By: Atty. Crispin Caday Lozano Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss. Here are ten facts from the IRS about gains and losses and how they can affect y...

By: Atty. Crispin Caday Lozano The Internal Revenue Service has some advice for taxpayers that may prevent them from being the victim of a tax scam: Don’t be fooled by scammers. Stay safe and be informed. Here are some of the most recent IRS-related scams to be on the lookout for: Telephone Scams. Aggressive and threatening phone calls by criminals impersonating IRS agents remain an ongoing threat. The IRS has seen a surge of these phone scams in recent years as scam ...

Scarborough Shoal: New game, same old rule By: PERRY DIAZ President Rodrigo Duterte sent his special envoy former President Fidel V. Ramos to China to “break the ice” in the country’s freezing relationship with China. Well, Ramos didn’t promise anything but he said he was going on a “fishing expedition” and to play golf. But if there was any semblance of success, Ramos made some “progress,” telling reporters: “It’s not really a breakthrough in a sense that there is no i...

By ATTY. CRISPIN CADAY LOZANO In preparing your 2015 income tax returns, we are giving some suggestions that will help your avoid an IRS audit. Your IRS tax return can be flagged randomly in an IRS study of the behavior of similar taxpayers, such as those in the same profession. But more often, audits result from: · Document mismatches: This includes the income you report not jibing with figures in W-2s, 1099s and other statements. · A high DIF score: A top-secret I...

By Macon Araneta | FilAm Star Correspondent Two months before the May 9 presidential elections, independent presidential candidate Senator Grace Poe and opposition standard bearer, Vice President Jejomar Binay, are neck-to-neck in the Malacanang run, according to the latest Pulse Asia survey. Based on the poll taken from February 15 to 20 Poe and Binay shared the top spot in the presidential preference poll, with the former getting the nod of 26 percent, while the latte...