With the holidays upon us, we’re sharing a very special Arizona Bankruptcy Newsletter (Dec. 2012) with you. Recline on the Lazy Boy for just a moment. Take five from the hustle and bustle of decorating, cooking, shopping, and visiting to catch up on what’s new and influential in bankruptcy, foreclosure, and tax problem resolution.
Here are a few highlights from our December issue:
Credit Cards, Cancellations, and FICO Scores
If you plan to apply for an Arizona mortgage or car loan in the near future, your first thought may be to cancel a credit card to boost your credit score. But did you know that cancelling a credit card could actually lower your FICO score by changing the debt-to-available-credit ratio? Before you start closing those accounts after the annual holiday shopping season, read this timely article.
Grammy Award Winner R. Kelly Owes $6.2 Mil in Taxes
R&B singer-songwriter-producer R. Kelly is a phenomenal commercial success, but no stranger to tax problems with the IRS. Is the crooner taking his tax liability seriously?
Don’t Short Change Your Child on Sleep
Seems we all have our sleep schedules disrupted during the holidays. A recent article published in the medical journal Pediatrics reported on a sleep study involving healthy children between the ages of seven and 11. The evidence is in – even minimal sleep deprivation can substantially impact a child’s development.
Lawn Service Business Owner Failed to Pay Payroll Taxes
Florida’s growing season is year-round, making lawn service companies ubiquitous as residents strive to prevent their yards from becoming jungles. From 2005-2006, Mike Cioffi Lawn Service had plenty of business for his crews. However, he opted not to collect payroll taxes. Instead, Cioffi will pay restitution to the IRS (he’ll serve time in prison, too).
Home Safety Precautions – Where There’s Smoke…
Did you know that fire departments responded to 384,000 home fires in 2010 alone? That 85% of all U.S. fire deaths occur while at home? Keep your family safe and protect your property by following the preventative measures offered in this important article.
Tax Dodger or Sovereign Citizen? Man Faces 164 Years in Prison
Alabama’s James T. Turner, the self-proclaimed president of the “Republic for the united States of America,” is facing a couple lifetimes in federal prison for a myriad of tax violations. That’s in addition to a fine of up to $2.35 million and restitution to the IRS if convicted. Wow!
From our Pew Law Center family to yours…
Happy Holidays and may you enjoy good health, peace and happiness in the New Year.