ZOOM – Instructions/Directions from the Office of Ronda Winnecour, Standing Chapter 13 Trustee*

(Items in italics have been added by Academy staff)

. . . will be held virtually by ZOOM . . .

Please visit our website at ch13pitt.com (this site has very detailed directions) for all of the details and instructions. A computer is not a necessity since ZOOM also allows participation by telephone (iphone, . . . → Read More: ZOOM – Instructions/Directions from the Office of Ronda Winnecour, Standing Chapter 13 Trustee*

Covid-19 and the 7 Year Plan

By Ken Siomos, Staff Attorney for Marsha L. Combs-Skinner (Newman, IL)

A small part of the recently passed “Cares Act” is the ability of Chapter 13 debtors experiencing a “material financial hardship” as a result of the covid-19 pandemic to modify their plan to 84 months.i Many Chapter 13 Trustee’s are likely anticipating a . . . → Read More: Covid-19 and the 7 Year Plan

Bulletin: SBRA Postscript, the Definition of Income, and Changes to Section 1113(b)(1)(B) and (C)

BULLETIN

SMALL BUSINESS REORGANIZATION ACT POSTSCRIPT

CARES Act Passed by Senate Increases Eligibility to Small Business Debtors with Aggregate Debts Up to $7,500,000 And Other Changes

Early last Thursday morning, the Senate passed a substitute for H.R. 748, called the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”). The . . . → Read More: Bulletin: SBRA Postscript, the Definition of Income, and Changes to Section 1113(b)(1)(B) and (C)

Evidentiary Issues Arising from Attempts to Prove Alleged “Facts” Stated in The Monster Mash

. . . → Read More: Evidentiary Issues Arising from Attempts to Prove Alleged “Facts” Stated in The Monster Mash

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

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