Charlotte Russe Files for Bankruptcy

Clothing retailer Charlotte Russe has filed for chapter 11 bankruptcy and will be closing 94 stores, including 3 in Missouri. Charlotte Russe advisers are proposing solutions to help fix the massive amount of debt. If a solution is not found, the company could start liquidating within a couple of weeks.

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If you are thinking about filing for bankruptcy, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Things Remembered Files for Bankruptcy

Gift retailer Things Remembered filed has for chapter 11 bankruptcy. The company intends to close most of its 400 stores. The stores that remain open will be sold to Enesco LLC for $17.5 million.

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If you are thinking about filing for bankruptcy, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Tax Returns May be Affected with these New Rules

The new tax rules associated with the Tax Cuts and Jobs Act may impact your return this year:

  1. Standard Deduction Increased: A key change is an increase in the standard deduction compared to 2017.
  2. Personal Exemption Eliminated: The $4,050 personal exemption for individuals and dependents.
  3. Child Tax Credit Expanded: In 2018, the credit increases to $2,000. Plus there is a new $500 credit for non-child dependents.
  4. State and Local Taxes: $10,000 in state and local income taxes is the maximum that can be deducted.
  5. ACA Individual Mandate Repealed: No healthcare coverage in 2019? You will not have to pay a penalty.
  6. Mortgage Interest Deduction Dropped: Individuals who purchase a home in 2018 can deduct mortgage interest up to $750,000 of acquisition indebtedness. The interest deduction on home-equity indebtedness has been eliminated.
  7. Retirement Fund Contribution Limits Increased: You can now contribute up to $18,500 to your 401(k), 403(b), most 457 plans and Thrift Savings Plan. That’s a $500 increase from 2017.
  8. Qualified Business Income Deduction- Qualified Business Income Deduction (QBI): Taxpayers who own sole proprietorship, LLCs, rental properties, S-Corporations and partnerships may be able to deduct 20% of qualified business income if they meet specific criteria.

If you need tax help, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Slip and Fall?

Have you fallen on the ice in the last few days? Contact our office and let us see if we can help! You can give us a call at 816-524-4949 or visit our website at hoorfarlaw.com to set up an appointment online.

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Gymboree Files for Bankruptcy

Children’s retail store Gymboree has filed for chapter 11 bankruptcy. After coming out of their first bankruptcy in September 2017, the company has cut their debt by $900 million. Gymboree is set to close more stores, but it is unknown how many.

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If you are thinking about filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Maximizing Retirement Plan Contributions

There is still time to lower your 2018 tax bill. You can deduct up to $5,500 ($6,500 if you are 50 or older) from your taxes if you and your spouse are not covered by a retirement plan. If you are covered, you can claim a deduction for your IRA contributions as long as you are within income limits.

If you need tax help, visit our website at 816-524-4949 or visit our website at Hoorfarlaw.com

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Tax Deadlines to be Aware of

January 15th 2019: Fourth quarter 2018 estimated tax payments due

January 31st 2019: W-2 and 1099-Misc forms due

March 15th 2019: S-Corperation tax returns due, Partnership, LLP and multi-member LLC tax returns due

April 15th 2019: Report of Foreign Back and Financial Accounts (FBAR) due, First quarter 2019 estimated tax payments due, Personal income tax returns due, C-Corporation tax returns due

June 17th 2019: Second quarter 2019 estimated tax payments due

September 16th 2019: Third quarter 2019 estimated tax payments due, S-Corporation tax returns due, Multi-member LLC + Partnership tax returns due

October 15th 2019: Report of Foreign Bank and Financial Accounts (FBAR) on extension due, C-Corporation tax returns on extension due, Personal income tax returns on extension due

If you need tax help, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Foreign Bank Account Rules

You will need to file a Foreign Bank Account Reporting form (FBAR) if the balance in the account(s) was greater than $10,000 in 2018. The name of the form is FinCEN Report 114. FinCEN stands for Financial Crimes Enforcement Network. Make sure you follow the rules and deadlines to avoid strict penalties.

If you need help filing a FBAR, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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Important Information to Note for the 2019 Filing Season

The 2019 filing season will begin on January 28th 2019 for individual taxpayers.

Important things to keep in mind:

  1. File electronically: Both paper and electronic tax returns will be accepted, but taxpayers are urged to file electronically to speed processing and refunds.
  2. Tax Refunds: E-file and Free File are great tools to use for taxpayers with direct deposit to help speed refunds. Refunds will be paid, however the IRS cautions that returns will be subject to refund fraud, identity theft, and other internal reviews such as in prior years.
  3. Tax Filing: Taxpayers can work on their returns before the January 28th opening.

If you need tax help, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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New Tax Law Makes IRS Offer Penalty Relief for Taxpayers

The IRS recently stated that certain people’s tax penalties would get waived if they didn’t pay enough taxes throughout 2018. During 2018, taxpayers were still getting used to the new laws that were passed by Congress late 2017 regarding withholding requirements. Due to the adjustment, the IRS is offering penalty relief.

This year’s filing season will begin on January 28th, despite the government shutdown.

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If you need tax help, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com

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