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The AARP Foundation Tax Aide is asking for volunteers in Illinois to help individuals prepare their 2012 tax returns next year.  The free service is offered to taxpayers with the help of volunteers.  Especially needed are volunteers who speak Spanish due to the increasing number of individuals seeking assistance who cannot speak English. Volunteers receive free tax training and some reimbursement for qualified expenses.  Those wishing to help do not need to be members of AARP nor do they have … [Read more...]

The Chapter 7 Bankruptcy Trustee in the Peregrine Financial case has petitioned the court for approval of a raise for Peregrine’s corporate counsel.  According to papers filed with the court, the best way to maximize returns for creditors, including customers who have lost money since the brokerage collapsed, is to file lawsuits to recovery money for the bankruptcy estate. Some customers have objected to the pay raise for the attorney. However, the Trustee alleges it is in the best interest … [Read more...]

At the Democratic National Convention this week, Chicago Mayor Rahm Emanuel praised President Obama for saving Chrysler.  The Mayor told the crowd about a meeting in which the President stood up for workers not just the company. Former Gov. Ted Strickland said that President Obama saved the auto industry and gave workers a steady paycheck again.  Others also praised the President’s efforts bailing out the auto industry while Mitt Romney supporters attacked the bailout decision. For more … [Read more...]

KV Pharmaceutical Co. chares over $500 per injection for its drug Makena - - the first FDA approved drug for preventing preterm births.  The alternative drug, 17P, costs about $20 per injection but key components are made in China, which, when combined with other factors, makes 17P less safe to use. KV filed suit against the Illinois Department of Healthcare and Family Services for failing to use Medicaid funds to pay for the drug. KV has filed for bankruptcy relief, Medicaid says there … [Read more...]

Kodak entered bankruptcy in January hoping to restructure its significant debt load to allow the company to continue operations.  Part of its plan, the auction of its digital patent portfolio, is not raising the funds needed to pay creditors and emerge from bankruptcy. Therefore, Kodak is planning to sell its consumer and document imaging businesses to raise the funds needed to pay its creditors.  By selling off these sections of the company, Kodak will become more focused on the commercial … [Read more...]

The Tribune Co., owner of the Chicago Tribune, has been in bankruptcy since 2008 and had hoped finally to emerge from bankruptcy this summer.  However, an appeal by junior creditors has stopped the transfer of ownership of the Tribune to its senior creditors. The bankruptcy plan, confirmed July 23, required ownership of the company to be transferred to senior creditors. However, junior creditors appealed the decision and have effectively stayed the matter for the moment. Continuing under … [Read more...]

The demand for apartments has increased in Chicago suburbs even though a significant factor for demand, better job markets, has continued to remain weak.  It may be the lack of interest in the home market or the continued slow economy but whatever the reason, apartment dwelling is the highest it has been in the last five years. As demand rises and availability decreases, renters may see a rise in their monthly rent. Property owners are reaping the benefits and showing more profit than they … [Read more...]

Six months after reopening, the company that owns Cocktail Bar & Grill has filed for bankruptcy protection under Chapter 11.  The still slow economy and a pending state court lawsuit with the landlord, in addition to its debts, seem to be the main contributing factors for the decision to seek bankruptcy protection. Even though the state court lawsuit will continue once the company emerges from bankruptcy, the hope is to reorganize so the bar can remain open.  The suit alleges the company … [Read more...]

Federal and state law clash again in a pending bankruptcy case but this time it is over pension plans.  Facing millions of dollars in debt, Stockton, California filed for relief under Chapter 9 of the US Bankruptcy Code in June.  Two bond companies are arguing that the city is improperly funding employee pension funds while not paying its debts. State law protects employee pensions; however, federal bankruptcy law may trump state law resulting in the pension plans being impaired.  Employees … [Read more...]

Hobbies that make money are wonderful but taking a tax deduction for that hobby is even better.  The more tax deductions you take against your hobby income the less you owe for taxes. However, the IRS is cracking down on taxpayers taking large losses on “hobby income” to lower their overall tax payment.  Tax tips when turning your hobby into a business: Do not take huge losses year after year – a true business should make some profit Keep detailed records Time income and expenses for … [Read more...]