To help bankruptcy trustees in their administration of asset cases, we offer a high-level view of some common — but complex — tax issues.
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IRS Can't Use Mistaken But Good Faith Belief That Debt Hadn't Been Discharged
Under 26 USC §7433(e), the IRS's good faith belief that it has a right to collect the purportedly discharged debts is not relevant to determining whether it "willfully violate[d]" the discharge order.
Representations to Your Representation: Pre-Argument Preview of Lamar, Archer & Cofrin LLP v. Appling
"[...]expect more adversary proceedings about what a debtor “obtained” from a creditor and the amount of information the creditor has about the debtor’s financial condition"
The Effect of Tax Reform on Debt Discharged in Chapter 11
The Tax Cuts and Jobs Act of 2017 may have a significant impact on after-tax cash flow in the years following an emergence from chapter 11.
When Tax Claims Can Tip the Scales: Expanding the Look-Back Period on Fraudulent-Transfer Claims
Idaho Bankruptcy Court recently ruled in In re CVAH Inc. that a trustee can “step into the shoes” of the IRS and utilize the transfer avoidance powers within both the FDCPA and the IRC.
Tax Reform for Restructuring Lawyers
[T]here are a number of provisions that restructuring lawyers should be aware of in the once-in-a-generation tax reform bill signed by President Trump on Dec. 22, 2017.
Tax Trap: When Debt Forgiveness Is Not a Free Pass
Not many founders of a new business consider, at the time the new business is founded, the potential U.S. federal income tax consequences to them should the new business fail.
A Different Sort of Tax Refund: The Ninth Circuit Allows Debtors in Possession to Recover Tax Payments to the IRS Under § 544(b)
In re DBSI Inc., offers new precedent that swings the balance back toward debtors and general unsecured creditors at the expense of the IRS.
24:43Current State of Consumer Bankruptcy Law, Most Litigated Consumer Issues
ABI Deputy Executive Director Amy Quackenboss talks with David Cox of Cox Law Group and Elizabeth Gunn of the Office of the Virginia Attorney General about their new consumer book.
Circuit Court Split: The One-Day-Late Rule and Dischargeability of Tax Debt
Section 727(b) of the Bankruptcy Code provides for the discharge of debts that arose prior to the petition date.
Skill and Will: Talent Is Key to the Turnaround of Distressed Municipalities
How will changing a government's compensation and benefits approach more efficiently utilize taxpayer resources? And what other low-cost steps can be taken to meet government job requirements?
7th Circuit Decision Might Impact State Property Tax Sales
A recent decision by the Seventh Circuit, purchasers of real property through tax sales conducted by certain states may begin to doubt the benefits of such an investment.
Dubious Opinion Says Automatic Stay Inapplicable to Setoff Against Exempt Property
District judge refuses to give automatic stay protection to a tax evader.
Discharge of Old Tax Debt
There are circumstances when taxpayers should be able to discharge debt from untimely returns.
Avoiding Tax Cheating with Subchapter K!
In an increasingly global world hastened by rapid technological advances, dishonest taxpayers now have more means at their disposal than ever before to evade lawful state taxes.
How Overpaid Taxes Might Become Property of the Estate
A debtor’s right to overpayments as of the date that a bankruptcy case is filed becomes property of the estate — even if the debtor elects to apply such overpayments to a future tax return.
Circuits Split on Enjoining the IRS from Pursuing Corporate Officer to Collect Taxes