Chapter 7 bankruptcy is commonly known as a “liquidation” bankruptcy and is available to individuals and businesses. A Chapter 7 bankruptcy offers debtors the opportunity to discharge (or eliminate) all or most of their unsecured debt and the opportunity to surrender, or walk away, from severely underwater secured property while discharging any potential personal liability. ...Read More
Generally, when dealing with an IRS tax debt problem, a taxpayer has four options: (1) pay the amount owing in full; (2) pay the amount over time pursuant to an installment agreement; (3) file an offer in compromise; or (4) file bankruptcy (presuming the tax liability is for income taxes and it is old enough...Read More
When people think of estate planning, they are usually only thinking about the Will and Revocable Living Trust. However, there are additional issues and documents that should be considered in each estate plan. Specifically, the Durable Power of Attorney (“DPA”) and Advanced Health Care Directive (“AHCD”). The DPA and AHCD are specifically designed to deal...Read More
The people of United States are extremely charitable, especially during the holidays or upon the occurrence of natural disasters. Unfortunately, scammers and fraudsters prey upon people that are charitably inclined. If your charitable contribution is tax motivated, it is your responsibility to make sure the charitable contribution meets the requirements of the Internal Revenue Code...Read More
Over the past couple of months employers have begun to try and understand rules and regulations concerning the Patient Protection and Affordable Care Act (“ACA”), affectionately known as “Obamacare.” Of particular concern has been trying to understand the rules with respect to full time employees and the employer mandate to provide affordable health care to...Read More
Last month we reviewed the new requirements under the Patient Protection and Affordable Care Act (“Obamacare”) for an applicable large employer to offer health insurance coverage to its employees. An applicable large employer is one with more than fifty full time employees or full time equivalent employees. This article will expand on that discussion with...Read More
We are six months away from the effective date of one of the biggest tax changes in history. Effective January 1, 2014, Internal Revenue Code Section 4980H, Shared Responsibility for Employers Regarding Health Coverage, goes into effect. Section 4980H came about as a result of the Patient Protection and Affordable Care Act back in...Read More
In my tax law practice, I often counsel and represent individuals and businesses with past and current tax problems. When I say “tax problems”, I mean they owe back taxes and/or they have not been filing tax returns. The start of a new tax year provides these people and businesses the opportunity to start the...Read More
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the Act) is coming to an end on December 31, 2012. The ACT revived the Federal Estate, Gift and Generation Skipping Transfer taxes retroactively to January 1, 2010. It also introduced the $5,120,000 exclusion amount for Federal Estate, Gift and Generation Skipping Transfer...Read More
These are interesting times. We have the elections in a few days. We have the possible expiration of the Bush era tax cuts in about sixty days. What is at stake and what might happen? Although you might think the estate tax is only for the very wealthy and could never apply to you, be...Read More
The attached articles were written based on the state of the law as of the date written. The authors of the attached articles assumes no responsibility to update the content of the articles as a result of any changes in the law. Anybody reviewing the attached articles should consult with the authors of the articles, or their professional tax or legal advisor to verify the current status of the law as it relates to their own personal transactions.
