Bankruptcy Law | JD Supra Legal News, Updates, Analysis, & Information

Arizona Tax Essentials: Preparing for an IRS Audit

by Pew Law Center on 5/17/2012

The tax audit. If you have hypertension, the very concept can worsen your condition. Being prepared and anticipating what the Internal Revenue Service (IRS) will expect from you is key to managing the stress associated with a...more

How Bankruptcy Affects Your Tax Refund

by Tampa Bay Bankruptcy Center, P.A. on 5/8/2012

Tax season has just ended and if you are expecting a refund while intending to file for bankruptcy (or already have done so), you may be wondering how your bankruptcy would affect your tax refund. It is common to receive a...more

Tax Consequences of Surrendering Investment Property in Bankruptcy?

by Matt Berkus on 5/7/2012

If a debtor surrenders investment real estate in bankruptcy, in addition to the risk of forgiven debt income tax, the debtor must be cognizant of potential capital gains tax as well. ...more

Can Bankruptcy Eliminate Income Tax Debt?

by Tampa Bay Bankruptcy Center, P.A. on 5/2/2012

Bankruptcy can eliminate a host of debts that you are genuinely unable to pay, ranging from credit card debts, medical bills etc. But you have probably heard that income tax debt cannot be discharged by bankruptcy. However,...more

Tax Day: The Consequences of Paying Taxes with Your Credit Card

by John Skiba on 4/16/2012

Well…it is here. Tax day. Whether you owe taxes or are getting a fat refund back you likely have made some sort of arrangements to get your tax return filed. If you owe taxes this year (or any other year for that matter)...more

Farmers Affected By MF Global Not Fined

by Darrin Mish, Tampa Tax Attorney on 3/29/2012

Farmers with accounts with now bankruptcy broker MF Global who could not file their taxes properly have not been fined. When MF Global filed for bankruptcy late last year, many farmers did not receive their 1099’s as a...more

Court Finds Exigent Circumstances Warrant Appointment of Receiver for an Insolvent, Closely Held Corporation

by Katten Muchin Rosenman LLP on 3/27/2012

The Delaware Chancery Court recently found that exigent circumstances necessitated the appointment of a receiver for an insolvent company under section 291 of the Delaware General Corporation Law (DGCL). The insolvent company...more

Can I get rid of my back income taxes with a bankruptcy?

by Malcolm Ruthven on 3/24/2012

We all know that "Nothing is certain but death and taxes", but the fact is that back income taxes may not stay around as long as death. Let's look at when back income taxes may be discharged (eliminated) with a bankruptcy....more

Estate of Badii ex rel. Badii v. Metropolitan Hospice, Inc., C.A. No. 6192-VCP (Del. Ch. Mar. 12, 2012) (Parsons, V.C.)

by Potter Anderson & Corroon LLP on 3/19/2012

In this memorandum opinion, the Court of Chancery appointed a receiver for an insolvent corporation deadlocked over how to discharge a tax lien. Defendant Metropolitan Hospice, Inc. (“MHI”), a closely held corporation,...more

Advantages of Chapter 11

by Pullman & Comley, LLC on 3/15/2012

Companies that are facing seemingly insurmountable financial difficulties can often turn to chapter 11 for relief. Some of the key advantages of filing chapter 11 to successfully resolve a company’s financial woes...more

April 2nd is Approaching. Are You Overassessed?

by Joel Glucksman on 3/13/2012

Today, Scarinci Hollenbeck’s Tuesday YouTube video post is of Partner Mark K. Follender, Chair of the Tax Appeal Group. In this video, Mr. Follender discusses the important question, “Are you Overassessed?” With the April...more

Clawback–Myth Or Monster? (Or, “Clawback For Dummies”)

by Charles (Chuck) Rubin on 3/12/2012

[Okay, we are not dummies, but this is a very tough issue to follow in its entirety for most of us.] Until recently, the term “clawback” did not mean much to estate planners and tax attorneys. Those with some knowledge...more

Forgiven Credit Card Debts and Taxes

by Darrin Mish, Tampa Tax Attorney on 3/9/2012

Tampa, Florida, Tuesday, March 6, 2012: Did you know that all forgiven debt is considered taxable income? “Any debt forgiven is taxable, unless you can prove that the debt was discharged in bankruptcy or that you were...more

MUNICIPAL TAXES, TAX SALE CERTIFICATES, AND THE MATTER OF PRINCETON OFFICE PARK – (Part 2 of 4) – The Critical Importance That The...

by Joel Glucksman on 3/8/2012

The Critical Importance That The Tax Certificate Sale Process Has To Municipal Finances In our previous post, we noted that the ability of New Jersey municipalities to realize a sufficient financial return on their real...more

Lehman Bankruptcy - In re: Lehman Brothers Holdings, Inc., et al., No. 08-13555

by Patterson Belknap Webb & Tyler LLP on 3/7/2012

Lehman Plan Becomes Effective; Distributions to Begin April 17 On March 6, 2012, Lehman Brothers Holdings Inc. and its affiliated debtors announced that their Modified Third Amended Joint Chapter 11 Plan, which had been...more

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Bankruptcy – May 23, 2012

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