Who Will Prepare Your Tax Return?

WASHINGTON – As the start of tax filing season approaches, the Internal Revenue Service is reminding taxpayers to start thinking about who will prepare their 2016 federal tax return. The IRS will begin processing tax returns on Monday, January 23. Many software companies and tax professionals will accept and submit tax returns before the . . . → Read More: Who Will Prepare Your Tax Return?

What to Know About Health Coverage Information Statements You May Receive in 2017

Many individuals will receive ACA information statements from their employer or coverage provider by early March in 2017 about their 2016 health insurance coverage:

Form 1095-B, Health Coverage Form 1095-C, Employer-Provided Health Insurance Offer and Coverage

Here is information about these forms:

1095-B Sent to Individuals who had health coverage for themselves or their . . . → Read More: What to Know About Health Coverage Information Statements You May Receive in 2017

Put Student Loan Debt Back Where It Belongs: In Bankruptcy

By Leon D. Bayer, Bayer, Wishman & Leotta (Los Angeles, CA)

Once upon a time there was no student loan crisis. Back then we had a simple test for giving student loan debt relief to borrowers who claim they can’t pay. If the requirements were met, student loans were discharged in bankruptcy. Borrowers who . . . → Read More: Put Student Loan Debt Back Where It Belongs: In Bankruptcy

Women are Leading in Atlanta

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American College of Bankruptcy & Chapter 13 Trustees: Beverly Burden Elected as a Fellow

By Michael B. Joseph, Chapter 13 Standing Trustee for the District of Delaware

It is with great pleasure to announce that Chapter 13 Trustee Beverly M. Burden has been elected as a Fellow in the American College of Bankruptcy. She will be formally inducted in Class 28 at ceremonies to be held on March . . . → Read More: American College of Bankruptcy & Chapter 13 Trustees: Beverly Burden Elected as a Fellow

Bad Apples In The Barrel

By Matthew T. Sanning, Attorney at Law, Augusta, Kentucky

All debtors who file a bankruptcy proceeding suffer from financial difficulties. Many of those debtors, due to strapped financial circumstances, take out high interest internet loans. Then, when the debtors file bankruptcy, those internet lenders in turn file proofs of claim. Many internet lenders write . . . → Read More: Bad Apples In The Barrel

Tax Preparedness Series: Special Tax Breaks for U. S. Armed Forces

WASHINGTON – As tax filing season approaches, the Internal Revenue Service wants members of the military and their families to know about the special tax benefits available to them.

IRS Publication 3, Armed Forces Tax Guide, is a free booklet packed with valuable information and tips designed to help service members and their families . . . → Read More: Tax Preparedness Series: Special Tax Breaks for U. S. Armed Forces

IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS today issued technical guidance detailing these items in Notice 2016-62.

Highlights of changes for 2017

The income ranges for determining eligibility to make deductible contributions to . . . → Read More: IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017

New Law Sets Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15

A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund fraud. It also delays some taxpayer refunds. Those taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit won’t . . . → Read More: New Law Sets Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15

IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File

Oct. 17, 2016

WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This includes an additional filing extension for those with . . . → Read More: IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File