Category Archives: General

The Internal Revenue Service issued a tax tip warning taxpayers to watch for new versions of tax-related scams, one of which involves fake property liens. The following details will help taxpayers to recognize the property lien scam: A letter threatening … Continue reading →

GNC Holdings, Inc., the health and wellness company, is looking to rework the almost $900 million debt to get ahead of important borrowing dates. GNC currently has 4,800 store locations in the U.S., including 1,200 Rite Aid store-within-a-store locations, more … Continue reading →

If the IRS safe harbor requirements are met, a real estate rental interest will be treated as a single trade or business for purposes of the Section 199A deduction. The safe harbor is available to taxpayers who seek to claim … Continue reading →

The Eighth Circuit recently held that a purchaser has no successor liability to a debtor’s unpaid creditors. Both in the business of roasting coffee, the buyer declined to directly purchase assets from the debtor because the debtor had substantial liabilities. … Continue reading →

There are two tax credits available to taxpayers to offset the financial burden of higher education. The American Opportunity Tax Credit and the Lifetime Learning Credit may reduce the amount of income tax owed. To be eligible for these credits, … Continue reading →

The Internal Revenue Service issued proposed regulations clarifying the reporting requirements that are typically applicable to tax-exempt organizations. The proposed regulations demonstrate statutory amendments and certain grants of reporting relief announced by the IRS and Treasury Department in prior attempts … Continue reading →

A debtor was entitled to damages because her graduation date was withheld from the debtor’s transcript. The withholding constituted a violation of the automatic stay. The court affirmed the bankruptcy decision and remanded it to the bankruptcy court to calculate … Continue reading →

According to the rule given by Taggart v. Lorenzen, the Atlanta-based appeals court said the lender could not be cast with sanctions, even if there were a violation of the discharge injunction. The Eleventh Circuit ruled that an informational statement … Continue reading →

A debtors’ Adoption Assistance payments were considered “benefits received under the Social Security Act” and were excluded from the calculation of their current monthly income. The bankrupt debtors had proposed a 21 percent (21%) plan and the trustee objected because … Continue reading →

Whether for medical or recreational purposes, marijuana use is still illegal under federal law. The deduction of a medical marijuana expense cannot be allowed as an ongoing medical expense or as a deduction for special circumstances. A bankruptcy debtors’ proposed … Continue reading →