The IRS is alerting certain veterans that they may be due a credit or refund. This is a result of the Combat-Injured Veterans Tax Fairness Act passed in 2016. It affects veterans who received disability severance payments after January 17, 1991, and included that payment as income.
Here is what these veterans should know:
. . . → Read More: Combat-Injured Disabled Veterans May Be Due Refund
U.S. Banking De-Regulation, Financial Engineering, and Bankruptcy Reform: How Banks Took Control over Consumer Insolvency Law
By Anita C. Butera, PhD, JD and Robert D. Manning, PhD
New from the author of Credit Card Nation a review of the legislative history of banking deregulation and bankruptcy reform. It provides a brief explanation of financial . . . → Read More: For the Academic Set
Everyone should know how the IRS contacts taxpayers. This will help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information.
Here are some facts about how the IRS communicates with taxpayers:
The IRS doesn’t normally initiate contact with taxpayers by email. . . . → Read More: Here’s How the IRS Contacts Taxpayers
The IRS is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment.
This is a result of the . . . → Read More: Veterans Owed Refunds for Overpayments Attributable to Disability Severance Payments Should File Amended Returns to Claim Tax Refunds
IRS provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect:
Move related vehicle expenses Un-reimbursed employee expenses Vehicle expensing
Changes to the deduction for move-related vehicle expenses
The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginning after Dec. 31, . . . → Read More: Law Change Affects Moving, Mileage and Travel Expenses; Offers Higher Depreciation Limits for Some Vehicles
IRS reminds businesses that passage of the Tax Cuts and Jobs Act may affect their depreciation deductions and taxes. Business taxpayers can generally depreciate tangible property except land, including buildings, machinery, vehicles, furniture and equipment.
Changes to depreciation and how they will affect businesses may include:
Businesses can immediately expense more under the new . . . → Read More: Tax Reform: Changes to Depreciation Affect Businesses Now
Hurricane Irma victims in the entire state of Georgia now have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments.
This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that ran out on Sept. . . . → Read More: All of Georgia Now Eligible for Disaster Tax Relief
By Brian D. Lynch, Chief Bankruptcy Judge, Western District of Washington
If you were to browse the Internet searching “chapter 13 bankruptcy success rate,” you would think that chapter 13 is not a very successful strategy for debtors. The articles cited usually talk about a 33% rate of success. But if you drill down . . . → Read More: Measuring Success in Chapter 13
On behalf of the NACTT, Chapter 13 Standing Trustee Nancy Whaley (Atlanta, GA) attended the Advisory Committee on Bankruptcy Rules meeting on March 30th. As you may recall at the Rule’s Committee Fall meeting, the Committee passed the Official Plan Form and associated rules except for Rule 3015 and 3015.1. These rules permit Districts . . . → Read More: Advisory Committee on Bankruptcy Rules Update
By Morgan D. King, Esq. Dublin, CA
Late-filed and more than 2 years before filing bankruptcy
Does a prior bankruptcy, to the extent it’s automatic stay overlaps the running of the 2-year period, stop the clock on the two-year period?
Nothing in the Bankruptcy Code provides that anything tolls the 2-year period.
Prior bankruptcy . . . → Read More: Tolling The 2-Year Period Prescribed At 11 U.S.C. § 523(A)(1)(B)(ii) For Discharge of Taxes