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Estimated penalty for not filing FBAR See whole article on page 6 for more details. Are debts forgiven on foreclosed properties taxable? August 2015 Visa News Read full article on page 6. See whole article on page 3 for more details. ENTERTAINMENT Jennylyn Mercado on Dennis Trillo, being named FHM’s sexiest - page 7 VOL. 3 ISSUE 38 VIEW US ONLINE: WWW.FILAMPOST.COM he Liberal Party hasn’t given up on courting Senator Grace Poe to run alongside Interior Secretary Mar Roxas as vice president even if the neophyte lawmaker has emerged as the frontrunner in pre-election popularity polls for presidentiables, House Speaker Feliciano Belmonte Jr. said Tuesday. “I think it’s (Roxas-Poe tandem) is possible,” Belmonte said in a text message. The Speaker, who is a vice chairperson of the Liberal Party, said Roxas and Poe will become the tandem to beat if ever they decide to run together under the administration banner. “That will be a formidable T The Liberal Party hasn’t given up on courting Senator Grace Poe to run alongside Interior Secretary Mar Roxas as vice president even if the neophyte lawmaker has emerged as the frontrunner in pre-election popularity polls for presidentiables, House Speaker Feliciano Belmonte Jr. said Tuesday. US lawyer for PH expert in maritime boundary cases T he lawyer leading the Philippine team in its fierce legal battle against China belongs to a select group of elite lawyers with extensive experience in representing sovereign states before the International Tribunal on the Law of the Sea (Itlos) in Hamburg, Germany, according to Chambers Global, which ranks law firms and lawyers across the world. Paul Reichler of the Boston-based law firm Foley Hoag has specialized for more than 25 years in land FREE LP not giving up on Mar-Poe tandem and maritime boundary disputes, the law firm said on its website. Reichler works with four other lawyers from the United States and the United Kingdom, in arguing the country’s case before the UN arbitral tribunal in The Hague, The Netherlands. During the first two days of arguments, the legal team presented arguments as to why the five-member arbitral panel at the Permanent Court of Arbitration headquartered in (Cont. on Page 6 ) JULY 15, 2015 - JULY 21, 2015 and winning team,” he said. Belmonte’s remarks came after a day after he told the Philippine Daily Inquirer that Poe’s victory as president will be “unstoppable” unless Roxas does something to shore up his dismal survey ratings. “All his (President Aquino’s) candidates, particularly Mar, are qualified and give effective, honest government that will make a difference. But Mar should prove his winnability, by a dramatic increase in ratings… Otherwise, Grace will be another P-Noy, unstoppable,” Belmonte told the newspaper. Since last year, Roxas has lagged behind (Cont. on Page 2 ) Duterte gives self ‘very good’ rating M ANILA, Philippines – Davao City Mayor Rodrigo “Rody” Duterte continued to deny running for presidency and rated himself “very good” against possible presidential rivals during his taped TV guesting aired Sunday night. The mayor did not escape TV host Vice Ganda’s political questions regarding his plans for presidential election in 2016. Duterte repeatedly denied having plans of running which prompted the host to ask instead for his views on possible presidential candidates Sen. Grace Poe, Vice President Jejomar “Jojo” Binay, and Interior Secretary Mar Roxas. While Vice Ganda enumerated the possible presidential candidates, Duterte kept replying “good.” Vice Ganda asked Duterte who among (Cont. on Page 6 ) the NEED A NEW OR USED CAR? * WE CAN HELP YOU FIND THE BEST DEAL! * WE HAVE A LIST OF CONTRACTED FLEET CAR MANAGERS WHO CAN GIVE YOU THE BEST DEAL EVEN IF YOU HAVE: -NO CREDIT -FIRST TIME BUYER -BAD CREDIT -BANKRUPTCY -REPOSSESSION -FORECLOSURE CALL FILAM POST ADVERTISING DEPT. AT 1-855-454-7678 FOR MORE INFORMATION. Download our FREE FIL-AM POST app at iTunes and Google Play Store. PAGE 2 July 15, 2015 - July 21, 2015 NEWS ROUND-UP Hernando Iriberri is new AFP chief Lieutenant General Hernando Iriberri assumed office as the 46th Chief of Staff of the Armed Forces of the Philippines on Friday. Iriberri replaced outgoing AFP chief Gen. Gregorio Catapang who will reach the retirement age of 56 on Saturday. President Benigno Aquino III led the change of command ceremony at the Tejeros Hall at Camp Aguinaldo. The ceremony was held indoors due to bad weather. Iriberri is a member of the Philippine Military Academy Class of 1983. He was named as the Army Commanding General in February 2014 before he was designated as the new AFP chief. He will retire on April 22, 2016. With a report from Nestor Corrales/IDL Duterte dodges questions on Quiboloy re Caraga poisoning DAVAO CITY – Mayor Rodrigo Duterte returns to the city. declined to comment But Duterte agreed that on the reported inthe alleged involvement volvement of followof the pastor’s men in the ers of televangelist incident should be invesApollo Quiboloy in tigated. the mass food poiPolice in Caraga, where soning, mostly of stunearly 2,000 people – dents, in the Caraga mainly children – sufRegion. fered vomiting, nausea Duterte, who has and abdominal pains afbeen very open about ter ingesting durian and his “good friendship” mangosteen candies, said with Quiboloy, leader the tainted products were of the Kingdom of Jesold by Quiboloy’s folsus Christ based here, lowers. said he could not Supt. Martin Gamba, speak for the latter. spokesperson of the “He can speak for Caraga police, said sevhimself when he DAVAO City Mayor Rodrigo Duterte says ‘good eral persons were arrested comes back,” he said. friend’ Pastor Apollo Quiboloy can respond to in the towns of Cagwait, Quiboloy is cur- reports that his followers were involved in Tago and Tagbina and in rently in the US and the sale of candies that poisoned 2,000 the city of Tandag in puris expected to issue students in Mindanao. suit of vendors responsia statement when he ble for selling the candies. Google Maps removes Chinese name on Scarborough Shoal MANILA, Philippines – Google has quietly removed the Chinese name for a South China Sea shoal bitterly disputed by Beijing and Manila from its maps service, following an outcry from Filipinos. The Google Maps website on Tuesday referred to the rich fishing ground — a subject of a case lodged by the Philippines at an international arbitration tribunal — by its international name, Scarborough Shoal. The service had earlier labelled the shoal as part of China’s Zhongsha island chain, prompting an online campaign demanding that the Internet giant stop identifying the outcrop as part of Chinese territory. “We’ve updated Google Maps to fix the issue. We understand that geographic names can raise deep emotions which is why we worked quickly once this was brought to our attention,” Google’s office in Manila said in a statement. Scarborough Shoal lies 220 kilometres (140 miles) off the main Philippine island of Luzon and 650 kilometres from Hainan island, the nearest major Chinese land mass. China has controlled the shoal since 2012, following a brief standoff with the Philippines. Since then, the Philippines has accused the Chinese coast guard of harassing Filipino fishermen at the shoal, including robbing them of their catch at gunpoint earlier this year. Campaigns website Change.org began a petition last week to get Google Maps to drop the Chinese name of the shoal on its site. The petition drew close to 2,000 supporters. “China’s sweeping claim of (the) South China Sea under their nine-dash line purportedly historical boundary is illegal and is creating tension among nations,” the petition read. “Google maps showing this is part of Zhongsha island chain gives credence to what is plainly a territory grab that peace loving nations should stand against.” Last week, a United Nations-backed tribunal at The Hague starte d hearing a Philippine petition to declare illegal China’s maritime claims in the South China Sea that overlap those of the Philippines. FIL-AM POST Lawmakers told: Fake rice abound, smuggling persists The Makabayan Bloc in the House of Representatives on Monday sought an inquiry into the proliferation of fake rice and rampant smuggling of the staple grains even as the Senate resumed its hearing on the same issues that a lawmaker described as the dangers of the Aquino administration’s rice importation policy. Party-list Rep. Neri Colmenares of Bayan Muna also questioned the alleged plan of the National Food Authority to bring in 100,000 metric tons of rice from Vietnam. “We believe that it would be better for our agriculture particularly our local farmers if we allocate the budget for these rice imports to our local peasants. Why the Vietnamese or Thai farmers have to be the one to benefit from our funds that are supposed to be given to our local farmers?” said Colmenares, the House deputy minority leader. With the impending move to import rice, Colmenares warned the country will again be reeling from the “sabotaging economic effects” of unchecked overpriced rice importation as the NFA has again decided to import rice for the July-September buffer stock. “President Aquino should explain in his next SONA whatever happened to his promise of rice self-sufficiency during his term,” Colmenares said. At the Senate, the committee chaired by Senator Cynthia Villar was informed about the continuing smuggling of rice worth P21 billion. Rosendo So, president of the Samahang Industriya ng Agrikultura, told the Senate panel that around 720,000 metric tons of smuggled rice came in last year based on a report of the United Nations. P424B pork in 2015 budget–Lacson Lump-sum or discretionary funds, which unconstitutional parts of the Disbursement are prone to corruption, can still be found Acceleration Program (DAP), pooled funds in the national budget for this year, accord- from savings of agencies that financed projing to former Sen. Panfilo Lacson. ects outside the approved national budget. Lacson has placed the lump-sum approLump-sum funds included the President’s priations at P424 billion, an amount that Social Fund, Special Purpose Funds and could still go up. Malampaya Fund, the People’s Initiative The former senator said he and his team against Pork Barrel said last year. discovered lump-sum appropriations in the The group’s proposed Pork Barrel Abonational budget while they were review- lition Act sought to prohibit the inclusion ing the 2015 General Appropriations Act of pork barrel or lump-sum funds in the (GAA). budget, except calamity and intelligence or “To date… we have already discovered confidential funds. It also sought to require a total of P424 billion worth of lump-sum line-item appropriations for all proposed appropriations, a.k.a. budgets. discretionary funds, The bill proparked in the budget posed to abolish of just 11 of the 21 mathe President’s jor line agencies of the Social Fund and national government. require all unHold your breath. It is spent, unobligated still counting,” Lacson and unreleased said in a speech before funds to revert to the Philippine Institute the general fund of Certified Public Acby the end of the countants at the Interfiscal year. continental Hotel in Missing budget Makati City. codes “As professional acLacson said his countants serving the team looked into interest of the public, I the appropriations may speak on your be- Former Sen. Panfilo “Ping” Lacson. of the agencies in half when I frown upon the 2015 budget discretionary funds as when they were these are prone to misuse and corruption,” analyzing the new coding system, or the Lacson said. United Accounts Code Structure (UACS), He said the government lost P10 billion in the government financial processes. in the scam allegedly perpetuated by Janet In a random analysis of the coding system Lim-Napoles with the connivance of law- of the National Irrigation Administration makers in misusing their pork barrel fund, (NIA), the team found missing codes, the or the Priority Development Assistance former senator said. Fund (PDAF). “To our surprise, such ‘missing codes’ were utilized to insert some projects durUnconstitutional ing the budget deliberations in the House of Amid protests nationwide for the scrap- Representatives,” he said. ping of PDAF and other corruption-prone Lacson said his team discovered a lump lump-sum budget items, the Supreme Court sum of P11.3 billion in the NIA budget. declared the PDAF unconstitutional in NoCurious about the discovery, Lacson said vember 2013. his group looked into the appropriations of In July last year, the high court declared other agencies. many parties. [Speaker Belmonte] is a (Cont. from page 1...LP NOT GIVING UP) leader of the LP… Hindi gagawin ni Speaker na, ‘Poe ako.’ He has to lead the Poe and Vice President Jejomar Binay in popularity polls conducted by survey firms House together,” Kit said. Like the younger Belmonte, Eastern Sainvolving possible presidential contenders. mar Rep. Ben Evardone said the Speaker’s statement was only a message for Roxas to Work harder In the Speaker’s defense, his nephew, Que- work harder. “The Speaker’s statement is a challenge zon City Rep. Jose Christopher “Kit” Belmonte, clarified the LP executive’s state- for Sec. Mar. However, I sincerely believe ment was not a veiled statement of support he’s (Roxas) a winnable candidate,” he said. Roxas still top pick for Poe’s possible run for the presidency. For his part, LP vice chair for political afThe younger Belmonte said his uncle only wanted to prod both Roxas and the LP to fairs Caloocan City Rep. Edgar Erice bework double time to improve his popularity lieves Belmonte’s statement only means he among voters so that his chances of winning believes in Roxas’ qualifications as President Aquino’s potential successor. the elections will also increase. “It’s good that the Speaker believes Mar “Kung gusto mong maging Presidente si is the most qualified to be president. That’s Secretary Mar, magtrabaho kayo. Personal opinion ko yun. Hindi niya ibig sabihin, why it’s important to gain the necessary wala nang mangyayari kay Mar. At this experience so she can continue the ‘Daang point, kung walang nagtatrabaho at this Matuwid’ after 2022,” he said. Asked about the status of LP’s efforts to point, unstoppable talaga si Poe…” Kit said. The Speaker’s nephew said it is far-fetched convince Poe to become Roxas’ running for the senior Belmonte to come out in open mate, Erice said: “Let’s leave that to Pres. support of Poe’s possible presidential bid Aquino. Anyway, they’re still talking.” Iloilo Rep. Neil Tupas, a long-time LP since aside from being a ranking member of the LP, he also leads the House major- member, maintained that Roxas remains the ity coalition composed of various political administration’s presumptive presidential candidate even if he has yet to declare his parties. “The House is a coalition, it’s run by so political plans. IMMIGRATION FIL-AM POST PAGE 3 July 15, 2015 - July 21, 2015 August 2015 Visa News he priority dates for most Family Based T Preferences moved forward by at least one weeks in the August 2015 Visa Bulletin released by the US State Department. However, the First and Third Preference categories did not move from July 2015. In the Employment Based Preferences, the priority date for the Third Preference (skilled workers and professionals) and Third Preference Unskilled Workers becomes available for August 2015 from being Unavailable in July 2015. All the other categories in the Employment-Based Petitions remained current. ican national in Ciudad migration benefits only By Atty. Crispin C. Lozano Juarez based on petition but later on had a serious by US citizen spouse. relationship with peti6. On April 30, 2015, we received an ap- tioner. proval from the Immigration Court of I-751 10. On March 30, 2015, we received an apreview based on spousal abuse. proval from the Immigration Judge for a 7. On April 20, 2015, we received an ap- waiver of misrepresentation involving marproval from USCIS of green card for a cli- riage fraud that happened at the U.S. Em- Please note that for the month of August 2015, Employment Based Third Preference visa (professionals and skilled workers) is available for the Philippine nationals with approved labor certifications or I-140 petitions with priority dates earlier than June 1, 2004. For Schedule A nurses and physical therapist, immigrant visa is also available for August 2015, if they have an approved I-140 petition with priority dates earlier than June 1, 2004. Third Preference visas for Unskilled Workers such as caregivers, nursing assistants and nannies are available for those Philippine Nationals with approved labor certifications dated earlier than June 1, 2004 for the month of August 2015. Note: This is not a legal advice. SUCCESS STORIES 1. On June 22, 2015, we received an approval of I-601 waiver for a client who overstayed in the U.S. for more than ten years based on hardship to U.S. citizen spouse. 2. On June 5, 2015, we received an approval from U.S. Embassy Manila for an I-601A waiver for two clients who first entered the U.S. on a crewman visa. 3. On May 22, 2015, we received an approval of I-751 waiver of joint petition based on spousal abuse. 4. On May 18, 2015, we received an approval of adjustment of status for a client based on marriage with big age gap between spouses. 5. On May 6, 2015, we received an approval of PROVISIONAL WAIVER for a Mex- ent who used three names in her lifetime. We submitted numerous documents to prove proper identity. 8. On April 14, 2015, we received approval of naturalization for a client who has three DUI and a civil harassment case. The DUI and civil harassment has all been cleared before. 9. On April 10, 2015, we received an approval of immigrant visa for a client who originally confessed marriage is for im- bassy. The alien subsequently get a green card from a petition by her mother. She could not naturalize unless a waiver of misrepresentation is granted. With the waiver she is now qualified for naturalization. 11. On March 10, 2015, we received an approval from USCIS for an adjustment of status for SAME SEX MARRIAGE. 12. On February 18, 2015, we received an approval by USCIS of green card based on self petition by an abused spouse. Her mi- OPINION Mayhem in Makati: LP scuttles Binay network A CTING Makati Mayor Romulo Peña Jr. scuttled Vice President Jejomar Binay’s sister cities network swiftly as soon as he took over City Hall last week from suspended Mayor Junjun Binay in a turbulent change of power. Mayor Binay, son of the embattled Vice President, vacated his office on Wednesday in compliance with the suspension order issued by the Office of the Ombudsman in the course of its investigation of the allegedly overpriced Makati City Science High School building. This followed a tumultuous two-week standoff between the national government and the influential Binay family that has ruled Makati, the country’s financial center, for nearly 29 years since 1986. In March, the Ombudsman issued a sixmonth suspension order against Mayor Binay in connection with the Makati City Hall Building II, which was also under investigation for alleged overpricing. Binay then secured a favorable Court of Appeals ruling to justify his stay, just hours after Vice Mayor Peña, a non-Binay protégé, was sworn in as acting mayor on March 16, after Binay Jr. received the suspension order. The mayor stepped down on July 1 after he failed to secure a temporary restraining order on the second preventive suspension issued against him by the Ombudsman. Violence erupted among supporters of Binay and the police after officials of the Department of the Interior and Local Government (DILG) had served the suspension order at City Hall. Local Government Secretary Mar Roxas blamed the violence on the refusal of Mayor Binay to heed the Ombudsman Amando Doronila order. This prompted Roxas to warn: “Mayor Binay, you don’t own Makati.” Roxas also said the DILG was considering filing charges against Vice President Binay’s security staff who allegedly assaulted police authorities on Monday. Peña, a member of the ruling Liberal Party (LP), was sworn in on Tuesday after Binay yielded to the suspension order. Ombudsman Conchita Carpio Morales warned that she would not tolerate “mob rule” after supporters of Vice President Binay battled police authorities enforcing the suspension order. Turbulent exit About 700 riot policemen, armed with truncheons and shields, descended before dawn on Makati City Hall, and sealed off all its entrances. Caught inside were the Vice President and his son. Tensions rose as Binay supporters tried to push their way through the police barricades and started throwing chairs at law enforcers. Some employees claimed the police started the scuffle and pushed the crowd away from the entrance. Several people were reportedly injured in the commotion. According to Roxas, the Philippine National Police had copies of the footage taken by TV networks on the exchange between Binay and the government men, who claimed that the Vice President threatened them and some Binay followers allegedly manhandled some policemen, including a female officer. In the TV footage, Binay was heard saying, “You have abused the people.” This episode took place as the Aquino administration was winding down its last year in office, foreshadowing a turbulent exit for his government, and emergence of thuggery by both sides in this transition to the 2016 presidential election. In the run-up to the election, the Binay political clan is fighting tooth and nail to prevent being crushed by the resources of the Aquino administration, which is determined to block the election of Binay for President in 2016. Binay, who defeated Roxas, Mr. Aquino’s running mate in 2010, has declared that he is running for President next year. The election of Binay as Vice President in 2010 has confronted the Aquino administration with the nightmare of giving him a Cabinet portfolio responsible for overseas Filipino workers affairs— something odious like a plague in the house. Binay has resigned his Cabinet positions after attacking the administration for being “uncaring” and “blundering.” Incompatible This incompatibility of the political values of the reformist thrust of the “straight path” platform of the administration and of the corruption scandals engulfing the Binay family dynasty in Makati helps explain why the administration is so obsessed in canceling Binay’s sister cities scheme, which the government believes is the key to Binay’s electoral success in the 2010 election. Acting Mayor Peña didn’t lose time in dismantling the more than 600 city agreements entered into by Makati City under the Binay administration as the infrastructure of its patronage network financed by Makati City. nor children are now qualified to immigrate based on this approval. 13. On February 10, 2015, we received an approval of green card for a client who entered without inspection. We first sought an advance parole with USCIS so that she can travel to her country legally and come back to the U.S. 14. On January 20, 2015, we received an approval of immigrant visa under the Provisional Waiver program for a seaman client. She successfully arrived to the U.S. without problem. 15. On January 7, 2015, we received an approval of adjustment of status from USCIS for a client who entered without inspection but reentered on a parole visa. Parole visa became the basis of legal entry to allow for adjustment of status. 16. On January 5, 2015, we received two approvals of I-601A waiver under the Provisional Waiver Program. 17. On December 17, 2014, we received an approval from USCIS of a green card under the Violence against Women Act. 18. On December 16, 2014, we received an approval of DACA for an alien who has a final order of removal. 19. 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. 20. 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. 21. 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. 22. On September 9, 2014, we received an approval from Immigration Court of adjustment of status for a client who was previously denied an asylum. 23. On September 8, 2014, we received an approval from USCIS of Form I-601A provisional waiver for two clients. 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. ([email protected]/ 1-877-456-9266) PAGE 4 July 15, 2015 - July 21, 2015 FIL-AM POST FIL-AM POST PAGE 5 July 8, 2015 - July 14, 2015 PAGE 6 July 15, 2015 - July 21, 2015 FINANCE CORNER BANKRUPTCY TAX Q & A Estimated penalty for not filing FBAR Q.What is FBAR? A. FBAR means Report of Foreign Bank and Financial Account. by: Alvin C. Maglan, CPA Q. Who are required to comply with FBAR filing? In order to determine whether or not the FBAR is required, all of the following must apply: A.The filer is a U.S. person; B.The U.S. person has a financial account(s); C.The financial account is in a foreign country; D.The U.S. person has a financial interest in the account or signature or other authority over the foreign financial account; and, E.The aggregate amount(s) in the account(s) valued in dollars exceed $10,000 at any time during the calendar year. The purpose of this article to discuss the likely consequences for not filing an FBAR, which is, the FBAR penalty. Moreover, there is no such thing as a late FBAR Filing Penalty. The only penalties are for not filing an FBAR form. Q. How does the FBAR penalty process goes? This is usually how FBAR penalties will be assessed (outside any offshore tax amnesty). You would be selected for an audit with the IRS. Then the field auditor, once aware of likely FBAR violations, will split the audit into two parts. The first part is the regular audit, which is treated normally. If you disagree with the figures and the bill, all of your standard rights of appeal, including tax court, are there. The second part is that the IRS auditor will interview you regarding your willfulness about not filing an FBAR penalty. The auditor will make a report that will be forwarded to an IRS attorney. The IRS attorney will set the penalty amount, typically $10,000 for non-willful violations and 50% of account value for willful non- filing. Here’s an example: Unfiled FBARs for 2010 to 2014 Average Account Balance: $30,000 •FBAR penalty if non-willful: $50,000 (5 violations @ $10,000 per year) •FBAR penalty if willful: $75,000 (5 violations @ $15,000 per year which is 50% of $30000 balance of account.) Q.How does the IRS collects the FBAR penalty? Once assessed, none of the typical collection or appeals process is followed. The Treasury Department actually has to sue you in order to collect on the FBAR debt. In one sense, this is bad, because traditional IRS appeals allow for cost-effective negotiations. However, because the government must actually sue you, and typically the amounts you are being sued for are so high, the government has a more difficult job to prove their case. If you want, you have a right to a jury trial. In tax cases like these, juries have a hard time following facts, and that can lead to an unfair result. The bad news is that FBAR litigation attorneys aren’t exactly cheap. A full FBAR defense could cost in the hundreds of thousands of dollars in legal fees. Plus the legal process is a penalty in and of itself. Going to court and dealing with uncertainly is not fun at all. That’s why for many people, it just winds up being easier to enter into the Offshore Voluntary Disclosure Program (OVDP) a program that isn’t exactly fair, but at least creates a known outcome that can be planned around. There are about 2 million taxpayers (most of those expats) who somehow failed to file an FBAR. The vast majority are not using the OVDP/OVDI. If you have inquiries about FBAR you may seek a free consultation with Atty. Crispin C. Lozano in one of the offices of Taxsaverspro, Inc. by calling toll free 1-877-456-9266. 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 Are debts forgiven on foreclosed properties taxable? T he general rule is that forgiveness of debt represents income and is subject to tax unless exemption applies. The difference between the second mortgage loan and the value of the property represents income subject to tax in the event of foreclosure. However, if you file bankruptcy, the income derived as a result of foreclosure is not taxable. Question: My house is my primary residence, which was underwater when it was foreclosed. Am I subject to tax on the difference between loan amount and property value? Answer: If the house is your principal residence, any income derived as a result of foreclosure is not taxable under a special law passed by Congress. This law will expire December 31, 2012. However, if the debt is used to buy, build or substantially improve the home, you may not qualify for this exemption. A good example is if the house is refinanced. The difference between the refinanced loan and the value of the property will be taxable. Question: What other situation may cancellation of debt is deemed not taxable? Answer: The other exemption on the taxability of cancelled debt is insolvency. Any income derived on cancelled debt is not taxable if a person is insolvent. A person is insolvent if the person’s liability exceeded his assets. In determining assets for insolvency purposes, a person’s 401k must be included in the list of properties and everything you own. Liabilities include almost everything you owe. Question:My second home has been foreclosed and I received a Form 1099c from the bank for the difference between the amount I owe and the fair market value of the house. Should I file for bankruptcy? Answer: Yes. The best way to resolve the issue that you made an income on the forgiven indebtedness is to consult with a bankruptcy attorney who will evaluate if you need to file bankruptcy. I include this as taxable income? Answer: If you already filed for bankruptcy, you qualify for the exemption but still you have to report in your income tax return the amount of forgiven debt that is exempt from income tax because of your filing bankruptcy. You should consult with a bankruptcy attorney to help you report this matter in your tax return. Note: This is not a legal advice and you need to speak to an attorney. The Law Offices of Crispin C. Lozano has 14 years of experience in bankruptcy cases. 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. Question:I filed bankruptcy after my second home was foreclosed and I still got a Form 1099c for the cancelled debt. Should 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) Vice Ganda enumerated the potential candidates’ names again and added the mayor’s name to get his reaction. Duterte again replied “good” to all but when his name was called he exclaimed “Very good!” Due to his answer, Duterte was again asked if his answer meant he was hinting at the presidency which he again denied. The TV host praised Duterte for making Davao City the ninth safest city in the world and asked him how he did it. The mayor mentioned his firm rules in disciplining Davaoeños and said he is just fulfilling his duty. Vice Ganda also raised allegations of Davao Death Squad asking how many the mayor has killed, which Duterte refused to answer. “If I open my mouth further. I will go to prison,” Duterte said. Duterte mentioned he is afraid of criminals only because he is afraid they get ahead of him. On disciplining the criminals, he firmly said it is part of his duty. “Trabaho lang. I want my city peaceful because that’s what I’m paid for,” Duterte said. “To enforce the law and make the city liveable. There are things that I have to do because nobody will do it for us,” he added. The Davao City mayor’s guesting at Gandang Gabi Vice trended online and its hashtag #DuterteonGGV ranked first on Twitter’s Philippines’s trending topics and second in the worldwide topics. As of writing, it is still in the eighth list of Philippines’s trends. (Cont. from page 1...DUTERTE) (Cont. from page 1...US LAWYER) The Hague had jurisdiction over the Philippines’ case. The Philippines set the arbitration case in motion beginning 2013 in the hope of halting China’s aggressive incursions into the country’s 370-kilometer exclusive economic zone (EEZ). Track record “This is a very important case so we hired experts on international law with rich experience and proven track record,” Foreign Affairs Assistant Secretary and spokesperson Charles Jose said when asked why the government was hiring foreign lawyers to represent the country in The Hague. At a press briefing this week, presidential spokesperson Edwin Lacierda said as much about Reichler and the members of his legal team. “These are lawyers who have an international reputation appearing before the tribunal. We can rely on them. They’ve been with us from the start, since we filed the case,” Lacierda said. More than expertise, however, Reichler is known for representing small countries against powerful ones, including his homeland, the United States. In one of his celebrated cases, the American lawyer served as counsel to Nicaragua in its case at the International Court of Justice (ICJ), questioning the legality of the US military, logistical and financial aid to counterrevolutionary forces attempting to overthrow the Nicaraguan government, and the mining of Nicaraguan harbors by US military and intelligence forces. In 1986, the ICJ ruled in favor of Nicaragua and ordered the US to pay reparations to the Nicaraguan government for causing damage to its people, property and economy. In a more recent case similar to the Philippines’ claims against China, Reichler served as counsel to Mauritius, an island nation in the Indian Ocean, in an arbitration case against the United Kingdom. SHOWBIZ FIL-AM POST Aubrey Miles announces FHM Sexiest Women 2015 victory party is her “last walk” Sorry, boys, you will no longer see hot momma Aubrey Miles at the next victory parties of FHM Philippines’ 100 Sexiest Women. On her Instagram account yesterday, July 12, Aubrey announced that her appearance in this year’s FHM 100 Sexiest Women victory party will be her “last walk.” She said, “It seems like just the other day, I heard the news that I’m in FHM 100 sexiest, for the 1st time. “I never thought I would still be here, but 12 years later and here we are. “I’m very lucky to have Aubrey Miles spent time working closely with the FHM family over the years. “The cover shoots, autograph signing, and the FHM 100 sexiest events have been some of my favorite memories in my career. “I thought it would be hard to say that last night probably be my LAST WALK for FHM 100 sexiest... And I was right, it is.” Aubrey thanked the fans who have been very supportive since the first year she was included in the annual list of sexiest Pinays. “I’ll miss all the supportive people behind FHM and of course the amazing fans.” She also left a message to all the girls who will be included on the list in the coming years: “Enjoy the experience, you’re in good hands.” Lastly, Aubrey reiterated, “To all the fans, thank you so much for your support throughout the years and to FHM, I will always carry you close to my heart. “Thank you so much, until we meet again.” PAGE 7 July 15, 2015 - July 21, 2015 Julia Barretto and James Reid both deny going out for coffee First came the rumors, then came the bashing, then, denial. When rumors about James Reid and Julia Barretto going out on an alleged coffee date circulated, fans of the JaDine love team — that’s James Reid and Nadine Lustre for us — didn’t waste time on bashing both James and Julia. Fan boys and girls will naturally feel territorial. Rumors had it James and Julia were sweet and kissy-kissy on that rumored date. But James was first to deny the reports. “No,” the young actor was quoted in a Pep. Jennylyn Mercado on Dennis Trillo, being named FHM’s sexiest Daniel Matsunaga kisses Erich Gonzales at Dreamboys concert Daniel Matsunaga expressed his love for Erich Gonzales while they were singing a duet at the Dreamboys concert. The Brazilian-Japanese actor also kissed his girlfriend when their song ended, eliciting cheers from the crowd. The tandem known as DanRich performed Michael Buble’s “Everything” during the July 11 concert held at the Music Museum in San Juan. In his Instagram account, Daniel also posted after the con- cert: “Don’t know how to describe to you guys the feeling kanina...super nervous but at the same time the feeling was overwhelming !!ang saya!!!thank you so much sa lahat ng pumunta!!we love you!!thank you also to our sponsors and to everybody behind the concert!!!more to come!!!thank you also to my spartan baby for doing our special song “everything” with me...I love you @erichgg and to @ mateoguidicelli and @ akosijcdeberat u guys were amazing brothers!!more to come!!” Get the latest news from your iPhone, iPad and Android phones and tablets! Download our FREE FIL-AM POST app at iTunes and Google Play Store. ph report. “Of course I know her, we did Hopeless Romantic together. [But] her number? No, I don’t have.” According to a separate Pep.ph report, Julia echoed James’ denial yesterday. “Take it from here, move on na tayo and focus na tayo sa work,” Julia said. She admitted the bashing hurt her a little. “Aaminin ko, masakit ang mga nabitawang salita.” And then she emphasized, again, that no such date with James Reid ever happened. Photo: James Reid and Julia Barretto/Instagram Jennylyn Mercado MANILA, Philippines – Actress Jennylyn Mercado said that she was really nervous during her performance and runway walk at the FHM 100 Sexiest Event, Saturday, July 11. (READ: Jennylyn Mercado named ‘FHM PH Sexiest Woman’ for 2015) “Masyado akong nakafocus doon sa performance kasi kinakabahan ako eh. Wala ako nakikita,” Jennylyn said of the crowd. (I was focused on the performance because I was nervous. I was not seeing anything.) Jennylyn said she is grateful for those who have supported and voted for her to be FHM’s Sexiest woman this year. Actress Marian Rivera held the title in 2014. “Pasalamat na lang ako na maraming sumusuporta at nagmamahal [sa akin], kaya thank you,” she said. (I want to say thank you because there are so many who continue to support and love me.) Asked if former boyfriend Dennis Trillo texted her good luck, Jennylyn said yes, but he was not the only one who wished her well before the show. The two are working on a new TV project in GMA called My Faithful Husband. “Hindi lang naman siya (Dennis) ang nag-text sa akin. Madami nagsabing good luck.” (He [Dennis] was not the only one who texted. Many also sent good luck messages.) With Jennylyn and Dennis working together again, is she ready for the new intrigues on them? “Sanay naman ako, kasi lagi lahat nang nakakalove team ko nagiging boyfriend ko daw eh,” Jennylyn laughed. (I’m used to it, because all of those I’m paired with always end up as my boyfriend, they say.) Meanwhile, in an interview with Pep, Jennylyn shrugged of the alleged snub of her other co-artists from GMA who did not appear at the FHM event. GMA 7 actresses Andrea Torres, Sam Pinto, Solenn Heussaff, and Max Collins are part of the Top 10. “Mas naka-focus ako sa sarili ko. Kung hindi man sila nakarating, siguro naman may dahilan,” Jennylyn said. (I was focused on myself. If they did not go to the event, I guess there is a reason for it.) HOW TO PLACE AN AD IN FIL-AM POST: BY PHONE: BY EMAIL: 1-855-454-7678 [email protected] PAGE 8 July 15, 2015 - July 21, 2015 FIL-AM POST
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