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Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk  [Video]

May 22 (Bloomberg) -- AMF Bowling Worldwide Inc. and Ahern Rentals Inc. are prime examples of the frothy market where junk-bond investors are fearless in the face of risk, as Bloomberg Law's Lee Pacchia and Bloomberg News...more

California Court Finds Securitization Entities Subject to California Income Tax

A California Superior Court has issued a decision with significant impact on financial services. In the case, Harley-Davidson, Inc. v. Franchise Tax Board, San Diego Superior Court Judge Joel Pressman held that...more

Nonresident Employee Avoids New York Taxes On Deferred Compensation Payment

A taxpayer we will call John worked for a savings bank in New York that was acquired by Washington Mutual Bank. John participated in the New York bank’s supplemental executive retirement plan (SERP) and its deferred...more

Tax Talk -- Volume 6, No. 1 -- April 2013

In This Issue: House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives and Modify Certain Other Tax Rules; After Months of Anticipation, Final FATCA Regulations Released; Congress Considers...more

Dechert OnPoint: NDNY Bankruptcy Court's Broad Interpretation of the Definition of "Interests" in 363 Sale

A recent decision out of the Bankruptcy Court for the Northern District of New York has brought greater certainty to the interpretation of what qualifies as an “interest” when determining the scope of a Section 363(f) “free...more

New York Bankruptcy Court Adopts Expansive View of Section 363 Free and Clear Assets Sales

Introduction - In a recent decision, the Bankruptcy Court for the Northern District of New York broadly interpreted the meaning of “interest” in the context of determining the scope of a sale free and clear of “liens,...more

Rogers Towers: A Potential End-Around McNeal: Liens Partially Secured by Personal Property

When the time comes to collect a debt, few organizations are as accomplished as the Internal Revenue Service. The IRS showed just such guile in the case of In re Williams, a recent Chapter 7 proceeding in the Middle District...more

March 2013 - SALT Shaker Newsletter

In this issue: - Delivered by Independent Contractors, Undelivered by P.L. 86-272: Order Fulfillment Activities Subject Out-of-State Seller to New York Corporation Franchise Tax - Everything’s Bigger in Texas,...more

Home Is Where You Hang Your Hat: The Significance of Domicile Planning

A debtor, regardless of state residence, can seek protection from his or her creditors in the federal bankruptcy courts. However, the state in which the debtor resides or, more accurately, is "domiciled," will determine which...more

United States of America v. Susquehanna Bank

Appellee's Brief

The Internal Revenue Service appealed a grant of summary judgment favoring Mr. Valkenet's client, Susquehanna Bank. The Maryland bankruptcy court granted the bank's indemnity deed of trust priority over IRS tax liens by...more

Are You Thinking About Filing Bankruptcy? Call Me Before You File Your Taxes! #bankruptcy

Are you expecting a tax refund this year? You need to read this first! ...more

The Georgia Homestead Exemption in Bankruptcy: Should it be Increased?

On May 2, 2012, the homestead exemption was increased which brought the exemption for an individual filer to $21,500.00 and nearly in line with the federal homestead exemption....more

Avoiding “Responsible Person” Liability For Payroll and Sales Taxes

One benefit of conducting business through a corporation, limited liability company or other limited liability entity is the “shield” from personal liability that these entities generally afford stockholders, directors and...more

‘Tis The Season To Be WARY!

Tax season is on us once again and many are thinking about how to make the best use of any tax refund to pay down their obligations. Be aware: scammers are out there and are plotting strategies to separate you from your...more

Mortgage Debt Forgiveness Survives Fiscal Cliff Settlement

In a last minute – okay, more like a “well after the last minute” deal struck by the US Congress, a key provision protecting borrowers losing their homes was extended for one more year. The Mortgage Forgiveness Debt Relief...more

No Oregon Income Tax Nexus For Company Owning Intangibles Used In State

A federal bankruptcy court judge has held that Washington Mutual, Inc. (WMI), a parent holding company that owned bank subsidiaries conducting business in Oregon, did not have nexus in Oregon by virtue of its ownership of the...more

IRS Levies and Wage Garnishments

If you are in serious debt and fail to take action to remedy the situation, the IRS may levy your property or garnish your wages. A levy is a legal seizure of your property in order to satisfy a debt....more

What the Local Government Center’s Reorganization Means to Communities (And Taxpayers)

This New Hampshire Public Radio Broadcast features Bernstein Shur Attorney Andru Volinsky. The on-going fight between the state of New Hampshire and one of the nation’s largest insurance risk pool managers is an...more

Perspectives on Real Estate - Fall 2012

In This Issue: - Energy Consumption Data Reporting in California – AB 1103 and 531 - Real Estate and Construction Risk Management: Tips to Ensure Your Status as an Additional Insured - Attention: New Foreign Tax...more

Is your IRA safe from creditors?

If a substantial portion of a person’s wealth is in one or more IRAs, protecting the assets in those accounts is critical to his or her estate plan. IRAs provide significant benefits, including tax-deferred wealth...more

Limiting Private Equity Fund Exposure to the ERISA Obligations of Portfolio Companies

In welcome news for private equity (“PE”) funds, a recent district court opinion determined that two PE funds and their bankrupt portfolio company were not a “controlled group” and thus the PE funds were not responsible for...more

"Bankruptcy Court Approves Innovative Plan Preserving Solyndra’s Valuable Tax Attributes Over DOJ Objections"

A bankruptcy court has approved the reorganization plan of solar cell manufacturer Solyndra despite government objections that the plan’s principal purpose was “tax avoidance” through the preservation of net operating losses....more

Bill on Bankruptcy: Solyndra, Lehman, MF Global, ATP Oil, LSP Energy, Want Ads [Video]

Oct. 24 (Bloomberg Law) -- The controversial approval of the Chapter 11 plan for solar-panel maker Solyndra LLC is the first topic on this week's Bloomberg bankruptcy video. For the second item, Bloomberg Law's Lee...more

The Sixth Circuit Splits From the Federal Circuit and Rules That Severance Payments Are Not Taxable as FICA Wages

On September 7, 2012, the Sixth Circuit held that certain types of severance payments (referred to as supplemental unemployment compensation or “SUB payments”) are not taxable wages under FICA. United States v. Quality...more

Can a Bankruptcy Discharge Individual Income Taxes?

The IRS generally has 10 years from the date taxes were assessed to collect. In order to discharge federal individual income taxes in a chapter 7 bankruptcy, there are five requirements you must meet....more