Monthly Archives: March 2012

Should Private Student Loans Be Dischargeable in Bankruptcy?

Should private student loans be dischargeable in bankruptcy? The question may be simple, but the answer is far more complicated. When we examine educational borrowing in this country, we note two distinct issues:  the ever-increasing cost of obtaining an education and the heightened burden that private loans put on student borrowers. No Discharge of Private Student Loans in Bankruptcy Did you know that the aggregate student loan obligation in this country now exceeds our combined credit card debt? [...]

By |2012-03-29T14:16:34+00:00March 29th, 2012|Categories: Uncategorized|Comments Off on Should Private Student Loans Be Dischargeable in Bankruptcy?

Owe Taxes to the IRS? You May be Surprised by a Lien on Your Arizona Property

According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS is mishandling lien filings made against people who owe back taxes to the IRS. Problems include copies of lien notices not being sent to the taxpayer’s representative, the IRS not using the correct last known address to send the notice, and simply not sending notices to taxpayers in a timely fashion. As a result, some Arizona residents who are behind on their taxes may have liens filed [...]

By |2012-03-29T12:47:24+00:00March 29th, 2012|Categories: Uncategorized|Comments Off on Owe Taxes to the IRS? You May be Surprised by a Lien on Your Arizona Property

Tale of Two Cities: Detroit and Stockton on the Brink of Bankruptcy

Once the heartbeat of the Midwest, Detroit, Michigan, has suffered a long, slow economic decline. In the 1960s, Democrat President Lyndon B. Johnson’s Great Society and War on Poverty would make Detroit the poster-city for social reform. The Great Society was further expanded by later presidents and, in the decades that followed, became precisely what many predicted. The Motor City is now merely a shell of its former glory, its declining population almost completely dependent upon government welfare. [...]

By |2012-03-27T15:54:40+00:00March 27th, 2012|Categories: Uncategorized|Comments Off on Tale of Two Cities: Detroit and Stockton on the Brink of Bankruptcy

Fat “Tax Resolution Shops” Collapse Under Own Weight

American Tax Relief, “Tax Lady” Roni Lynn Deutch, J.K. Harris & Co., and now Tax Masters, Inc. – lawsuits and bankruptcy for fat “tax resolution shops” are indeed a reversal of fortune. American Tax Relief Shut Down In October of 2010, the U.S. District Court for the Northern District of Illinois, Eastern Division, shut down American Tax Relief. This was after the Federal Trade Commission pursued the charlatan tax resolution shop for bilking money out of 20,000 taxpayers. [...]

By |2012-03-27T12:02:49+00:00March 27th, 2012|Categories: Uncategorized|Comments Off on Fat “Tax Resolution Shops” Collapse Under Own Weight

Tax Informant Wins Ruling – May Be Entitled to 15% of $100 Million Tax Bill

When Dorothy Dillon Eweson, daughter of Wall Street financier Clarence Dillon, died in 2005 she left behind an estate worth $300 million. A few years later, the boyfriend of the widow of one of Eweson’s grandsons and a Nashville lawyer, William Prentice Cooper, filed what is known as a Form 211 “award for original information” with the IRS. In it he requested an informant’s reward for alerting the IRS that Eweson’s estate had dodged $100 million in estate taxes [...]

By |2012-03-26T12:34:44+00:00March 26th, 2012|Categories: Uncategorized|Comments Off on Tax Informant Wins Ruling – May Be Entitled to 15% of $100 Million Tax Bill

Health Care Reform Creates Additional IRS Tax Burden for Arizona Small Businesses

What does health care reform have to do with Arizona small business taxes? As it turns out, there is a provision in the health care reform law that would require all businesses to file form 1099 with the IRS for any company they buy goods and services from if the total amount is more than $600 for the year. 1099s would also have to be sent to each vendor for its records. The new requirement would go into effect [...]

By |2012-03-23T12:26:49+00:00March 23rd, 2012|Categories: Uncategorized|Comments Off on Health Care Reform Creates Additional IRS Tax Burden for Arizona Small Businesses

Former AZ Lawmaker Miranda Pleads Guilty to Tax Evasion and Fraud

Richard D. Miranda Representative Miranda Resigned from the Legislature in February After thirteen years of service in the Arizona legislature, 56-year-old Tolleson Democrat Richard Miranda resigned from the House on February 16, 2012, for what he described as family and health reasons, both of which are probably true although not directly. He had quietly served his Arizona constituents since 1999 and is not credited with proposing many bills. Miranda’s sister-in-law (Rep. Catherine H. Miranda D-Dist.16) is [...]

By |2012-03-20T11:54:28+00:00March 20th, 2012|Categories: Money Matters|Comments Off on Former AZ Lawmaker Miranda Pleads Guilty to Tax Evasion and Fraud

Phoenix Tax Attorney Serves Up the Dirtiest Top Tax Scams

The IRS just released its annual Dirty Dozen tax scams for 2012. Although most of those are geared toward taxpayer attempts at scamming the IRS, a few are scams directed at taxpayers themselves. So you don’t get trapped in the scammer’s web of deceit, Phoenix tax attorney Lawrence ‘D’ Pew serves up three of the dirtiest tax scams as an important reminder to be careful who you deal with and protect your personally identifiable information (PII) from criminals. [...]

By |2012-03-19T10:32:39+00:00March 19th, 2012|Categories: Social Security Disability|Comments Off on Phoenix Tax Attorney Serves Up the Dirtiest Top Tax Scams

Saving Your Arizona Home from Foreclosure through Bankruptcy

To distressed Arizona homeowners, the idea of saving your home by declaring bankruptcy seems too good to be true. But it’s not. When you file for bankruptcy protection, foreclosure proceedings come to a halt, debt collectors are required to stop calling, and in many cases, debtors can reorganize their finances so that they can keep their homes. Of course, there are exceptions. If you are losing your home because you have lost your job or your income has otherwise [...]

By |2012-03-17T13:31:50+00:00March 17th, 2012|Categories: Uncategorized|Comments Off on Saving Your Arizona Home from Foreclosure through Bankruptcy

Dealing with Creditors(Part 5 of 5)

It happens to everyone at some point or another. A little bad luck can put you behind on your bills. Before you panic, learn the basics on dealing with different types of creditors so you can keep a little slip up from snowballing into a financial crisis. Credit Card Issuers (and other “unsecured” debt) Credit cards, medical bills, and personal loans not tied to any collateral are all considered unsecured debt. Most holders of unsecured debt will wait [...]

By |2012-03-14T13:27:51+00:00March 14th, 2012|Categories: Uncategorized|Comments Off on Dealing with Creditors(Part 5 of 5)