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IRS Fresh Start Initiative Program, resolving IRS tax debts. Do You Need a Fresh Start on your IRS tax debt? You’ve no doubt heard the words “fresh start” a lot recently. Many of our competitors hype it as the silver bullet that will solve all of your tax problems. But, what do they mean by…

IRS First Time Penalty Abatement – FTA The first-time penalty abatement (FTA) waiver is an administrative waiver that the IRS may grant to relieve taxpayers from failure-to-file, failure-to-pay and failure-to-deposit penalties if certain criteria are met. The policy behind this procedure is to reward taxpayers for having a clean compliance history; everyone is entitled to…

If you filed a chapter 7 bankruptcy, look into filling IRS form 982 When you filed your bankruptcy, debts were written off. Creditors sometimes mail to you a document called a 1099-c. This is sometimes referred to as “forgiveness of debt” In order to eliminate the potential negative income tax consequences to you: When you…

DID SOMEONE FILE FOR UNEMPLOYMENT BENEFITS UNDER YOUR NAME? If you discover that someone has collected unemployment under your name (or someone you know) here are some things you can do to deal with this situation. This is a bigger problem that you might imagine. There are people trying to collect unemployment, in multiple states…

RICO suit, McKinsey In a decision last week, the Court of Appeals for the Second Circuit revived Jay Alix’s RICO suit against McKinsey regarding the latter’s conduct in securing a large piece of the high end bankruptcy consulting market (estates with assets worth over $1 billion). The Southern District of New York had previously ruled…

BEWARE OF USING MONEY FROM YOUR IRA OR 401(K) TO PAY DEBTS This can be a costly error. Using retirement funds to pay off debts can hurt you in numerous ways. The vast majority of retirement accounts are exempt. This means your creditors cannot get at them and you won’t lose them if you file…

How to Spot Student Loan Scams. Things you can do to protect yourself. “Enroll now and get your student loans forgiven!” “We can reduce your student loan payments!” “Don’t wait. Obama student loan forgiveness ends soon!” If you’re one of the 43 million people with student loan debt, you’ve likely received emails or seen ads…

Covid relief for evictions. New York has passed a COVID-19 Emergency Eviction and Foreclosure Prevention Act. No eviction action may be initiated until at least May 1, 2021 if a tenant submits a hardship declaration to the landlord initiating the eviction. In December 2020, New York passed the COVID-19 Emergency Eviction and Foreclosure Prevention Act….

New York has passed a COVID-19 Emergency Eviction and Foreclosure Prevention Act. No foreclosure action may be initiated until at least May 1, 2021 if a borrower submits a hardship declaration to the foreclosing party. In December 2020, New York passed the COVID-19 Emergency Eviction and Foreclosure Prevention Act. At that time, the act stopped…

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