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For many charitable taxpayers, donating household items like clothing, furniture or electronic items is a way to lighten the burden of both home clutter and tax strain. Items such as these are tax deductible, provided you attain a receipt.  But not just any receipt.  The receipt should  contain a dated and signed description and condition of the goods donated .  In a [...]

There are several important points I make to all my clients. The first is a request to be open with me and the court regarding your financial information. Most importantly to do so through our entire relationship without deviation. In law, we call this full disclosure and transparency. A recent case shows what you should NOT do when filing bankruptcy: Timothy P. [...]

Adding to the misery of owing taxes in New York States, is the year old the drivers license revocation initiative passed by Governor Coumo on  March 2013. Individuals who owe more than $10,000 in state taxes started to receive notices in August 2013. If you fall in this category An initial notice will be sent to you as the  taxpayer and there [...]

The IRS recently announced that the end of year budget deal will cause the IRS start date for accepting returns to be moved to January 30, 2013. No returns, electronic nor paper will be processed before that date. The government also announced that major tax software companies were currently accepting the returns, and warehousing or holding them until the arrival of January [...]

Another large bankruptcy involving the brokerage industry hit Wall Street recently and resulted is more pain for its’ clients. As has been widely reported in the MF Global bankruptcy (See NY Post, Friday, November 18, 2011” Burned by Greed”) many of its clients now face the prospect of either losing part or all of their investment. This is true with customers who held investments with MF’s [...]

Student loans used to be dischargeable and many people forget that they are now non-dischargeable due to changes in the law. Everyone attending higher education should be reminded several times before signing these notes that they are non-dischargeable and the same rules apply to the co-applicant or guarantor.  In a recent case  In Re: Curvtis V. and Connie S. Vitzhum,, 22 CBN [...]

A bankruptcy Art dealer who plead guilty to 1 count of bankruptcy fraud was apprehended after 5 years on the run. His crime involved transferring ownership of an oil painting to another person to sell and conceal the sale proceeds. First he failed to report to jail in 2004. Then he fled abroad while the U.S. Marshals were tracking him through 14 [...]