IRS Gives Tax Relief to Victims of Hurricane Matthew; Many Extension Filers in North Carolina Now Affected; Relief for Other States Expected Soon

WASHINGTON –– North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane Matthew victims in other states, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a . . . → Read More: IRS Gives Tax Relief to Victims of Hurricane Matthew; Many Extension Filers in North Carolina Now Affected; Relief for Other States Expected Soon

IRS Now Accepting ITIN Renewal Applications; Taxpayers Encouraged to Act Soon to Avoid Processing Delays in 2017

WASHINGTON — The Internal Revenue Service reminds taxpayers affected by recent changes involving the Individual Taxpayer Identification Number (ITIN) program that they can now begin submitting their ITIN renewal applications to the IRS.

Under the Protecting Americans from Tax Hikes (PATH) Act of 2015 passed by Congress and signed into law last year, any . . . → Read More: IRS Now Accepting ITIN Renewal Applications; Taxpayers Encouraged to Act Soon to Avoid Processing Delays in 2017

Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock; 37 States and Puerto Rico Affected

WASHINGTON — Farmers and ranchers who previously were forced to sell livestock due to drought, like the drought currently affecting much of the nation, have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales, the Internal Revenue Service announced today.

Farmers and . . . → Read More: Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock; 37 States and Puerto Rico Affected

IRS Advises Taxpayers to Prepare for Hurricanes, Floods and Other Natural Disasters

WASHINGTON — The Internal Revenue Service today offered advice to taxpayers who may be affected by storms or other natural disasters. The IRS also reminded taxpayers that the agency is here to help including offering a special toll-free number to taxpayers in federally-declared disaster areas, staffed with IRS specialists trained to handle disaster-related issues.

. . . → Read More: IRS Advises Taxpayers to Prepare for Hurricanes, Floods and Other Natural Disasters

NARCA - The National Creditors Bar Association (NARCA) is a Trade Association Dedicated to Serving Law Firms Engaged in the Practice of Creditors Rights Law

In November 1992 in New York City, 20 collection attorneys met to discuss how to develop retail collection business. They unanimously agreed that a new association should be formed to foster the idea.

At the time, nobody – including creditors – knew who the biggest law firm in each state was, or even who . . . → Read More: NARCA – The National Creditors Bar Association (NARCA) is a Trade Association Dedicated to Serving Law Firms Engaged in the Practice of Creditors Rights Law

IRS Reminds Extension Filers of the Oct. 17 Deadline

Millions of taxpayers ask for an extra six months to file their taxes every year. If you are one of them, then you should know that Monday, Oct. 17 is the extension deadline in 2016. This is so because Oct. 15 falls on a Saturday. If you have not yet filed, here are some . . . → Read More: IRS Reminds Extension Filers of the Oct. 17 Deadline

New Bankruptcy Judge Appointment

D. Sims Crawford was appointed as the Chapter 13 Standing Trustee for the United States Bankruptcy Court, Northern District of Alabama, Southern Division in 2004, after serving as the Trustee’s Staff Attorney for 7 years. Before that, he was engaged in the private practice of law in Birmingham, Alabama. He earned his B.A. from . . . → Read More: New Bankruptcy Judge Appointment

College May Keep Tuition Money Paid by Bankrupt Parents, Judge Rules

By Katy Stech Updated Aug. 11, 2016 7:50 p.m. ET

Sacred Heart University can keep money in bankruptcy of Steven and Lori Palladino tied to Ponzi scheme

A federal bankruptcy judge ruled that Sacred Heart University can keep roughly $65,000 in tuition money in a legal battle that’s grown more common as the . . . → Read More: College May Keep Tuition Money Paid by Bankrupt Parents, Judge Rules

IRS Provides Tax Relief to Houston Area Storm Victims; Tax Deadline Extended to Sept. 1

WASHINGTON –– Texas storm victims, including those in the Houston area, will have until Sept. 1, 2016 to file their returns and pay any taxes due, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief.

Following this . . . → Read More: IRS Provides Tax Relief to Houston Area Storm Victims; Tax Deadline Extended to Sept. 1

A Penny For Your Thoughts? If Not, Then How About Fifty Cent?

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

The famous rap artist Fifty Cent is the debtor in a Chapter 11 bankruptcy case. Somewhat counter intuitively for any debtor to do, Mr. Cent has been using social media to demonstrate his financial well-being.

Lawyers routinely instruct their clients to keep . . . → Read More: A Penny For Your Thoughts? If Not, Then How About Fifty Cent?