Category: ESTA News

It was found that the California state sent a 1099-MISC form, a form of other income, to residents who received more than 600 months of so-called “inflation subsidy,” which was paid for the purpose of subsidizing gasoline costs that skyrocketed last year.

According to tax experts, the LA Times and KTLA reported on the 27th that residents who received more than 600 dollars of California inflation subsidy are more likely to have to include it in their tax report as income when reporting this year. The 1099-MISC form is primarily issued for other types of income received by independent contractors and freelancers.

According to this, this money, officially called the “middle class tax refund” (MCTR), is emerging as a “hot potato” for taxpayers preparing their tax returns this year. This is because confusion has arisen as to whether this subsidy should be included as income in the tax report, like the tax refund.

In response, the California State Department of Revenue (FTB) said that inflation support payments are considered non-income and do not need to be included on the California income tax return, but that recipients who receive more than $600 on their federal tax return should consider it as taxable income and include it on their tax return. position.

The state tax department has already sent out a 1099-MISC form to Californians who have received grants of $600 or more. Receiving the 1099-MISC form means that when filing your tax return this year, you must reflect the details of the grant as taxable income and submit a report document. said tax experts.

Jeon Seok-ho, chairman of the Korean Institute of Certified Public Accountants of Southern California (KACPA), said, “The California support fund is taxable income when filing federal tax returns.” have to do,” he said.

Korean taxpayers who have already received inflation assistance but have not received the 1099-MISC form should not file their tax returns until they receive the form. Conversely, if you have not yet received the inflation subsidy, but have already received the 1099-MISC form, it is advisable to report the details of the subsidy in your tax report and then inquire about whether the subsidy will be sent to the California Revenue Department.

According to Korean CPAs, if you omit the details of the inflation subsidy from this year’s tax return, you may face an audit by the IRS, so be careful. The state tax department is sharing one copy of the 1099-MISC form for grant funds with the IRS, so they can check for omissions. In this regard, LA Daily News reported that the Federal Internal Revenue Service (IRS) is currently identifying the beneficiaries and details of the California subsidies but has not issued specific guidelines regarding taxation.

Chairman Jeon Seok-ho said, “As the deadline for tax reporting in Gaju has been extended to May 15, we have to be careful not to be omitted from the tax report along with receiving the 1099-MISC form for the support fund, as there is room to spare.” It is best to prevent it in advance.”

Meanwhile, the inflation subsidy is being paid in the form of a tax refund ranging from a minimum of $200 to a maximum of $1,050 depending on annual income and dependents to reduce the financial burden of Californians who are experiencing economic burden due to inflation. According to the state tax department, as of the 13th, 16.6 million subsidies have been paid out, and payments are expected to be completed by the 14th of next month.

New York stocks rose as tech stocks rallied ahead of the regular Federal Open Market Committee (FOMC) meeting scheduled for next week and corporate earnings announcements.

At the New York Stock Exchange (NYSE) on the 23rd (US Eastern time), the Dow Jones 30 Industrial Average finished trading at 33,629.56, up 254.07 points (0.76%) from the battlefield.

The Standard & Poor’s (S&P) 500 Index closed at 4,019.81, up 47.20 points (1.19%) from the battlefield, and the Nasdaq Index jumped 223.98 points (2.01%) at 11,364.41.

Investors priced in corporate earnings and expectations of an easing of the pace of rate hikes by the Fed ahead of the FOMC’s regular meeting scheduled for next week.

As inflation slows, the Federal Reserve (Fed) is expected to raise the benchmark interest rate by 0.25 percentage point at the February FOMC.

The probability of a 0.25 percentage point rate hike by the Fed, reflected in the interest rate futures market, reached 99%.

The Wall Street Journal (WSJ) also predicted the previous day that the Fed would almost certainly raise interest rates by 0.25 percentage point at this meeting and would discuss when to stop raising interest rates at this meeting.

In December, Fed members expected the final rate target for this year to be between 5.00% and 5.25%. This means that if the interest rate is raised by an additional 0.25 percentage point at this meeting, it will have to be raised twice more by 0.25 percentage point in the future. But traders are expecting the Fed to raise rates by just 0.25 percentage points in February and March of this year.

As the Fed’s decision to halt rate hikes nears, Fed members are expected to discuss when to stop raising rates at this meeting. However, it is highly likely that no specific guidance will be presented, given that the market could give an easing signal and raise inflation expectations.

Mohamed El-Erian, chief economic adviser at Allianz, said the Fed should raise interest rates by 0.50 percentage points at the meeting, saying that inflation has moved from goods prices to services prices and that inflation could rise again if oil prices rise as China reopens. did. El-Erian explained that interest rates should be raised more while growth and markets are still tolerable.

On this day, Apple, and Tesla, which had fallen sharply due to the influence of Corona 19 in China, rose to expectations of economic recovery in China, and semiconductor companies showed an upward trend in Barclays’ investment opinion, and technology stocks showed a strong performance.

Apple is up more than 2%, and shares of Tesla are up more than 7%.

On this day, Barclays raised its investment opinion on semiconductor manufacturers AMD, Qualcomm, Seagate Technology, and Skyworks Solutions from ‘equal weight’ to ‘overweight’. The outlook for the semiconductor industry this year has changed positively, and the outlook for companies related to data centers, personal computers (PCs), and handsets is more positive than before.

LA City Council has passed a new eviction protection measure to protect at-risk landlords as the city’s eviction moratorium expires on February 1.

On the 20th, the Los Angeles City Council unanimously passed an eviction protection bill that dramatically expands landlord protections.

The decision comes just 11 days before the February 1 expiration date of the eviction moratorium the City of Los Angeles has maintained during the COVID-19 pandemic. The new agenda will go into effect immediately after it is signed by new LA Mayor Karen Bass but is expected to take effect no later than the 31st.

Landlord protection groups have all welcomed the new measures, but voices of concern and opposition are expected from landlords, saying that it will make it difficult to evict and increase the financial burden.

Under the newly passed law, landlords cannot evict landlords without “just cause.” Legitimate reasons include. non-payment of rent, violation of the lease contract, causing disturbance to the community and that there is a plan to demolish the building or cancel the rental.

Previously, landlords living in apartments built before 1978, subject to the City’s rent control, had eviction protections for ‘good cause’, but with the passage of the bill, an additional 400,000 units will be subject to eviction protections. It seems to be.

In addition, when the landlord raises the rent by more than 10%, the landlord who is unable to pay the increased rent must support moving expenses. The cost of moving expenses is equal to the cost of three months’ rent by applying the market price.

Landlords must pay back rent by August 1 of the current year for rent owed between March 1, 2020, and September 30, 2021, and rent owed between October 1, 2021, and January 31, 2023, are due on February 1, 2024. must be paid by day.

And landlords can live in for at least one additional month after receiving an eviction order report. In addition, if a pet or roommate is brought into the home without the landlord’s permission, the landlord cannot evict the landlord until January 30, 2024.

Previously, the City of Los Angeles had finalized a bill to implement the eviction moratorium implemented during the pandemic only through January 31 of this year, and to phase out the eviction moratorium starting February 1. As a result, since February of this year, landlords have been able to evict tenants who have fallen behind on rent due to the Corona 19 pandemic.

The City of Los Angeles is one of the largest cities in the United States to have had an eviction moratorium for the longest time during COVID-19.

This week, at the North American trilateral summit held in Mexico, President Biden pointed out that “the Western Hemisphere is experiencing an unprecedented level of population movement.” This is not an exaggeration. Last fiscal year, 2.4 million undocumented entrants were arrested at the US southwest border, up 600,000 from the previous year’s record.

The Western world is currently facing a serious immigration crisis. As equatorial regions become vulnerable to drought and disease due to climate change, not only food cultivation but also the livelihoods of residents are threatened. Local poverty and political instability continue, and the aftermath of the pandemic is growing. Unsurprisingly, locals are heading north toward the economically affluent and milder climates of America and Europe. The problem is that their size has a huge negative impact on US and European politics and policies.

The political problem is obvious. From Sweden to the US to Italy, right-wing populism is almost always linked to fears of out-of-control immigration. Their large-scale displacement fuels fears about the cultural, religious, and racial problems it will create. If Western leaders fail to address immigration, Western politics will remain in the shadow of populism for years to come.

Existing policies will also be greatly affected. The immigration wave we are witnessing is making a laughingstock of the refugee system that has been in place for decades. In the aftermath of the Holocaust after World War II, many countries around the world have promised to admit people who have good cause to feel that their lives are in danger. In parallel with this, international law was systematically developed that granted certain rights to asylum seekers.

In recent years, however, millions have flocked to the border seeking asylum. Of course, there may be some victims of persecution among them, but most of them are economic migrants seeking a better life away from poverty and disease. Not a few people have claimed to be victims of violence and gang warfare, but many of the earlier immigrants from southern Italy and Ireland have sought asylum for the same reasons.

Once you cross the border and apply for asylum, the chances of being recognized as a legal resident increase and the processing period is shortened. But recent mass migrations have destroyed the barriers between asylum seekers and economic migrants.

Biden should be given credit for his efforts to address this issue. The plan, which he recently unveiled, extends the existing parole program to Cuba, Haiti, and Nicaragua, in addition to Venezuela, with no compensation for illegal border crossings.

But now Biden is under attack from both the left and the right. It’s a sign that he’s doing something right, at least in this case. Last December, Prime Minister Rishi Sunak, the son of an immigrant, announced a new policy in direct acknowledgment that the asylum system was broken. President Emmanuel Macron has also proposed some similar measures to manage migrants entering France.

Politics dealing with immigration is dangerous. The American right, which has shifted its center of gravity farther to the right than before, opposes immigration almost entirely. Prior to this, there was a time when Ronald Reagan, the patron saint of the Republican Party, emphasized the need for immigration and proposed amnesty for illegal immigrants. Today, 70% of Republicans believe that a growing immigrant population is a “serious threat” to the United States. (Only 18% of Democrats expressed the same opinion.)

It is unclear whether Republicans want a solution to the immigration crisis. This is because if this is left unattended and the problem becomes more serious, Biden can be blamed. This strategy worked to some extent. Already, many Americans believe that what is happening on the southern border is an invasion by an outside force.

Democrats are friendly to immigrants and immigrants. However, the Democratic Party does not distinguish between immigrants who entered the country according to the law and those who crossed the border illegally. There is no disagreement that everyone should be treated humanely. However, those who keep the law and those who break it should not be treated equally.

In fact, most Western countries need more immigrants. Although the Federal Reserve is attempting to slow the economy to control inflation, the US jobless rate is still at its lowest level in 50 years. By some estimates, Germany needs 400,000 migrant workers annually.

To open a new era of immigration, the current chaos must be carefully sorted out.

Dr. Farid Zakaria, who graduated from Yale University and received a Ph.D. in political science from Harvard University, is an expert in international politics and diplomacy. She is called the most noteworthy analyst and scholar in international politics and diplomacy.

500 people to be deployed to the battlefield within 8 weeks.

The US military launched a new training program for Ukrainian troops in Germany on Monday, the Associated Press reported.

According to reports, Mark Milley, chairman of the US Joint Chiefs of Staff, said the exercise would be conducted by the 7th Army Training Command stationed in Germany with the goal of deploying about 500 Ukrainian troops, a battalion level, to the battlefield within five to eight weeks.

“The newly trained soldiers will be on the battlefield before the spring rains arrive,” Milley said, adding that a complex training exercise with a series of new weapons, including tanks and artillery, would be critical to helping Ukraine regain territory.

He added that he would ensure that arms support and training are coordinated.

Previously, Pentagon spokesman Patrick Ryder announced the introduction of the new training program last month, describing it as an advanced-level group training that can carry out efficient combined operations.

The US had provided similar training in Ukraine in the past, but it was suspended due to the Russian invasion in February last year.

On the 10th, the US Department of Defense abolished the policy of obligatory vaccination against the new coronavirus infection (Corona 19) in the US military.

Secretary of Defense Lloyd Austin issued a memorandum on this day and said, “We withdraw the policy of obligatory vaccination of the US military against Corona 19, announced on August 24, 2021.”

Secretary Austin’s announcement follows the fact that the National Defense Authorization Act (NDAA), which contains the 2023 fiscal year security and defense budget, was signed by President Joe Biden on December 23 last year and implemented.

This bill includes a clause that withdraws the policy of obligatory vaccination against Corona 19 by the US military, including about 1.3 million active-duty troops and about 800,000 members of the National Guard and reserve forces.

In August 2021, when the spread of Corona 19 lasted, Minister Austin first mandated the vaccination of U.S. soldiers and issued a policy to expel them from the military if they refused to do so, but with the passage of this NDAA, it had to be withdrawn within 30 days.

While officializing the abolition of the policy that day, Secretary Austin said, “The Department of Defense will continue to promote and encourage vaccination against Corona 19 for all service members.”

At the same time, he said, “military commanders can consider whether soldiers are vaccinated or not when making decisions related to military operations, such as dispatching overseas and assigning missions.”

The Associated Press explained that Secretary Austin gave each commanding officer discretion over vaccination.

“Vaccination enhances operational readiness and protects U.S. troops,” said Secretary Austin.

In the United States, 99% of active-duty service members in the Navy, Air Force and Marine Corps have been vaccinated so far, and 98% in the Army have been vaccinated.

The AP quoted a U.S. lawmaker and said that recruiting is expected to regain some vitality with the abolition of mandatory vaccination, which has been an obstacle to recruiting.

A massive explosion and fire occurred on the 11th at a chemical plant near Chicago, Illinois.

According to the fire department, at around 9:00 am on the same day, an explosion sounded, and flames spread, and black smoke rose from the facilities of Carus Chemical LLC, a chemical manufacturer in LaSalle, a small city about 130 km southwest of Chicago.

CBS said, “The fire started near the factory’s shipping facility.”

LaSalle Fire Department said the fire was extinguished around noon, saying, “The scale of the fire was so great that we had to call for help from the local fire department.”

“The factory building where the accident occurred was badly damaged, but there are no reports of injuries,” said fire chief Jerry Janick.

He said, “In preparation for an accident, we are issuing a ‘no movement order’ near the site and installing additional equipment for final evolution work and investigation.”

The police said that a large amount of green oxidizing agent flowed at the scene of the fire, and said, “Never touch it, and if necessary, it can be deactivated by mixing water, hydrogen peroxide, and vinegar in a 1:1:1 ratio.”

Carus, a 108-year-old family-run business based in Peru-La Salle, Illinois, is known as a small and medium-sized business with 375 employees and annual sales of 73 million dollars (approximately 90 billion won).

The company introduces itself on its website as “producing high-quality products that help solve environmental problems. It provides innovative solutions for water supply, wastewater, industrial applications, air purification, and soil improvement.”

Meanwhile, the Illinois branch of the Federal Environmental Protection Agency (EPA) said it was “monitoring the status of the accident and will soon conduct an on-site investigation.”

Reuters and others reported on the 3rd that the Joe Biden administration is reviewing a plan to abolish the U.S. military’s Corona 19 vaccination obligation.

Republican House Representative Kevin McCarthy argued in an interview with Fox News the day before that a bipartisan agreement had been obtained on the abolition of mandatory vaccination for the US military at a White House meeting attended by President Biden.

Representative McCarthy said, “Do you know what was achieved at the meeting and what will be included in the National Defense Authorization Act (NDAA)?”

“We’re trying to work it out,” he said. “I believe we’re going to get it.”

However, White House deputy spokesperson Olivia Dalton showed a cautious stance, saying, “McCarthy suggested it to the president, and he only conveyed his intention to consider it.”

“The Secretary of Defense recommended that it be retained, and the President supports his position,” she said. “Discussions on the NDAA are still ongoing.”

Earlier, U.S. Secretary of Defense Lloyd Austin made it clear that “the mandatory policy has protected people’s health,” and that he “supports continuing vaccination of military units.”

Democratic Senate Majority Leader Chuck Schumer, Democratic House Speaker Nancy Pelosi, and Republican Senate Majority Leader Mitch McConnell, who participated in the meeting, did not take a separate position.

As the corona spread continued, the US Department of Defense announced a policy of mandatory vaccination of 1.3 million active-duty troops and 800,000 national guard and reserve forces in September last year.

At the time, Minister Austin took a firm stance that he would be expelled from the military if he refused the vaccine, and in fact thousands of active-duty soldiers were discharged.

About 20 Republican governors recently sent a letter to President Biden and demanded that the mandatory vaccination be abolished, saying that it had weakened the US military’s ability to recruit.

The road to the paradise area, which is popular with tourists because you can see the magnificent view of snow-capped Mount Rainier briefly, is operated on a limited basis this winter.

The Mount Rainier National Park Management Office announced that it had restricted vehicle access to the Paradise area for the 2022-2023 winter season from the 29th due to problems such as lack of staff and wintering equipment. As a result, from this weekend, general vehicle access is prohibited on weekdays and only allowed on Saturdays and Sundays.

In addition, the sledding range in the Paradise area is also closed, and the campground is only allowed on Saturday nights. Sledding is not permitted anywhere else in Rainier National Park other than Paradise.

The park added, “During the week, staff will keep the 12-mile road from the park entrance to Paradise clear of snow, and on the weekends, it will be maintained for safe public access.”

However, the park added that once the staff shortage issue is resolved, it may reconsider opening the Paradise Area Corridor on weekdays.

“This decision was not taken lightly by the park,” said Greg Dudgeon, director of the park’s management office. During the week, the road is closed and closed to vehicles, but access is possible using existing trails on foot.

The park also said the Longmire area is open seven days a week during the winter season, including the National Park Inn and Longmire Store, weather permitting.

Visitors on snowmobiles can access the White River Campground on the east side of the park using SR Route 410 and White River Road. Parking is also available in the recently renovated Carbon River area on the northwest side of the park.

In New York City, the number of confirmed cases of COVID-19 has risen sharply since the Thanksgiving holiday.
The New York City Health Department announced on the 2nd that the number of infected people per day was about 2,400 as of the 24th of last month, which was Thanksgiving Day, but five days later, on the 29th, it exceeded 3,000 and recorded 3,200.
Concerns are growing that the resurgence of Corona 19 may be accelerating as it has been showing a steep increase since Thanksgiving.
The Corona 19 virus has been rapidly spreading every year since 2020 during the year-end holiday season, and it is explained that this year also started without fail.
While COVID-19 is on the rise, the flu and respiratory syncytial virus (RSV) are showing some signs of calming, according to New York City.