Law Change Affects Moving, Mileage and Travel Expenses; Offers Higher Depreciation Limits for Some Vehicles

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

Tax Reform: Changes to Depreciation Affect Businesses Now

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

All of Georgia Now Eligible for Disaster Tax Relief

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

Measuring Success in Chapter 13

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

Advisory Committee on Bankruptcy Rules Update

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

Tolling The 2-Year Period Prescribed At 11 U.S.C. § 523(A)(1)(B)(ii) For Discharge of Taxes

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

Some Bibles Are More Exemptable Than Others

Click here for an interesting Credit Slips post by Jason Kilborn. Sometimes a Bible is more than a Bible.

Proposed New and Revised Official Forms and Rules Posted for Comment

By William H. Brown, Academy Editor/Adviser

On August 15, 2013, the Judicial Conference Advisory Committees on Bankruptcy and Civil Rules posted proposed amendments to federal rules and forms, requesting comment from the bench, bar and public by February 15, 2014.  Click here for the proposed amendments, rules committee reports, and other information.

It should . . . → Read More: Proposed New and Revised Official Forms and Rules Posted for Comment

Unique Bankruptcy Facilitator Program Provides Lifeline in Nevada

By Susan L. Myers, Consumer Rights Project Legal Aid Center of Southern Nevada

Since its launch in 2007, the Bankruptcy Facilitator Program has become an important resource for the Bankruptcy Court Judges, Bankruptcy Trustees, persons appearing before the Court without representation, and even private bankruptcy attorneys dealing with unrepresented persons.  Nevada ranked among the . . . → Read More: Unique Bankruptcy Facilitator Program Provides Lifeline in Nevada