Tax Breaks For New Yorkers and Their Potential Issues

In the United States, the term “tax break” is often used pejoratively, as if to imply the inherent unfairness of any regulation that does not tax everyone in exactly the same manner. However, there are valid policy reasons that cause different people to be taxed accordingly. Still, due to the stigma associated with passing ‘tax […]

“Forgiveness of Debt” Income: How To Avoid Tax Surprises

When someone files bankruptcy, they receive their discharge and most often, they believe that to be the end of it, aside from having to rebuild their credit rating. However, they can receive a nasty surprise at tax time, in the form of a 1099-C. Why Call It Income? Many take issue with the fact that […]

Small Business Bankruptcy for Sole Proprietors

When you are a small business owner, everything you do is intricately tied to your personal life, even if that is not your intention. If you need to file for bankruptcy due to the failure of your business, it will be no different. What many people fail to realize that if their business is a […]

Rent-Controlled Apartments in Bankruptcy

Property values in New York City are exorbitant compared to the rest of the state. Very often, a rent-stabilized or rent-controlled apartment is the only way that people in certain income brackets can live in the city proper. As such, the concept of rent control is something that matters to quite a lot of people. […]

Late Filed Tax Returns: Are They Dischargeable?

Filing a tax return late is forever a risky proposition. However, when one is planning to file for bankruptcy, it is even riskier. Most tax debts are not dischargeable in bankruptcy, but there are exceptions. However, if a return is filed late, the dischargeability of the debt on that return may go up in smoke. […]