To GIVE or Not to GIVE “Notice” - That is the Question… • NACTT Academy

To GIVE or Not to GIVE “Notice” – That is the Question…

By Gerard T. Forgét III, JD, MBA, LLM(TAXATION), Omaha, NE

Recently, the IRS Office of Chief Counsel issued a “Memorandum” outlining its position on the consequences of the Effect of Late Notice in a Chapter 13 Bankruptcy filing. According to the Memorandum, the issue is well-settled in situations where the IRS receives NO Notice of the Bankruptcy Petition being filed and of the claims bar date. (n.b. effect . . .

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Are 401(k) Contributions Disposable Income or Not?

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For a system that is supposed to rehabilitate personal finances and set debtors back on their feet, Chapter 13 nationwide is schizophrenic about on- going retirement savings, divided about whether post petition contributions to retirement accounts preclude confirmation of a Chapter 13 plan. Too many courts, in my opinion, come down barring voluntary provisions for old age for the 5...

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Extensions of CARES Act Provisions By COVID-19 Bankruptcy Relief Extension Act of 2021

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The CARES Act, Public Law 116-136 had amended several parts of the Bankruptcy Code, but included sunset provisions terminating March 27, 2021. The COVID-19 Bankruptcy Relief Extension Act of 2021, H.R.1651, passed by the House and Senate and signed by the President on March 27, 2021, extended some provisions for another year. Section 1113 of the CARES Act had amended...

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Members of the military and their families often qualify for special tax benefits. For example, members of the armed forces don’t have to pay taxes on some types of income. In addition, special rules could lower the tax they owe or allow them more time to file and pay their federal taxes. Here are some of these special tax benefits:...

Critical Case Comment – 3002.1 and Reverse Mortgages

Henry E. Hildebrand, III

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National Guard and Reservists Debt Relief Extension Act of 2023

The Academy

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The National Guard and Reservists Debt Relief Extension Act of 2023 (H.R. 3315) enacted on December 19, 2023 extends for an additional four years the existing exemption from the means test for qualifying reservists and National Guard debtors who are called to active duty or to perform a homeland defense activity for not less than 90 days. See 11 U.S.C. § 707(b)(2)(D)(i). A debtor...

Critical Case Comment – Watch for Opportunities to Bifurcate Home Mortgage Claims

Henry E. Hildebrand, III

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Still Trying to Apply Taggart: Fourth Circuit Vacates Beckhart v. Newrez, LLC

Lawrence R. Ahern, III

May 15, 2022

Background - In re Taggart In 2019, the Supreme Court rendered its opinion in In re Taggart,1 which was the subject of earlier analyses: (1) Is a Finding of Contempt Precluded by a "Good Faith" but Unreasonable Belief that an Action Does Not Violate the Discharge Injunction?; (2) Looking Beyond . . . It looks like you are not signed...

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From the Editor

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