The tax filing deadline approaches. So why is a bankruptcy lawyer talking about taxes? I’ve found over three decades as a bankruptcy lawyer that there’s a surprising degree of overlap between bankruptcy and tax . All too often, it’s tax troubles that brings a family to me for help. Here’s my two cents on what […]
Tax Form 1099 Needs A Closer Look: Chances Are It’s Wrong
Tax attorney Bill Purdy says: don’t take IRS form 1099 at face value. Hundreds of thousands of taxpayers at this moment are looking at, or thinking about, Form 1099-A or Form 1099-C documents they have received. Some arrived in the tax year a debt was allegedly cancelled. Others are issued by financial instructions many […]
Long Term Tax Savings When You File Bankruptcy Rather Than Settle Debts
Settle your debts outside of bankruptcy and you may be bitten by taxes you didn’t expect years later. Everyone I talk to would rather cut a deal with their creditors than file bankruptcy. It’s universal. But here’s the killer reason why bankruptcy alone protects homeowners from a unexpected tax consequence down the road. Debt forgiven […]
