Reid picks Pacquiao over Bradley

 News
Apr 122014
 

By

6:21 am | Sunday, April 13th, 2014

reid

Sen. Harry Reid of Nevada with Saranggani Congressman Manny Pacquiao in Reid’s Washington, D.C. office two years ago. FILE PHOTO provided by Sen. Reid’s office

LAS VEGAS  – U.S. Senator and Majority Leader Harry Reid picked Manny Pacquiao over American Timothy Bradley in their 12-round title bout at the MGM Grand Garden Arena Sat., April 12.

The Nevada Democrat said Pacquiao, himself a member of the Philippine Congress, is too skilled and experienced for Bradley, who holds the WBO welterweight title he wrested from the Filipino champion two years ago.

“I believe — as many people do — that he won their last fight,” Reid said. “Now, I think, it will be more decisive.”

In the wake of that Bradley split decision victory, Reid had called for a review of the decision and threatened to introduce legislation creating a federal boxing commission to regulate all boxing matches in the United States.

Nothing came out of the threat, but the noise following Bradley’s controversial win forced the WBO to review the fight.

A panel of experienced judges found that Pacquiao, who landed more power punches, had won the fight.

Reid was paying back what he acknowledged as Paquiao’s help in harnessing Filipino-American vote in his bruising bout with Republican and Tea Party favorite Sharron Angle for Nevada’s U.S. Senate seat.

Pacquiao appeared at a Las Vegas campaign rally for Reid weeks before the midterm elections. Reid, one of the Republican Party’s top targets in 2010, defeated Angle by 6 percentage points for a fifth term in the Senate.

In a visit to Washington, D. C. in 2010, Reid praised the eight-time world champion boxer and politician in a speech on the Senate floor.

“I’m most gratified … that he’s a friend of Nevada’s, ” Reid said, calling Pacquiao “an ambitious young man with a closet full of championship belts and the start of a promising political career already under his belt.”

Follow Us

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Boxing , Bradley , MGM Grand Arena , Pacquiao , pugilists , Sen. Harry Reid

Factual errors? Contact the Philippine Daily Inquirer’s day desk. Believe this article violates journalistic ethics? Contact the Inquirer’s Reader’s Advocate. Or write The Readers’ Advocate:

In The Know: Glossary of IRS terms

 News
Dec 262013
 
In The Know: Glossary of IRS terms

Philippine Daily Inquirer 3:21 am | Friday, December 27th, 2013 Federal tax lien: A legal claim against current and future property (i.e. houses, cars) and rights to property (i.e. wages, bank accounts). A lien is the US government’s legal claim against a taxpayer’s property in the event that the taxpayer neglects or fails to pay a tax debt. A tax lien arises automatically once a taxpayer fails to pay in full taxes owed within 10 days after the US Internal Revenue Service (IRS) sends the first notice of taxes owed and demand for payment. A tax lien attaches to assets such as property, securities and vehicles, as well as to future assets acquired during the duration of the lien. Once the IRS files a notice of federal tax lien, it may limit the taxpayer’s ability to get credit, among other effects. Levy: A legal seizure of property or rights to property to satisfy a tax debt. When property is seized (“levied”), it will be sold to help pay the tax debt. If wages or bank accounts are seized, the money will be applied to the tax debt. The seizure is made only after three requirements are met: The IRS has assessed the tax and sent a notice and demand for payment. The taxpayer has neglected or refused to pay the tax. The IRS has sent a final notice of intent to levy and levy notice at least 30 days before the levy. Notice of intent to levy: The IRS sends Read More …

Fil-Am accountants set seminar on surviving an IRS tax audit

 News
Nov 082013
 
Fil-Am accountants set seminar on surviving an IRS tax audit

INQUIRER.net US Bureau 8:27 am | Saturday, November 9th, 2013 FREMONT, California–Do you know how to survive an IRS Audit? Have you tax planned for Affordable Care Act yet?  Do you know what’s new in 2013 and 2014 on taxes? If your answer to any of the questions is ‘No’, then head out to Devry University, located at 6600 Dumbarton Circle, Fremont, on November 16. The International Society of Filipinos in Finance and Accounting (ISFFA)–San Francisco Chapter in cooperation with PICPA-CAL San Francisco and Devry University is holding a seminar,  “How to survive an IRS Audit,” It will feature important tax updates and legislation relating to personal taxation, Affordable Care Act, surviving IRS audits and more. Experts in the field of income taxes will provide short presentations. Resource persons will include an IRS Senior Revenue Agent, a Franchise Tax Board Technical Assistant to the Taxpayers’ Advocate, a CPA/EA Master in Taxation graduate whose concentration is in tax preparation and education; and an Enrolled Agent whose expertise is in tax audit representation. This is the start of a long-term partnership between two of the largest Filipino-American Accounting and Finance organizations in the bay area, ISFFA and PICPA-CAL, whose common objective is “educating the community and empowering tomorrow’s leaders.” The seminar is a full day event from 8 a.m. to 5 p.m. Lunch and snacks will be provided. For registration and other details, please contact Mr. Danny Raval at (650) 757-5333 or e-mail info@isffa-sf.org. Follow Us Recent Stories: Complete stories on our Digital Read More …

BIR seeks IRS help in finding Napoles assets in United States

 News
Oct 102013
 
BIR seeks IRS help in finding Napoles assets in United States

BIR Commissioner Kim Henares. INQUIRER FILE PHOTO MANILA, Philippines — The Bureau of Internal Revenue expects its American counterpart — the Internal Revenue Service — to help find any assets that Janet Lim Napoles and her family may have in the United States. BIR Commissioner Kim Henares confirmed, on Thursday, reports that the tax bureau has sought the assistance of the IRS, and she expressed confidence the latter would give a favorable response given the existence of a tax treaty between the Philippines and the United States. Henares said that under the tax treaty of the Philippines with the United States, as well as with many other countries, each of the two parties could seek the assistance of the other in pursuing people guilty or suspected of tax evasion. Member-countries of the influential and international group Organization for Economic Cooperation and Development (OECD), to which the Philippines and the Unites States are members, are expected to help out in efforts to catch tax evaders and money launderers, according to Henares. “Cooperation [between internal revenue agencies of member-countries] is a common practice. Non-cooperative countries may be subjected to blacklisting by the OECD,” she said in a phone interview. “So, yes we [the BIR] have asked assistance of the IRS. In return, we should also help them in case they need information from the Philippines on tax matters,” Henares also said. The BIR thought of seeking help from the IRS amid reports the Napoles family may have assets in the United States, Read More …

BSP asks banks to prepare for US FATCA implementation

 Economy
Jul 032013
 
BSP asks banks to prepare for US FATCA implementation

MANILA, Philippines – Financial institutions were asked to prepare for the effectivity of a US order next year targeted at running after American tax evaders offshore and seen having an impact on their operations. Local and foreign firms transacting with “US persons” will be hit next year by the Foreign Account Tax Compliance Act (FATCA), which orders the charging of taxes against any non-compliant financial institution engaged with US citizens. The Bangko Sentral ng Pilipinas (BSP), in a memorandum, said its supervised institutions – including commercial and investment banks – must “evaluate” if they are covered by FATCA and if applicable, must “establish a policy” to comply.  “They are advised to study the potential effects of FATCA to their businesses and determine the necessary steps to take to avoid the unfavorable consequences of non-compliance with FATCA requirements,” said Memorandum 2013-030 dated July 1. FATCA is part of the US’s Hiring Incentives to Restore Employment Act enacted into law in 2010 as part of stimulus measures to boost US economic activity and employment. According to the US Internal Revenue Service (IRS), firms may register between this month until Oct. 25 through its online portal to become “FATCA-compliant.” In doing so, they are agreeing to provide “certain information” to the IRS concerning US accounts they hold. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In addition, US citizens who have foreign assets in excess of $50,000 must report their holdings to the IRS. If they chose not to register though, FATCA Read More …

Pay taxes in anticipation of immigration reform

 News
Jun 262013
 
Pay taxes in anticipation of immigration reform

By Edgardo M. LopezINQUIRER.net US Bureau 6:37 am | Thursday, June 27th, 2013 UNITED STATES, New York : NEW YORK, NY – JUNE 14: Immigration reform advocates stage a demonstration, organized by the New York Immigration Coalition, outside a detention facility run by Immigration and Customs Enforcement (ICE) on June 14, 2013 in New York City. Demonstrators staged the event ahead of Fathers’ Day to draw attention to the thousands of undocumented immigrant fathers deported by ICE and separated from their families in the United States. John Moore/Getty Images/AFP While 11 million undocumented immigrants are nervously anticipating the immigration reform bill pending in the US Congress, the government is happily anticipating the addition of 11 million new taxpayers. A study by the non-partisan Congressional Budget Office (CBO) projects that the passage of the bill would reduce the US deficit by an estimated $200 billion in the first 10 years and another $700 billion in the second decade. The CBO study indicates that with 11 million new taxpayers, the United States could substantially reduce its budget deficit in the next 20 years after the law is implemented. An expected stipulation in the immigration reform bill is the requirement for immigrants to pay back taxes before being allowed to acquire permanent legal status. Therefore, it would be wise for affected immigrants to start filing returns and paying the corresponding taxes, for past years and in tax years to come. You do not want to be caught in a situation where your tax Read More …