Camron named Missouri and Kansas 2020 Rising Star by Super Lawyers

Camron Named Kansas and Missouri 2020 Rising Star by Super Lawyers:

For the sixth year running, Camron Hoorfar has been named the 2020 rising star in Missouri and Kansas by SuperLawyers. This is a prestigious honor that fewer than 2.5% of attorneys get to claim. Camron has been selected due to his good standing and reputation as a consumer bankruptcy lawyer. This accolade, as well as ones prior, is accepted with great thanks to both SuperLawyers and the clients of Camron Hoorfar and the Law Office of Camron Hoorfar, P.C.!

If you would like to learn more about this selection see: https://profiles.superlawyers.com/missouri/lees-summit/lawyer/camron-l-hoorfar/79256669-f0ca-44b8-a87a-bfba6e47a2ef.html.

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Here’s what taxpayers should do if they have missing or incorrect documents

Taxpayers should double-check to make sure they have all their documents before filing a tax return.

Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099.

If they can’t get the forms, they must still file their tax return on time. To avoid filing an incomplete or amended return, they may need to use Form 4852, Substitute for Form W-2, Wage and Tax Statementor Form 1099-R,Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

If a taxpayer doesn’t receive the missing or corrected form in time to file their tax return, they can estimate the wages or payments made to them, as well as any taxes withheld. Then use Form 4852 to report this information on their federal tax return.

For more information refer to IRS.gov.

 Inquiring about taxes? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.


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Cinema Chain Alamo Drafthouse Plans Bankruptcy Sale to Fortress-Led Investors

Alamo Drafthouse Cinemas Holdings LLC, a theater chain offering moviegoers seat-side food service, beer and themed cocktails, has filed for bankruptcy while planning to sell the business to Fortress Investment Group LLC and other investors. Austin, Texas-based Alamo became the latest theater business forced into chapter 11 as a result of seismic changes to the movie industry during the COVID-19 pandemic. Cinemas across the U.S. either remain closed or are operating at reduced capacity while major film studios either delay or bypass theater releases in favor of streaming services.

Struggling financially? Please contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Hertz Global Files Reorganization Plan

Car rental company Hertz Global Holdings Inc. said that it had filed a proposed plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware. Under the plan, Knighthead Capital Management LLC and Certares Opportunities LLC will invest about $4.2 billion to buy up to 100% of common stock of reorganized Hertz.

Contemplating bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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SEC Data Show $359 Million of GameStop Shares Failed to Deliver

On Jan. 28, the day after GameStop Corp. mania hit its crescendo on the back of a short squeeze for the record books, about $359 million worth of shares were caught in limbo. More than 1 million shares were deemed failed-to-deliver that day due either to buyers lacking cash to complete purchases or sellers not having the shares to settle trades, according to U.S. Securities and Exchange Commission data. The SEC report, which covers trading from Jan. 15 through the end of the month, is just one more indication of the dislocation in the market for the video game retailer’s shares. GameStop stock, for months among the most heavily shorted on the New York Stock Exchange, surged more than 1,700% from Jan. 1 through Jan. 27 as a legion of Reddit users piled on, forcing bearish traders to scramble for shares and brokers to take the highly unusual step of curbing trading.

Being sued? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Owners of 70 Missouri and Illinois Jack in the Box Restaurants File for Bankruptcy

The owners of 70 Missouri and Illinois Jack in the Box restaurants filed for bankruptcy, citing competition and the coronavirus pandemic. The chapter 11 filings potentially affect 57 restaurants in Missouri, with 1,338 full- and part-time workers, and 13 restaurants in Illinois, with another 332 workers, but the filings say major creditors “have tentatively agreed to attend mediation” after the bankruptcy case is filed and lawyers have submitted motions so employees will still be paid. The companies fell behind in payments on a loan from City National Bank, their largest creditor, and the bank filed a complaint earlier seeking more than $15 million due on several loans. Then the coronavirus pandemic struck, the filings say, hurting business more. The companies were negotiating, and proposed closing seven or eight unprofitable restaurants, but couldn’t strike an agreement with the bank. Missouri Jack owes $927,000 to its top 20 creditors, other than the bank and Jack in the Box, including $115,000 to Ameren and nearly $168,000 to American Express, according to court records. Illinois Jack owes nearly $170,000 to its top 20 creditors.

Contemplating bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Fry’s Electronics Permanently Closes All Stores Nationwide

Fry’s Electronics is going out of business. It has been confirmed that the iconic Bay Area retailer is permanently closing the doors of all stores nationwide. “After nearly 36 years in business as the one-stop-shop and online resource for high-tech professionals across nine states and 31 stores, Fry’s Electronics, Inc., has made the difficult decision to shut down its operations and close its business permanently as a result of changes in the retail industry and the challenges posed by the COVID-19 pandemic,” the company said in a statement. The company has ceased regular operations and began the wind-down process. Fry’s has more than two dozen stores mainly across California and Texas. There are six stores in Northern California, eight in Southern California, eight in Texas, two in Arizona, and one store each in Georgia, Illinois, Indiana, Nevada, Oregon, and Washington.

Struggling financially? Please contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Jeff Bezos to Step Down as Amazon C.E.O.

Amazon founder Jeff Bezos announced that he would be stepping down as C.E.O. after building the company into a $1.7 trillion behemoth that became known as “the everything store,”. In the process, he upended the retail industry, turned Amazon into a logistics giant, and expanded into cloud computing, streaming entertainment and artificial intelligence-powered devices. For a time, he was the world’s richest person. Bezos said that he planned to hand over the reins this summer and transition into the role of executive chairman. Andy Jassy, the chief executive of Amazon’s cloud computing division, will be promoted to run the entire company. The change will be effective in the third quarter, which starts in July.

Are you affected financially due to the coronavirus? We can assist you. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Eligible Paycheck Protection Program expenses now deductible

The Treasury Department and the Internal Revenue Service issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan under the Paycheck Protection Program (PPP).

The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. This change applies for taxable years ending after March 27, 2020.For more information about this, the COVID-related Tax Relief Act of 2020, and other tax changes, visit IRS.gov.

Inquiring about taxes? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Former KU Med Center Administrator Charged With Embezzlement

A former administrator at the University of Kansas Medical Center faces criminal charges that he embezzled more than $500,000 from KU. A charging document filed in federal court accuses Michael Ahlers of diverting money from the KUMC Credit Union between 2009 and 2015. Ahlers was the administrator of the medical center’s occupational therapy education department. According to the complaint, he was the sole signatory on the credit union account. The document also charges him with income tax evasion because he allegedly failed to report the money on his tax returns.

The felony charges Ahlers faces – bank fraud and filing false tax returns – carry sentences of up to 30 years and three years in prison.

Struggling financially? Please contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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