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Category Archives: General
FDCPA’s Strict Limits for Debt Collectors Leaving Messages for Consumers
A voicemail from a debt collector is not the message many people want to share with their roommate, employer, children or parents. The May/June issue of this newsletter examined the rules for debt collectors leaving messages, particularly on shared voicemail … Continue reading
Offer-in-Compromise Terms Made More Flexible
The IRS has announced another expansion of its Fresh Start initiative by offering more flexible terms to its Offer-in-Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems, and in many … Continue reading
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Tagged Form 656, Form 656-B, Fresh Start, IRS, Offer-in-Compromise, OIC
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IRS Offers Tips for Safeguarding Tax Records
Hurricane season has started and the IRS encourages individuals and businesses to safeguard their tax records against natural disasters by taking a few simple steps. Here are four tips from the IRS to help you prepare in case a disaster … Continue reading
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Purchaser at third-offering delinquent tax sale is required to provide notice to Owner in accordance with §140.405 and file affidavit to commence 90-day redemption so that failure precludes issuing a collector’s deed
This was Plantiff Brock’s (“Purchaser”) action to quiet title claimed via a Collector’s Deed after a third-offering delinquent tax sale, §§ 140.250-504, RSMo. Defendant Caldwell (“Owner”) held record title to Sikeston property (“Property”) and paid delinquent taxes for County Collector … Continue reading
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A warning for real estate professionals who have short term rentals
Time spent on those activities won’t help them beat the passive loss rules, the Tax Court says. Real estate pros who spend over 50% of their working hours and 750 or more hours a year materially participating in real estate … Continue reading
The IRS continues to feast on S firms that pay very low salaries to owners
In many cases, S firm owners take low salaries so they can receive the bulk of the corporation’s profits as dividends, which are not subject to payroll taxes. IRS and the courts balk at this practice. In a recent case, … Continue reading
Means Test– Expenses– Household Size
In determining “household size” for the purpose of calculating the debtors’ allowable expenses under the means test, two courts adopted the “economic unit” approach, rather than either the “heads on bed” approach or the dependency test of the IRS. See … Continue reading
Dischargeability of debts–Tax Debt
Taking a position that even the IRS has disavowed, the Fifth Circuit Court of Appeals held that, under the hanging paragraph added to Code §523(a), which states that, “[f]or purposes of this subsection, the term ‘return’ means a return that … Continue reading
Ineligibility of Chapter 13 debtor for discharge does not preclude a plan that permits stripping off wholly-unsecured junior residential mortgages
“Chapter 20” was curtailed by BAPCPA, but it remains vitality for the purpose of lien stripping. The Bankruptcy Appellate Panel holds that the Bankruptcy Code allows a debtor to follow a Chapter 7 with a Chapter 13 in which he … Continue reading
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Tagged Bankruptcy, Bankruptcy Appellate Panel, Chapter 13, Chapter 7
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Ten Things You Need to Know About the 2012 IRS Nationwide Tax Forums
The 2012 IRS Nationwide Tax Forums are three-day events presented by IRS experts and partner organizations that offer up-to-date information on federal and state tax issues. Tax professionals that take advantage of early registration will receive a significant discount on … Continue reading