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I made a mistake on my tax return, what should I do?

November 16, 2010

If you made a mathematical error on your return, often times the IRS will automatically fix the error. After correcting the mistake, the IRS will send you a notice that shows the changes made to your return (usually a CP11 or CP12). Before correcting your return for a mathematical error, you may want to call the IRS [...]

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Tax Preparer saved from Business Death Penalty

August 19, 2010

In a merciful opinion written by retired Supreme Court Associate Justice Sandra Day O’Conner (sitting by designation pursuant to 28 USC §294(a)), the US Court of Appeals for the 11th Circuit ruled that Abelardo Ernest Cruz should not be prohibited from preparing tax returns as a penalty for his participation in a fraudulent tax return preparation scheme. The [...]

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What is a Bankruptcy Preference?

August 16, 2010

A bankruptcy preference is a transfer made shortly before the case is filed that the trustee can take back from one creditor and share with all the other creditors. The transfer must be of money or property in which the debtor has an interest. It must be made to a creditor owed money by the debtor. The transfer must be [...]

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What is a Federal Tax Lien?

July 19, 2010

Federal law gives the IRS a lien on all of a delinquent taxpayer assets if tax is not paid. The Federal Tax Lien is a powerful tool that the government uses to collect tax. However, it is the Notice of Federal Tax Lien that most people think of when the subject comes up. This notice is filed [...]

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Employer Retention Credit Can Save Even More Money

June 29, 2010

What is the IRS Retention Credit? This credit is part of the HIRE Act. If a qualified employer who has hired a qualified employee retains that employee for 52 consecutive weeks, they may be eligible for a $1,000.00 business tax credit. See my Article on the Hire Retention Credit for a definition of qualified employers [...]

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Housing Crisis Caused By 2005 Bankruptcy Law

May 11, 2010

The 2005 bankruptcy “reform” law was really about abuse of consumers and protection of banks. Its lofty name “The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” was no vehicle for consumer protection. I have long felt that this effort to make consumers more “responsible” financially has contributed to the dramatic economic downturn we [...]

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Is Income Tax Dischargeable In Bankruptcy?

April 24, 2010

Income tax as well as some other types of tax can be discharged in bankruptcy if certain conditions are met. This applies in consumer bankruptcy cases, both Chapter 7 and Chapter 13, and covers Federal, State and local income tax liability. However, all requirements must be met before the bankruptcy is filed or the debt will [...]

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What Is A Homestead Exemption?

April 24, 2010

Debtors often ask us what will happen to their home if they file for bankruptcy protection. Fortunately, federal bankruptcy law and most states provide for what is often called a “homestead exemption”. A homestead exemption acts as a shield against the claims of certain creditors. It does this by protecting up to a specific dollar amount in real [...]

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What Are The Debt Limits for Chapter 13 Bankruptcy?

March 17, 2010

On April 1, 2010, the debt limits for Chapter 13 Bankruptcy automatically increase to $360,475 unsecured debt and $1,081,400 secured debt. If you owe more undisputed, non-contingent debt in either category, under Bankruptcy Code §109(e) you do not qualify to file Chapter 13 bankruptcy. Congress limited access to Chapter 13 bankruptcy to individual debtors with [...]

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