Covid-19 related CARES Payments could be taken by bankruptcy trustees in active bankruptcy cases

Litvak Legal Group, PLLC (LitvakLegalGroup.com) continues to follow the news and developments regarding Covid-19 and bankruptcy. As many of you know, the recent CARES stimulus act included some very important bankruptcy-related provisions. First, CARES act excluded all unemployment-related payments from the “income” form means testing purposes. The Act also excluded the payments to individuals and […]

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Penalty Relief for Partnerships That Filed Late in 2017

The IRS recently issued guidance providing penalty relief for certain partnerships that did not file the required returns in 2017 for the 2016 tax year. Notice 2017-47 provides penalty abatement for these partnerships only if certain circumstances apply: The partnership filed the returns with the IRS and furnished Schedule K1 to its partners (as appropriate) […]

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Filing a tax return after the assessment by the IRS will not be considered a “proper tax return” under Beard standard and would not make the tax debt dischargeable

Filing a tax return after the assessment by the IRS will not be considered a “proper tax return” under Beard standard and would not make the tax debt dischargeable. The 3rd Circuit court has just decided a case regarding the dischargability of the tax debt, when a taxpayer files his “tax return” after the Service […]

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Mortgage payments cannont be discharged in a bankruptcy, when deeply interconnected with family support obligations

In my consumer bankruptcy practice, I often encounter questions regarding the dischargeability of financial obligations. A person on the phone or face-to-face, usually at the first meeting or case evaluation, wants me to draw a quick conclusion and tell from a simplified fact pattern, if the debt is dischargeable or not. I am often pressed […]

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New 2017 PA Tax Amnesty April 21, 2017- June 19, 2017

From April 21, 2017 to June 19, 2017 the Department of Revenue will waive all penalties and half of the interest on eligible tax delinquencies for anyone who participates in the 2017 Tax Amnesty Program. One must file all missed tax returns and/or extensions to take advantage of the program. This will be one of […]

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