Ted Livingston, the CEO of Kik, a popular messaging app, announced that the company would be shutting down the messaging application. The company is shutting down the application in order to focus entirely on its own cryptocurrency Kin.
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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:
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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 than 1,000 franchise locations, and franchise operations in 46 international markets. GNC plans to close as many as 900 stores by the end of 2020 and cutting its mall outlets in half.
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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 the Section 199A deduction in regards to a “rental real estate enterprise,” which is defined as an interest in real property that is held to generate rental or lease income. The taxpayer or relevant pass-through entity (RPE) must hold each interest directly or through an entity that is disregarded as a separate entity from its owner (i.e., a single member limited liability company).
The following requirements must be met to qualify for this safe harbor:
If the above requirements are not met, the real estate interest may still be treated as a trade or business for the Section 199A deduction if it meets the definition of a trade or business under the Section’s regulations.
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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. The buyer wanted to buy the assets from the bank, who took the assets from the seller. According to the agreement between the buyer and the bank, the bank would not be responsible for any debts owed by the debtor.
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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.
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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.
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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.
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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.
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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.
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