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Monthly Archives: February 2022
Financial Adviser Barred by SEC, Files for Bankruptcy
A former financial adviser barred from the industry over accusations he defrauded clients has filed for bankruptcy. Michael F. Shillin filed for chapter 7 at the end of November in U.S. Bankruptcy Court for the Eastern District of Wisconsin. He … Continue reading
Posted in Bankruptcy, Fraud
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Understanding the adoption tax credit
Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. Taxpayers who adopt their spouse’s child can’t claim this credit. … Continue reading
Posted in Taxation
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Toys ‘R’ Us Directors Face New Fraud Claims Over Bankruptcy
Toys “R” Us board members and owners face new allegations of fraud and breach of duty over the company’s 2017 bankruptcy. Creditors claim in ongoing litigation that seven company directors have now said they knew they shouldn’t have approved executive … Continue reading
Posted in Bankruptcy
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Common tax return mistakes that can cost taxpayers
Tax laws are complicated but the most common tax return errors are surprising simple. Many mistakes can be avoided by filing electronically. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help … Continue reading
Posted in General
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Illinois Attorney Sentenced to 2 Years on Bankruptcy Fraud Charges
Kevin Johnson (aka “K.O. Johnson”) of Sycamore, Illinois, was sentenced to spend 2 years in federal prison for bankruptcy fraud. Johnson was found guilty in August on four counts of bankruptcy fraud, one count of making a false entry in … Continue reading
Posted in Bankruptcy, Fraud, General
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Bel Air Mega-Mansion to Hit Auction Block Amid Bankruptcy Proceedings. Minimum Bid: $295 Million
A 105,000-square-foot mansion in Bel Air, Calif., dubbed “The One,” could become the most expensive property to sell in the U.S. when it hits the auction block next month, CNN.com reported. The hillside property, which spans over a sprawling 3.8 … Continue reading
Posted in Debt
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Former Colts Linebacker Gary Brackett Is Putting his Super Bowl Ring Up for Auction Amid Bankruptcy Proceedings
Former Colts linebacker Gary Brackett is putting his Super Bowl XLI ring, as well as his AFC Championship rings, up for auction. Bracket played for the Colts from 2003-2011 and won the 2007 Super Bowl against the Chicago Bears. Bracket … Continue reading
Posted in Bankruptcy, General
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American Airlines Posts a $931 Million Loss as the Industry Struggles to Recover
American Airlines said that it lost $931 in the last three months of 2021 as the COVID-19 cases have surged once again. Industry executives are hoping for a spring and summer driven by rebounds in corporate and international travel. Fierce … Continue reading
Posted in General
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