, subject to civil penalty, and unlawful presence in the U.S. for at least 180
days, beginning on or after April 1, 1997,
followed by departure from the U.S.
Q: How long is the validity of the waiver?
A: If the waiver is granted, then, except
for K-1 and K-2 nonimmigrant’s and conditional permanent residents, the grant permanently waives fraud or willful misrepresentation included in the application for
purposes of any future immigration benefits
application, whether immigrant or nonimmigrant. The waiver remains valid even if
the person later abandons or otherwise loses
LPR status.
Q: If you are a conditional permanent resident, is the waiver also permanent in nature?
A: For conditional permanent residents, the
waiver only becomes valid indefinitely if
and when the conditions are removed from
his or her permanent resident status. Conversely, termination of the conditional permanent resident status also terminates the
validity of the waiver.
Q: Does the waiver cover all grounds of
inadmissibility?
A: A waiver applies only to the specific
grounds of inadmissibility and related
crimes, events or incidents specified in the
waiver application. If, in the future, the applicant is found inadmissible for a separate
incident of fraud or willful misrepresentation not already included in an approved
waiver application, he or she will be required to file another waiver application.
USCIS may reconsider an approval of a
waiver at any time if it is determined that
the decision has been made in error.
Q: Are there conditions for the grant of a
Waiver to K-1 or K-2 nonimmigrant visa
applicants?
A: If the applicant seeks a waiver to obtain
a fiancé(e) visa (K-1 or K-2), the waiver’s
approval is conditioned
3. On April 30, 2015,
By Atty. Crispin C. Lozano
upon the K-1 nonimmiwe received an approval
grant marrying the U.S.
from the Immigration
citizen who filed the fiancé(e) petition. The Court of I-751 review based on spousal
waiver becomes permanent once the K-1 abuse.
marries the petitioner.
4. On April 20, 2015, we received an apQ: What happens to the waiver if the K-1 proval from USCIS of green card for a clinonimmigrant does not marry the petition- ent who used three names in her lifetime.
er?
We submitted numerous documents to
A: In general, if the K-1 nonimmigrant does prove proper identity.
not marry the petitioner, the K-1 and K-2 5. On April 14, 2015, we received approval
(if applicable) will remain inadmissible for of naturalization for a client who has three
purposes of any application for a benefit on DUI and a civil harassment case. The DUI
any basis other than the proposed marriage and civil harassment has all been cleared
between the K-1 and the K nonimmigrant before.
visa petitioner.
6. On April 10, 2015, we received an apQ: What happens if at the time of entry, proval of immigrant visa for a client who
the immigration officer declares the visa originally confessed marriage is for immiholder inadmissible based on documentary gration benefits only but later on had a serirequirements?
ous relationship with petitioner.
A: If an applicant procured an immigration 7. On March 30, 2015, we received an apbenefit by fraud or willful misrepresenta- proval from the Immigration Judge for a
tion, the applicant may also be inadmissible waiver of misrepresentation involving marfor lack of documentary requirements at the riage fraud that happened at the U.S. Emtime of entry. When an applicant is granted bassy. The alien subsequently get a green
a waiver for fraud or willful misrepresenta- card from a petition by her mother. She
tion, inadmissibility based on lack of docu- could not naturalize unless a waiver of mismentary requirements at the time of entry is representation is granted. With the waiver
also implicitly waived.
she is now qualified for naturalization.
Q: Can you give an example of the above? 8. On March 10, 2015, we received an apA: For example, an applicant misrepresents proval from USCIS for an adjustment of
a material fact during the overseas nonim- status for SAME SEX MARRIAGE.
migrant visa application process. The De- 9. On February 18, 2015, we received an
partment of State, however, grants her a approval by USCIS of green card based on
visa. Later, she applies for adjustment of self petition by an abused spouse. Her mistatus. During her adjustment interview, an nor children are now qualified to immigrate
officer discovers her misrepresentation and based on this approval.
finds her inadmissible for both willful mis- 10. On February 10, 2015, we received an
representation and failure to comply with approval of green card for a client who endocumentary requirements. The applicant tered without inspection. We first sought an
then applies for a waiver of inadmissibil- advance parole with USCIS so that she can
ity for willful misrepresentation. Approval travel to her country legally and come back
of the waiver has the effect of waiving in- to the U.S.
admissibility for willful misrepresentation 11. On January 20, 2015, we received an
and for the lack of a valid visa at the time approval of immigrant visa under the Proviof entry.
sional Waiver program for a seaman client.
Note: This is not a legal advice. You should She successfully arrived to the U.S. without
consult with an immigration attorney about problem.
your specific circumstances.
12. On January 7, 2015, we received an approval of adjustment of status from USCIS
SUCCESS STORIES
for a client who entered without inspection
1. On May 18, 2015, we received an ap- but reentered on a parole visa. Parole visa
proval of adjustment of status for a client became the basis of legal entry to allow for
based on marriage with big age gap be- adjustment of status.
tween spouses.
13. On January 5, 2015, we received two
2. On May 6, 2015, we received an approval approvals of I-601A
of PROVISIONAL WAIVER for a Mexican waiver under the Provinational in Ciudad Juarez based on petition sional Waiver Program.
by US citizen spouse.
14. On December 17,
OPINION
53 accounts in 4 banks
h e
ReT
public
by Solita Collas-Monsod
of the
Philippines,
represented
by the
AntiMoney
Laundering Council (AMLC), filed
the ex parte (in the interest of an interested outside party) petition for
the issuance of a freeze order on
224 bank accounts and 18 investments and insurance policies owned
by Vice President Jejomar Binay,
certain members of his immediate
family, and close associates. This
arose out of a letter, signed by the
Office of the Ombudsman on Nov.
18, 2014, requesting the AMLC secretariat to do so, plus what came out
of the Senate hearings.
The petition was filed on May 7 and
the Court of Appeals’ order came out
on May 11. Much too fast? No, a petition of this nature should actually
have been acted on within 24 hours,
because accounts can so easily be
closed, or deposits withdrawn in the
blink of an eye. The ponente was Justice Ricardo R. Rosario, and the other members of the Court of Appeals
First Division that issued the freeze
order were
Presiding Justice Andres B. Reyes Jr.
and Justice Edwin Sorongon.
The freeze order is for six months,
within which time charges have to be
brought, or the freeze is automatically
lifted. As of now, the freeze order is
based on the existence of probable
cause that these deposits are related to
violations of the Anti-Graft and Cor-
rupt Practices Act, and are unlawful
activities under the Anti-Money Laundering Act of 2001.
Of those 224 accounts, how many
were actually VP Binay’s? I counted
19, of which seven are jointly held
with others—five with his wife Elenita, and two with his finance man, Gerry Limlingan. These 19 accounts are
in BDO Unibank (4, including the 2
with Limlingan), Land Bank (2), Metrobank (1), Security Bank (4), BPI
(5, held jointly with Elenita), PNB (2),
and RCBC (1). His son, Mayor Junjun
Binay, has eight accounts in five different banks. Together, they account
for 27 of the 224 accounts. Abigail Binay and Nancy Binay’s accounts were
not mentioned, simply because they
were not named in either the Senate
hearings or the charges with the Ombudsman. So, whose are the 197 accounts that the AMLC wants frozen?
As far as I can make out, 53 of those
are in the name of Eduviges Duenas
Baloloy (not including one in her
husband’s name), held singly (29) or
jointly (11) with Gerry Limlingan,
the rest with Limlingan’s staff or
other persons whose names come out
very often in the stories. So the question arises: Who is Eduviges Duenas
Baloloy? She is described as the longtime secretary of VP Binay, where she
holds the position of executive assistant 4, with an annual income, as of
December 2013, of P697,658 (starting
at P266,948 in 2006).
The story gets more interesting.
How come, with that kind of a salary,
she has 53 accounts in four different
banks? Not only that, the deposits
made in those accounts were humongous. The smallest was P550,000 and
the largest was P100,000,000 (that is
not a typographical error). I am sorry
I didn’t have time to get the average,
and I will do so at some point. There
is still more: the AMLC lists down
other large transactions in which
she appears to have placed funds in
investment management accounts.
The transactions listed by the AMLC
take more than seven legal-size pages. And after the Senate hearings
started, both Baloloy and Limlingan
started “selling securities, making
inter-account transfers—same bank,
pre-terminating their time deposits,
investment placements, encashments
of checks and withdrawing the bank
deposits.”
Does it not smell of a dummy situation? Ernesto Mercado’s testimony
in the Senate hearings, about giving several “bayong” of money to
Baloloy from the 13-percent commission on Makati projects, seems
to have hit the nail right on the head.
If Baloloy had 53 of the 224 accounts, she pales in comparison with
Limlingan. Either singly or jointly
with his staff, Limlingan accounted
for the rest of the accounts, except
for those six held by Ernesto Mercado (the AMLC did not spare him
from their examinations), and for
the 19 held by Chinese-sounding names like Tiu, and Lee and
Chong, allegedly other dummies
as well. If my arithmetic is correct, Limlingan’s deposits numbered about 120, with enormous
amounts being deposited and withdrawn. Considering that Limlingan’s
avowed income (which is what he
told the banks) was about P30,000
a month, or P360,000 a year—less
than Baloloy’s income—the magnitude of those deposits fairly scream
“Dummy.” No wonder he cannot be
found.
2014, we received an approval from USCIS
of a green card under the Violence against
Women Act.
15. On December 16, 2014, we received an
approval of DACA for an alien who has a
final order of removal.
16. On December 11, 2014, we received an
approval of immigrant visa for an alien who
entered the U.S. as a seaman under Provisional Waiver Program.
17. On October 7, 2014, we received an approval from the U.S. Embassy in Manila an
immigrant visa for a client who entered the
US without inspection under the Provisional Waiver Program.
18. On September 26, 2014, we received an
approval from the Immigration Court for
waiver of misrepresentation for a client who
entered as single but actually married at the
time of entry to the U.S.
19. On September 9, 2014, we received an
approval from Immigration Court of adjustment of status for a client who was previously denied an asylum.
20. On September 8, 2014, we received an
approval from USCIS of Form I-601A provisional waiver for two clients.
21. On September 5, 2014, we received
an approval from USCIS for Fiancée visa
based on same sex petition.
22. On September 4, 2014, we received
an approval of DACA for a client who has
problem in her birth certificate.
23. On August 28, 2014, we received an
approval of green card based on spousal
abuse.
24. On August 25, 2014, we received an
approval of green card based on same sex
marriage with big age difference.
25. On August 1, 2014, we received an
approval of waiver of joint filing of I-751
based on spousal abuse. With the approval
she was granted permanent residence.
Crispin Caday Lozano is an active member of the State
Bar of California, the American Immigration Lawyers
Association and the National Association of Consumers
Bankruptcy Attorneys. He specializes in immigration
law and bankruptcy law. He earned his Juris Doctor at
Western State University College of Law in Fullerton,
California. He is also a Certified Public Accountant, a
Real Estate Broker and a Bachelor of Business Administration Cum Laude graduate. He has offices in San
Francisco, Hayward, San Jose, and Cerritos, California.
You can contact him at 1-877-456-9266. Email questions
to [email protected]/. Visit our website at www.
crispinlozanolaw.com.
PAGE 4
May 21, 2015 - May 28 2015
FIL-AM POST
FIL-AM POST
PAGE 5
May 21, 2015 - May 28, 2015
PAGE 6
May 21, 2015 - May 28, 2015
FINANCE CORNER
BANKRUPTCY
TAX Q & A
FBAR FACTS
Question:
Are all foreign financial
accounts of
United State
citizen
or
residents required to be
reported
to
by: Alvin C. Maglan, CPA
the Department of Treasury?
Answer: No. A United States person
is only required a financial interest in
or signature authority over foreign accounts if the aggregate maximum values of the accounts exceeds $10,000 at
any time during the calendar year.
Question: Is an FBAR not required if
the foreign financial account generates
neither interest or dividend income.?
Answer: An FBAR must be filed
whether or not the foreigbn financial
account generates any income.
Question: How long should account
holders keep records of the accounts
required to be reported on the FBAR?
Answer: As a general rule, records of
accounts required to be reported on the
FBAR should be kept for five years
from the due date of the report (June
30th) of the year following the calendar year being reported.
Question: Does a shareholder who
owns 55 per cent of the company’s
stock of a California corporation that
has a foreign bank account need to file
an FBAR?
Answer: Yes. An FBAR must be filed
by any owner that directly or indirectly
owns more than 50% of the total value
of the shares of stock.
Question: What is included in a financial account?
Answer: A financial account includes,
but is not limited to, a securities, brokerage, savings, demand, checking,
deposit, time deposit,
or other account maintained with a financial institution. A financial account
also includes a commodity futures or
options account, an insurance policy
with a cash value, an annuity policy
with a cash surrender value, and shares
in a mutual fund or similar pooled fund
like a fund that is available to the general public with a regular net asset value determination and regular redemptions.
Certain foreign financial accounts
are excepted from the FBAR filing requirement:
- Accounts jointly owned by spouses.
A spouse of an individual who files
an FBAR is not required a separate
FBAR if the following conditions are
met:
1) all the financial accounts that the
non-filing spouse is required to report are jointly owned with the filing
spouse.
2) the filing spouse reports the jointly owned accounts on a timely filed
FBAR electronically signed, and
3) the filers have completely signed
Form 114a, Record of Authorization to
Electronically File FBARs.
Otherwise, both spouses are required
to file separate FBARs and each spouse
must report the entire value of the
jointly owned accounts.
-Correspondent/Nostro Account. Correspondent or nostro accounts (maintained by banks and used solely for
bank-tobank statements) are not required to be reported.
-Government Entity. A foreign financial account of any government entity
is not required to be reported by any
person.
Alvin Maglan is a CPA licensed in California. After working for SyCip, Gorres,
Velayo and Company, he emigrated to
California and had varied experiences as
an audit manager of a regional accounting firm, an internal auditor and controller
of Dole, Inc., a fortune 500 company and
three decades experiences as a tax consultant for various individuals, professionals,
small business firms, corporations, partnerships, and other non-profit entities. You
may contact him @510 432 7438 for your
tax problems. You may e-mail tax questions @[email protected].
FIL-AM POST
Reminders on what you should DO and
NOT DO when filing Bankruptcy
you are considering bankruptcy,
here are some actions you can do to
Iprotect
yourself and your assets.
f
Actions you SHOULD DO:
1. Take your situation seriously. Ignoring your financial trouble will not
make it go away. Speak to a bankruptcy attorney as soon as possible.
2. Commit yourself to a budget.
This is always the easiest thing to
tell someone facing financial hardship and is sometimes impossible to
achieve. But if you face a very tight
financial situation, you need to try to
maintain daily, weekly and monthly
budgets. By simply doing this, you
will have more and more success living within the budget.
3. Be honest about all your debts and
assets. To best serve you, you need to
disclose all of your financial information to your attorney. Your attorney
can provide a feasible resolution in
bankruptcy. Keeping your attorney
informed will create the best results.
4. Continue making payments on vehicles and homes you intend to keep.
If you are behind on your payments,
your creditors can repossess your
property.
5. Find a way to entertain your family
without spending any money. There
are a lot of things on how to enjoy
your day without depleting your
budget. Family and friends should
be able to recognize that spending
time together can be as enjoyable as
spending money together.
Actions you SHOULD NOT DO:
1. Withdraw money from your 401k.
401k is exempt from seizure under
virtually all circumstances. Generally, this account is exempted in bankruptcy. Untimely withdrawal makes
you liable for taxes and penalties that
are not dischargeable in bankruptcy.
2. Buy massive purchases and take
out large cash advances from your
credit cards before filing. The Court
may consider your petition fraudulent and dismiss your claim if it sees
excessive purchases or cash advances
six months to one year prior to filing
bankruptcy.
3. Transfer property out of your
name. Concealing your assets is illegal and risky. If you have an asset that
cannot be protected in a bankruptcy
filing, you need to discuss your situation with your attorney. There are
legal ways to protect assets. Transferring an asset out of your name and
immediately filing bankruptcy is not
a smart way.
4. Take cash advances from one credit card to make payments on another.
Once you start juggling credit cards,
you are in serious trouble. Taking excessive cash advances six months to
one year prior to filing bankruptcy
may result in an adversary proceeding (litigation in bankruptcy) or the
court may dismiss your case.
5. Pay $600 or more back to relatives
or business associates who have lent
you money. Payment of a total of
$600 or more to an “insider” (which
includes relatives and business associates) within one year before you
file bankruptcy is a “preference.” The
trustee may recover preferences from
the person that was paid and divide
the money between all of your creditors. (Payment of $600 or more to any
other creditor within 90 days before
the case is filed is also a preference.)
6. Speak with creditors without your
bankruptcy attorney present. After
you file bankruptcy, your lawyer will
communicate with your creditors on
your behalf.
7. Consider bankruptcy an easy way
to get rid of all your debts. Not all
debt is discharged in bankruptcy, including certain tax debt, student loans
and child support payments.
Note: This is not a legal advice.
You should seek the advice of your
attorney about your specific case.
Bankruptcy Basics
1. Bankruptcy will actually improve
your credit within one year because
your unsecured debts are discharged.
Although the bankruptcy will be in
your records for 10 years, not filing
bankruptcy will make your credit
even worse until most your debts are
paid.
2. If you are being sued by your creditors, most money judgment can be
eliminated in bankruptcy.
3. Collection actions continue and
you can be sued if you are in debt
settlement.
4. Chapter 7 will eliminate all unsecured debts. If you are near retirement age, you must eliminate most of
your debts.
5. Bankruptcy will stop foreclosure
actions. If your trustee sale date is
10 days before, you can still file for
bankruptcy.
6. If your salary is being garnished,
you have a court case about debts or
you are being harassed by creditors,
bankruptcy can stop garnishment,
court cases, harassing creditors and
eliminate the debt.
7. Bankruptcy is cheaper, faster and
safer than debt settlement which has
no guaranteed success.
8. Preserve your health, eliminate
stress and live a happy life by eliminating your debts which is the root of
all problems.
Crispin Caday Lozano is an active member
of the State Bar of California, the American Immigration Lawyers Association
and the National Association of Consumers Bankruptcy Attorneys. He specializes
in immigration law and bankruptcy law.
(1-877-456-9266. Email: crispinlozano@
gmail.com/. )
(Cont. from page 1... PACQUIAO LOSES HOUSE) supported calls to defer the execution of Indonesian drug convict
Mary Jane Veloso.
Pacquiao has been the acting chair of
He is also one of the top absentees in Conthe Overseas Filipino Workers Affairs
(OFWA) committee following the resigna- gress.
House Majority leader Neptali Gonzales
tion of Akbayan party-list representative
II said that instead of being chair of the
Walden Bello last March.
The Sarangani representative reportedly OFWA commitee, Pacquiao was chosen
asked House Speaker Feliciano Belmonte to lead the special committee on the 2016
Summer Olympics in Rio de Janiero in
Jr. for the position.
Pacquiao earlier said that he would make Brazil.
The special panel will have 35 congresssignificant contributions to the welfare
of Filipino migrant workers should he be men who are tasked to prepare for the
picked as the committee chair. He earlier country’s bid in the 2016 Olympics.
(Cont. from page 1...DE LIMA ACCUSED)
Atty. Nena Santos to make such allegations.
Mangudadatu already filed libel and perjury
cases against her.
Joson, meanwhile, in her complaint, said
she and her child were detained and continuously briefed by Santos and another lawyer,
Atty. Gemma Oquendo on what to say based
on the contents of the notebook.
She said they even took her mobile phones
and promised to send them back home once
the National Bureau of Investigation (NBI)
obtains her testimony on the bribe allegation.
Joson said while she wanted to tell the au-
thorities and her family what was happening, she said she got scared because
they told her that De Lima is a good
friend of Santos and that she receives P5 million monthly from Mangudadatu.
“Gusto ko man ipaalam ang pangyayari at
magsampa ng kaso noon natatakot kami sa
maaaring mangyari sa pamilya ko dahil sa
mataas silang mga tao at bukambibig nila na
kakampi nila si DOJ Secretary Leila de Lima
dahil matalik daw s’yang kaibigan ni Atty.
Nena Santos at kada buwan s’yang nakakatanggap ng monthly allowance na P5 million
mula kay Gov. Esmael “Toto” Mangudadatu…”Joson said in her affidavit.
SHOWBIZ
FIL-AM POST
John Prats-Isabel Oli Wedding
John Prats marries Isabel Oli on May 16
with a four seasons-inspired motif.
They had a “winter”
church wedding in
Our Lady of Peace and
Good Voyage Parish
Church in Batangas.
It was followed by a
summer-themed lunch.
Come sunset on a
spring time, John and
Isabel had a Christian
wedding rites in Nayomi Sanctuary Resort in
Batangas.
The second wedding
had an autumn-themed
reception dinner.
Florist/events planner Teddy Manuel was
responsible for the picture-perfect wedding.
By the way, about 700
people were invited to
the Christian wedding.
Janice de Belen speaks up about GeraldMaja breakup
MANILA, Philippines – Actress Janice
de Belen spoke up about her name being
dragged into the breakup of Gerald Anderson and Maja Salvador.
In an interview with ABS-CBN, Janice
said she did not want to really talk about
since people were already believing the
story.
“Kasi feeling ko wala ng point kasi naniwala na lahat eh. Ano pang point para
klaruhin ko ‘yung issue or para i-deny ko
or whatever when everybody already believed it? Kaya sabi ko huwag na,” Janice
said.
(I felt there was no point, because people
were already believing it. What’s the point
of clarifying the issue, denying it or whatever when everbody already believed it?
So I said no.)
Janice said she was clueless how the ru-
mor started since she was abroad when it
first came out. But according to Janice, she
is used to showbiz intrigues.
Janice also said that she and Gerald remained friends, although she admitted to
thinking about distancing herself from him
for the intrigue to
die down. Nevertheless she is
grateful to Gerald
and Maja for defending her. Both
Gerald and Maja
have said that Janice did not cause
their
breakup.
(READ:
Gerald
Anderson denies
Janice de Belen
caused Maja Salvador breakup)
“Hindi naman
nila
kailangan
gawin
because
there really is no
reason to. Siguro out of their respect and
their love for me kaya nila ginawa ‘yun. I
am really very thankful,” she said. (They
did not have to do it because there is no
reason to. I guess out fo their love and their
respect for me that’s why they did it.)
She said her friendship with them was important. “I will still hug him as tight. I will
still be that close to him kasi wala naman
talaga. It’s really weird,” she said.
Janice portrayed the role of a mother to
Gerald and Maja on separate dramas –
Gerald in Budoy and Maja in Ina, Anak,
Kapatid. – Rappler.com
PAGE 7
May 21, 2015 - May 28, 2015
Sharon’s daughter Frankie all
grown up
MANILA - In a rare moment, Sharon Cuneta shared the screen with her daughter Simone Francesca Emmanuelle, better known as
Frankie, through a vlog posted by the screen
veteran on her Facebook page.
The minute-long clip shows the mother and
daughter unable to contain their laughter as
Cuneta, apparently confused as to the idea of
a vlog or video log, greets her followers
online.
The clip has been making the rounds on
Facebook, getting some 150,000 views.
Frankie, 14, is one of Cuneta’s three
children with former senator Francis
Panglinan. She has an older daughter,
actress KC Concepcion, from her past
marriage with former leading man Gabby Concepcion.
Last Sunday, Cuneta said she and
Frankie were “flying out,” just two of
them, for the first time. The spontaneous vacation, Cuneta added, followed a
“restless” past few days.
“I felt that I needed to just get away,”
she said. “And so I asked if my girl Kakie (Frankie) could come with me just for
the weekend, just the two of us. And so I
booked us two on a flight out.”
She added: “We’ve been bonding since
yesterday, but ended up missing Daddy
and Yellie (daughter Miel) and Gugie (son
Miguel) so much pa rin! Just happy and
thankful that we two have had this chance
to bond. I love this time together! It’s our
first time out with no one but each other,
and it’s been wonderful making memories!”
Why Bela Padilla left GMA-7
MANILA, Philippines – “Right now, I feel
like this is what’s right for me.”
Thus said Bela Padilla on her decision to
leave GMA-7, her home network for over
four years.
During the media announcement of ABSCBN’s TV remake of
the 1997 Fernando Poe
Jr. movie “Ang Probinsyano” on Monday, it
was revealed that Bela is
now a Kapamilya.
She will be part of “Ang
Probinsyano,”
which
will star Coco Martin.
Talking to members of
the press, Bela said she
informed GMA-7 that
she’s planning to move
to ABS-CBN as early as
last year. The 24-yearold actress admitted the
Kapuso network made a
counter-offer.
“But I just felt like I
want to try something Bela Padilla
new,” she said.
“Also, as an actor, I was looking na for
something else to do. It’s not like I was
bored pero medyo nauulit na ‘yung mga
ginagawa ko dati,” she added.
Bela further explained, “I had to look out
for myself so I’m thinking more of how
long I want to stay here in showbiz and
how I’m gonna protect my career in showbiz.”
Did she feel like she
was neglected or overlooked in GMA-7?
Honestly, no. Kung
napabayaan ka, hindi
nila fault ‘yun. Fault
mo ‘yun bakit ka
pinabayaan. So I never
blame other people for
what happens to me,”
she said.
What does Bela expect to achieve now
that she’s in ABSCBN? “I just want to
seal my place as a Kapamilya,” she said.
“That’s really it. I
want to tell people na
I’m here, I’m a Kapamilya,” Bela added.
The actress, who
started out her showbiz
career in ABS-CBN as a Star Magic talent,
felt her move to the network was a “homecoming.”
“I started here so it’s good to be back. I’m
excited to work,” she said.
BUSINESS DIRECTORY
AUTO / CAR DEALERS
Premier Nissan of Fremont
Honda of Hayward
(510) 668-8700
(877) 201-7612
5701 Cushing Pkwy
Fremont, CA 94538
Fremont Toyota
5851 Cushing Pkwy
Fremont, CA 94538
(510) 252-5100
Momentum Toyota
2575 Auto Mall Pkwy
Fairfield, CA 94533
(707) 402-3100
Dublin Kia
4300 John Monego Ct
Dublin, CA 94568
(888) 826-8175
24919 Mission Boulevard
Hayward, CA 94544
Capitol Toyota
775 W Capitol Expy Auto Mall
San Jose, CA 95136
RESTAURANTS
SERVICES
Kadoks Restaurant
Knopp Pistiolas
31834-B Alvarado Blvd.
Union City, CA 94587
b/t Dyer St & Fair Ranch Rd.
(510) 477-8907
Cabalen Filipino Cuisine
1572 Sycamore Ave
Ste F Hercules, CA 94547
4912 Central Way Ste 2
Cordelia, CA 94534
(707) 864-4200
Law Office of Robert Chang
2016 Lewelling Blvd
San Leandro, CA 94579
(510) 799-6783
(510) 388-4866
Capitol Mitsubishi
Dampa Filipino Food
Law Offices of
Philip B Sarmiento
(866) 826-9885
(800) 630-0983
2960 Castro Valley Blvd
Castro Valley, CA 94546
(510) 247-9990
1320 Decoto Rd Ste 140 Union City, CA 94587
Hyundai Serramonte
Tribu Grill
Patriot Tax Professional
750 W Capitol Expy Auto Mall
San Jose, CA 95136
1500 Collins Ave
Colma, CA 94014
(650) 550-7250
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32208 Dyer St
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(510) 357-5578
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PAGE 8
May 21, 2015 - May 28, 2015
FIL-AM POST