Chapter 12 and Act2/Conference Update

By Rebecca Garcia and Jan Sensenich, Chapters 12 and 13 Standing Trustees

The Association of Chapter 12 Trustees (ACT2) had a wonderful day and a half conference in advance of the NACTT Seminar on July 15 and 16 in Indianapolis. In addition to Trustee participants, we had judges, debtors, and creditors counsel and representatives . . . → Read More: Chapter 12 and Act2/Conference Update

Stop and Smell the . . . Well, Corn

By Jan Hamilton, Standing Chapter 13 Trustee (Topeka, KS)

I just got back from RAGBRAI, which is a bicycle ride across Iowa. This year, it was 468 miles, with lots and lots of hills. (Biking Across Kansas was over 500 miles this year.) Such beautiful country. Estimates vary on actual number of riders, but . . . → Read More: Stop and Smell the . . . Well, Corn

Ordinary Heroes Deliver Second Chances with Bankruptcy

By Robert (Bob) Schuman, Owner/Managing Broker, Network Financial Group

I’m a mortgage broker.

In that role, I see close up the immense relief that a homeowner feels when they file Chapter 13.

They are no longer forced to deal with collection calls and a multitude of letters that are aggressive and intimidating, threatening to . . . → Read More: Ordinary Heroes Deliver Second Chances with Bankruptcy

Meet A Newish Trustee

Tiffany M. Cornejo was appointed as the Chapter 13 Standing Trustee for the District of New Mexico on December 1, 2017. She took the reins from retiring Kelley Skehen.

Ms. Cornejo received her Bachelor of Science in Journalism (B.S.J.) degree at the University of Kansas in Lawrence in 2002 and remained there to obtain . . . → Read More: Meet A Newish Trustee

IRS Attempting to Collect on Virtual Currency

IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts.

On July 26th, the IRS announced that it has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual . . . → Read More: IRS Attempting to Collect on Virtual Currency

Members of the Armed Forces Are Entitled to Certain Tax Benefits

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 . . . → Read More: Members of the Armed Forces Are Entitled to Certain Tax Benefits

All Taxpayers Should Plan Ahead for Natural Disasters

Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them.

Here are some things taxpayers can do to help protect their financial safety should a disaster occur. Taxpayers should:

Update emergency plans. A disaster can . . . → Read More: All Taxpayers Should Plan Ahead for Natural Disasters

Tax Tips for Taxpayers to Consider When Selling Their Home

The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home:

Ownership and use To claim the exclusion, . . . → Read More: Tax Tips for Taxpayers to Consider When Selling Their Home

Taking Care of Business: Recordkeeping for Small Businesses

Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business.

Here are some questions and . . . → Read More: Taking Care of Business: Recordkeeping for Small Businesses

I Win. I Win. Trustee Holds Record for Having the Oldest Open Chapter 13 Case

By Helen M. Morris, Chapter 13 Standing Trustee for the Northern and Southern Districts of West Virginia

It really takes so little to make a Chapter 13 Trustee happy—debtor’s counsel using calculators when they draft a plan ($100 for 36 months is NOT $4,936.87 no matter how many times it is repeated); saying “the . . . → Read More: I Win. I Win. Trustee Holds Record for Having the Oldest Open Chapter 13 Case