After the busy winter holidays it is time for everyone to take a close look at any debt. Credit card bills from gift buying, travel expenses, mortgage, and car payments are screaming to get paid. Unforeseen circumstances such as a layoff, car accident, or cancer have added to the list of creditors. Bankruptcy is not [...]
Three years after Bernard Madoff’s arrest, about $11 billion of the $18 billion in estimated losses has been recovered by Irving Pickard, the Madoff trustee. In 2011, Picard faced legal challenges. First he obtained a court approval of a $7.2 billion settlement by the estate of Jeffry Picower. Picower was a Wall Street investor who [...]
Cellfor, a privately held company headquartered in Vancouver, Canada that supplies conifer varietal seedlings to the forest industry, got a court order granting it protection under the Companies’ Creditors Arrangement Act. An order from Justice Harris of the Supreme Court of British Columbia grants a stay of proceedings against all actions and creditors until January [...]
Already 2012, and tax time is coming up. This year, the IRS and many states are not mailing tax forms. They are expecting people to go onto their websites to print out forms and instructions. The Internal Revenue Service provides tips to make sure the tax-filing process goes smoothly: 1. Gather records: order the forms [...]
On December 7, 2011, the IRS issued guidance for dual citizens of the United States and a foreign country who failed to timely file United States federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs). The guidance, FS-2011-13, is found at http://www.irs.gov/newsroom/article/0,,id=250788,00.html. Under FS-2011-13, dual citizens who fail to file U.S. [...]
When drafting a trust, or planning for what happens to property after death, the taxpayer needs to be aware that all estates face tax issues. Federal and state laws must be considered. When studying federal laws, a taxpayer should pay attention to IRS administrative rulings. The estate tax is a federal tax due when an [...]
An individual’s domicile is the state where the person resides or intends to return to. People change their state of domicile for many reasons. For instance, they want to be close to their children, they are looking for favorable climate, or they want a favorable tax structure. For state tax purposes, a domicile change is [...]
Everyone hears about huge corporations filing Chapter 11 bankruptcy filings in news: • In 2012, Eastman Kodak Co. prepared for Chapter 11 bankruptcy. • In 2011, there were headlines on Chapter 11 for Borders Group Inc., the famous bookseller. People drove to Borders to study or coffee only to find their favorite stores shut down. [...]
Chapter 11 bankruptcy is used to reorganize a business because there are no limits on the debt. The Chapter 11 debtor proposes a plan to reorganize finances to keep a business afloat. Corporations, partnerships, limited liability companies, business trusts, unincorporated associations, and individuals who own businesses, such as landlords with several rental properties, are eligible [...]
Many couples argue over money. One spouse may be cheap. Another spouse may be a spender. The couple may be in conflict about their credit card bills, the mortgage or car payments. Debt can cause a relationship to fall apart. A divorce may establish clarity in a couple’s private life, but does not make debt [...]
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