Days before the end of the tax year, the massive tax bill changed the rules retroactively. And for once, the change benefited individual taxpayers. The tax bill revived, for tax year 2017, the exclusion from income accorded to phantom income upon foreclosure, short sale, or loan modification. The provision that created an exception protecting […]
IRS Shakedown Happening In Bankruptcy Court
The latest IRS scam is happening in bankruptcy, out in the open. Now usually when I write about IRS scams, I’m talking about genuine bad guys either pretending to be the IRS to hijack your money or pretending to be you to the IRS, to hijack your money. But nobody is pretending in the trick […]
Taxes: Building Block of Financial Literacy
You’re a first time employee. Congratulations. Welcome to the world of tax forms, withholding, and tax deadlines. Taxes are the price we pay for civilization, according to Oliver Wendell Holmes. In fact, the first day on your new job you’ll be presented with an IRS form w-4. It’s like a rite of passage into adulthood. Even families […]
Tax Tidbits As Filing Deadline Approaches
If you got an extension to file your tax return, and tax filing time has arrived, you may need some moral support and some reliable information to get the job done right and on time. This site often focuses on taxes, not because we are tax professionals, but because tax troubles are one of the […]
Cut Tax Liens Down to Size
Tax liens are no match for Chapter 13 when it comes to cutting the lien down to its real value. On paper, a tax lien can quickly become huge. In bankruptcy however, a lien is no bigger than the value of the assets it attaches to. While in Chapter 7, liens pass through bankruptcy without […]
Tax Trap When You Settle Debts Outside Of Bankruptcy
Debt settlement has a hidden tax consequences no one ever discusses. If you own a home, debt settlement can bite you in the asset down the road. That’s because debt forgiven outside of bankruptcy gets deducted from the basis of your home. Result: more potentially taxable capital gains on sale. That’s the killer reason […]
How To Spot A Fake IRS Officer
Identity thieves are now posing as “helpful” folks from the IRS. These scammers email you with the disturbing news that your tax return has been flagged for further examination. Posing as representing the IRS Taxpayer Advocate Service, they offer help in “resolving” the problem, if you’ll just click a link and provide them information. They […]
California Law on Cancelled Debt Mirrors Federal Law
I’ve always assumed that California law excluded from income debt forgiven in bankruptcy, just as federal tax law does. When a client asked me to confirm that the treatment was the same, I realized that this was one of those things I had just assumed. As a lawyer, I ought to know the danger […]
Claim Tax Deductions Lurking In Your Chapter 13
Tax deductions may be hiding in your Chapter 13. Did you file for an extension of time to file your income tax return? Well, time to get the return done is running out: returns are due October 16th in 2023. If you are in a Chapter 13 bankruptcy case, you may have deductions you haven’t […]
Time Running Out To Claim Prior Year Tax Breaks
Time is running out on your 2011 tax return. Whaaaat?, you say. You’re working on 2014 between now and April 15th. But if you’re one of those people who overlooked a tax deduction or, better yet, a tax credit like EITC, you’re running out of time to amend your 2011 return and capture some of that money. An […]
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