Two Education Credits Help Taxpayers with College Costs

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, a taxpayer or a dependent must have received a 1098-T from an eligible educational institution. The American Opportunity Tax Credit is worth a maximum benefit up to $2,500 per eligible student for the first four years at an eligible college or vocational school. The Lifetime Learning Credit is worth a maximum benefit of up to $2,000 per tax return, per year, no matter how many students qualify, and is available for all years of post-secondary education or for courses that help the taxpayer acquire or improve job skills.

If you need tax preparation assistance and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Treasury and IRS Issue Proposed Regulations and Provide Relief for Certain Tax-Exempt Organizations

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 to help many tax-exempt organizations find the reporting requirements in one place. The proposed regulations incorporate the existing exemption from having to file an annual return for certain organizations that typically have gross receipts of $50,000 or less.

If you need tax preparation assistance and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Withholding Graduation Date from Transcript Violates Stay

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 proper award of attorney’s fees and costs.

If you would like to speak to an attorney about a bankruptcy issue, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Taggart’s Effect Evident in Eleventh Circuit Ruling on Discharge Violation

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 sent by a secured lender regarding a debtor’s discharged personal liability on a mortgage does not violate the discharge injunction in Section 524, even though the same statement may violate the federal Fair Debt Collection Practices Act.

If you would like to speak to an attorney about a financial matter or bankruptcy, call our law offices at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Adoption Assistance Payments Excluded from Current Monthly Income in Bankruptcy

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 they did not believe the debtors were paying all their projected disposable income as required under 11 U.S.C. Section 1325(b)(1)(B). The objection centered around the $2,325 per month in benefits the debtors received under the Adoption Assistance and Child Welfare Act of 1980.

If you are thinking about filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Bankruptcy Court Disallows $900 per Month Medical Marijuana Deduction on Means Test

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 plan was denied because it does not contribute all projected disposable income as required under 11 U.S.C. Section 1325(b)(1)(B).

If you are thinking about filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Harassment Shown for a Protection Order

Missouri law provide that a full order of protection may be issued on proof of domestic violence, which includes abuse and harassment. Harassment includes a course of conduct that serves no purpose, but causes the victim to experience substantial emotional distress, and that victim’s reaction is reasonable.

If you are a victim of a crime and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Sale Leasebacks for Business Owners and Corporations

A sale leaseback (SLB) is a financial transaction where an asset owner sells that asset on the open market. The asset is then leased back from the buyer under a long-term net lease, allowing the seller of the asset to continue to utilize the asset for an uninterrupted set period of time. The transaction can be for any asset, but, historically, real estate has been the best candidate for SLBs. A SLB provides the owner of a business with a long-term net lease to operate under and a way to monetize the underlying real estate matter. The SLB also provides the business owner with access to additional capital outside of the traditional financing options.

If you would like to speak to an attorney about a real estate matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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No Remedy for Non-Party

An appellant, who was not a party to an action resulting in a judgment of adoption, lacks standing to appeal the judgment or file a motion of relief from the judgment. The circuit court did not err in striking appellant’s post-judgment motion for lack of jurisdiction. The Court of Appeals lacks jurisdiction to hear an appeal from the circuit court’s ruling because the circuit court lacked jurisdiction.

If you are dealing with a family matter and would like to speak to an attorney call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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No Sanction After Voluntary Dismissal

Any circuit court order issued after voluntary dismissal is null because voluntary dismissal negates an action as if it was never started and ends circuit court authority immediately. This extends to ancillary matters such as control over party behavior related to the action.

If you would like to speak to an attorney regarding a civil matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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