Several Congressmen have been receiving inquiries from their constituents about the legality of deducting expenses incurred when selling marijuana for medical purposes. (See Practitioners TaxAction Bulletin No. 2011-18 p4.) The IRS has responded with a series of informational letters. Under the Internal Revenue Code Sec 280E disallows deductions incurred in the trade or business of controlled substances of which marijuana of course [...]

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Sun Capital Partners the parent company of big name chains such as Chevy’s, Friendly’s and Boston Market and El Torito filed for bankruptcy on October 4th., as reported by the New York Post (October 5, 2011, p 32.) Also, Sun also owns the Friendly ‘s chain which is expected to file later this month. This is just one of many recent filings [...]

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In an interesting case recently reported in (Consumer Bankruptcy News, vol.21, iss19, p, 3) involving both the bankruptcy and criminal laws , a person who had been first granted a Chapter 7 discharge claiming to be unemployed and having no income was  arrested 5 months later. and charged with possession of and trafficking in crack cocaine. The Office of the US. Trustee [...]

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Over the years York State Department of Taxation has had a difficult reputation for approving offer in compromise as compared to the Internal Revenue Service. This may be changing. The program allows for compromise when the the taxpayer is “not insolvent or bankrupt. See link:  http//tax.ny.gov/enforcement/collections/oic.htm [...]

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The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by Hurricane Irene. The IRS has announced that certain taxpayers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico and Vermont will receive tax relief. Other locations are expected to be added in coming days following additional damage assessments by the Federal Emergency Management [...]

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