Law Office of Camron Hoorfar, PC

These lawsuits against Navient related to allegations of predatory lending and illegal student loan servicing that harmed borrowers nationwide. Per the terms of the settlement, with a bipartisan group of 39 state attorneys general, borrowers will enjoy $1.7 billion in cancellation on dangerous, high-cost private student loans.

This is an enormous win for people with student debt.  It offers desperately needed relief to people who were victims of predatory lending by Sallie Mae and Navient a decade ago and cancels billions of dollars of debt. 

It is also a bipartisan endorsement of the idea that the student loan system is broken. These lawsuits have been controversial, but this settlement is not. This includes Republican AGs from Georgia, Tennessee and elsewhere who have previously been on the sidelines of this fight. There is now a broad bipartisan consensus that the student loan system is broken and both federal and private student loan borrowers have been cheated out of their rights.

This builds the case for sweeping action by the Education Department. The CFPB, which also sued Navient for illegal student loan servicing, remains in litigation with the company. Billions of dollars in loans owned by the U.S. Department of Education were covered in the allegations made in this settlement. The burden now shifts to Washington, particularly Sec. Cardona, to do right by these borrowers and cancel their debts.

If you’re struggling with debt, call our office at 816-524-4949 or click here to schedule a consultation to determine your best option.

Around 4.3 million people quit or changed jobs in December. This number is down from the previous month’s all-time high but still near record levels, as the labor market remained unsettled and the omicron variant swept through the nation. Employers reported some 10.9 million job openings in a survey from the Bureau of Labor Statistics, well above pre-pandemic averages. As parents struggled to navigate their work lives as schools and day cares closed due to the rising number of COVID-19 cases, the labor market faced even more disruption. Sudden outbreaks at work, with little of the social safety protocols seen in earlier waves, means at least 4 million workers resigned each month during the second half of 2021. Many have left their jobs to find work that had better pay, better benefits, or more flexible schedules.

Struggling financially? Call our office at 816-524-4949 or click here to schedule a free consultation.

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 taxpayers claim valuable credits and deductions.

Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors.

• Filing too early. While taxpayers should not file late, they also should not file prematurely. People who don’t wait to file before they receive all the proper tax reporting documents risk making a mistake that may lead to a processing delay.
• Missing or inaccurate Social Security numbers. Each SSN on a tax return should appear exactly as printed on the Social Security card.
• Misspelled names. Likewise, a name listed on a tax return should match the name on that person’s Social Security card.
• Entering information inaccurately. Wages, dividends, bank interest, and other income received and that was reported on an information return should be entered carefully. This includes any information needed to calculated credits and deductions.  Using tax software should help prevent math errors, but individuals should always review their tax return for accuracy.
• Incorrect filing status. Some taxpayers choose the wrong filing status. The Interactive Tax Assistant on IRS.gov can help taxpayers choose the correct status especially if more than one filing status applies. Tax software also helps prevent mistakes with filing status.  
• Math mistakes. Math errors are some of the most common mistakes. They range from simple addition and subtraction to more complex calculations. Taxpayers should always double check their math. Better yet, tax prep software does it automatically.  
• Figuring credits or deductions. Taxpayers can make mistakes figuring things like their earned income tax credit, child and dependent care credit, child tax credit, and recovery rebate credit. The Interactive Tax Assistant can help determine if a taxpayer is eligible for tax credits or deductions. Tax software will calculate these credits and deductions and include any required forms and schedules. Taxpayers should Double check where items appear on the final return before clicking the submit button.  
• Incorrect bank account numbers. Taxpayers who are due a refund should choose direct deposit. This is the fastest way for a taxpayer to get their money. However, taxpayers need to make sure they use the correct routing and account numbers on their tax return.  
• Unsigned forms. An unsigned tax return isn’t valid. In most cases, both spouses must sign a joint return. Exceptions may apply for members of the armed forces or other taxpayers who have a valid power of attorney. Taxpayers can avoid this error by filing their return electronically and digitally signing it before sending it to the IRS. 

The IRS urges all taxpayers to file electronically and choose direct deposit to get their refund faster. IRS Free File offers online tax preparation, direct deposit of refunds and electronic filing, all for free. Some options are available in Spanish. Many taxpayers also qualify for free tax return preparation from IRS-certified volunteers.

Need tax help? Call our office at 816-524-4949 or click here to schedule a consultation.