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Internal Revenue Service Bankruptcy Court

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
McGlinchey Stafford

Priority of IRS Liens in Bankruptcy: Reminder That the King Gets Paid First

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So starts the opinion of the United States Court of Appeals for the Ninth Circuit in United States v. MacKenzie: “As Benjamin Franklin said, ‘nothing is certain except death and taxes.’ But how certain are taxes in a Chapter...more

Seward & Kissel LLP

Exclusive Relationship, the Tax Man Settleth, and Meet Virginia?

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Below is our initial take on recent bankruptcy-related developments: Yellow’s Shareholders Get Desired Ruling in Delaware Bankruptcy Court - On Monday, a Delaware bankruptcy court granted Yellow Corp. a 90-day...more

Jones Day

Circuit Split Widens on Extent of Abrogation of Sovereign Immunity for Governmental Units in Bankruptcy Avoidance Litigation

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Bankruptcy trustees and chapter 11 debtors-in-possession ("DIPs") frequently seek to avoid fraudulent transfers and obligations under section 544(b) of the Bankruptcy Code and state fraudulent transfer or other applicable...more

A&O Shearman

Section 467 Leases: Maximizing Tax Benefits While Minimizing Bankruptcy Risks

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As the economy continues to face challenges and the threat of bankruptcy becomes more prevalent among businesses, landlords must be more vigilant in protecting their interests in commercial leases. One area of particular...more

Rosenberg Martin Greenberg LLP

Affordable Care Act Battle Rages On: Fourth Circuit Holds Individual Mandate Is a Tax in Bankruptcy

As originally enacted, the Affordable Care Act (“ACA”) required most people to maintain health insurance. Those who did not maintain the required insurance were obligated to pay a “shared responsibility payment” (“SRP”),...more

Freeman Law

Turnover of Tax Refunds in Bankruptcy

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Case: In re Shaikh, Case No. 19-80436-TLM (Bankr. E.D. Okla., March 4, 2022) - This case addresses an intersection of tax and bankruptcy law related to tax refunds. Specifically, it looks at the issue of whether and when...more

Freeman Law

Recent Bankruptcy Court Ruling Addresses the Jurisdiction of Bankruptcy Courts to Hear Innocent Spouse Relief Cases

Freeman Law on

The recent case of In re Bowman, Case No. 20-11512, Section A (Bankr. E.D. La., July 12, 2021) addresses an interesting intersection of tax and bankruptcy law. Specifically, it looks at the issue of whether bankruptcy courts...more

Lowenstein Sandler LLP

Bankruptcy Ruling Highlights Longer Lookback Trend

Projections suggest over 1 million bankruptcy petitions will be filed in 2021. In preparing for those filings, counsel routinely evaluate the prospective creditor pool to determine, inter alia, the types of creditors, claim...more

Freeman Law

In the Matter of James and Simona Quezada v. Internal Revenue Service – The Fifth Circuit and the Discharge of Taxes in Bankruptcy

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The dischargeability of and the ability to collect taxes by the IRS in a consumer bankruptcy case often turn on the issue of whether and when the taxpayer filed the relevant returns, thereby determining when the statute of...more

Jones Day

New Appellate Court Ruling on Priority of Straddle-Year Taxes in Bankruptcy

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A basic tenet of bankruptcy law, premised on the legal separateness of a debtor prior to filing for bankruptcy and the estate created upon a bankruptcy filing, is that prepetition debts are generally treated differently than...more

McGlinchey Stafford

Straddle-Year Tax Debts in Bankruptcy: Does the King Get Paid First? [More with McGlinchey, Ep. 14]

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The Internal Revenue Service is often a significant creditor in a bankruptcy proceeding, frequently taking priority over other creditors. In this episode, McGlinchey Tax attorney Douglas Charnas (Washington, DC) and Financial...more

Miles & Stockbridge P.C.

Bankruptcy Court Within Fourth Circuit Permits Fraudulent Conveyance Claims to Move Forward Under IRS 10-Year Reach Back Period

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A recent opinion by the United States Bankruptcy Court for the Western District of North Carolina kept alive a bankruptcy trustee’s fraudulent conveyance claims based on, in part, the Internal Revenue Code (“IRC”) 10-year...more

Freeman Law

[Webinar] Freeman Law Legal and Tax Update - October 27th, 3:00 pm CT

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As businesses face unprecedented challenges, our legal team is here with insights and guidance. Join us as we discuss important developments during these unique times, and bring you up to speed on current initiatives. During...more

Patterson Belknap Webb & Tyler LLP

District Court Addresses “Straddle Year” Treatment for Federal Income Tax in Bankruptcy

In an appeal of a bankruptcy court’s decision, a district court judge recently addressed the treatment of the “straddle year” for federal income tax under the Bankruptcy Code, which “does not appear to have been decided by...more

Mintz - Bankruptcy & Restructuring Viewpoints

Decade Old Transactions Potentially Subject to Bankruptcy Clawback in Massachusetts

Transfers and transactions up to ten years old may be scrutinized, unwound and recovered by a trustee, the bankruptcy court sitting in Massachusetts recently held in the NECCO (think chalky wafer candy) bankruptcy case. The...more

Proskauer Rose LLP

Wealth Management Update - August 2019

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August 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs - Important federal interest rates continued to drop for August 2019. The August...more

Mitchell, Williams, Selig, Gates & Woodyard,...

IRS Pays $175,000 in Damages for Willfully Violating Bankruptcy Discharge By Making Collection Attempts Upon Discharged Debtor

In a battle of competing statutes, the First Circuit Court of Appeals has held that the IRS’s good faith belief that it had a right to collect debts discharged in bankruptcy because the debtor had filed a fraudulent return or...more

Mintz - Bankruptcy & Restructuring Viewpoints

Bankruptcy Settlements Post-Jevic: Potential New Requirements for Priority-Altering Settlements

As noted in a recent Distressing Matters post, the United States Supreme Court in In re Jevic Holding Corp. held that debtors cannot use structured dismissals to make payments to creditors in violation of ordinary bankruptcy...more

McDermott Will & Emery

IRS Opposes Granting of Certiorari in Cases Addressing Definition of Return

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Two petitions for certiorari are pending before the Supreme Court of the United States, asking the Court to resolve the question of whether a tax return filed after an assessment by the Internal Revenue Service (IRS) is a...more

Goodwin

First Circuit: Sending Form 1099-A Post-Chapter 7 Discharge Does Not Violate the Discharge Injunction

Goodwin on

On December 14, 2016, the United States Court of Appeals for the First Circuit affirmed the New Hampshire Bankruptcy Court and District Courts’ findings that a mortgage lender sending Internal Revenue Service Form 1099-A to a...more

Goodwin

Exercise of Post-Petition Right to Setoff Without Court Permission Violated Automatic Stay

Goodwin on

On November 16, 2016, the United States Bankruptcy Court for the Western District of Kentucky found that a creditor exercising its post-petition right to setoff without bankruptcy court permission had violated the automatic...more

BakerHostetler

Virtual Currency Guidelines

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Despite growing pains, digital currencies and blockchain may be the future of payments and global finance. As with any disruptive technology that gains popularity quickly, building the legal framework to support it is...more

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