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Even though your chances for being audited may be low, there is still that chance your federal income tax return could be flagged for an audit.  In the case you are audited, the best preparation is to know what to expect.  The majority of tax audits occur completely through correspondence rather than a tax agent visiting your home or your office.  These audits are typically focused on one or two specific items on the income tax return. For more about how to survive a tax audit read, “How to … [Read more...]

In a decision that has split districts, an appeals court ruled that creditors might attach the proceeds of an inherited IRA.  This controversial ruling means that while most IRA accounts are protected under bankruptcy from creditors, inherited IRA accounts will not be covered by the same exemption.  Therefore, creditors may seek payment from the proceeds of an inherited IRA.  It may take an appeal to the US Supreme Court to make a final decision because of the contradictory decisions by lower … [Read more...]

Riddled with under-performing businesses that it purchased as part of a $320 million spending spree, KIT Digital has now filed for Chapter 11 bankruptcy protection.  The proposed restructuring plan would allow current shareholders to buy shares of the reorganized company for the same price as the shareholders who are behind the reorganization plan.  The plan still requires Bankruptcy Court approval.  In addition, the company plans to get rid of the underperforming companies that it purchased in … [Read more...]

A 2008 lawsuit alleging that Liberty Medical Supply, Inc. was stopped when it filed for Chapter 11 bankruptcy protection; however, the lawsuit has continued to proceed against co-defendants.  The lawsuit alleges that Liberty, its parent company, Medco Health Solutions, Inc., and two employees failed to return over payments to Medicare and Medicaid.  The provisions of the bankruptcy code stopped the case from proceeding against Liberty but not against the other defendants.  They are now asking … [Read more...]

Hostess was forced to liquidate through a corporate bankruptcy when union workers instigated a nation-wide strike that forced the company to shut down operations. The new company that purchased the rights to make Twinkies, HoHos and Ding Dongs is ready to reopen four bakeries while investing almost $60 million in capital to get the bakeries up and running. Officials for the new company state they will employ roughly 1,500 workers but none will be from a union. For more information read, “New … [Read more...]

If you are contemplating filing for bankruptcy, you are probably already feeling stressed and anxious about your financial situation. The necessity of taking to a stranger about your financial hardship is not high on your list of desired experiences. However, if you take the time to find a good bankruptcy attorney, your bankruptcy process with go much smoother. A good bankruptcy attorney helps guide you through the process and protect as much of your assets and income as possible. For more … [Read more...]

It is common knowledge that if you have questionable or bad credit, it will be difficult, if not impossible, for you to qualify for a mortgage to purchase a new home. However, did you know that having bad credit could also affect your chances of getting that apartment that you want? Landlords are now seeking credit checks for potential tenants more than every before to protect their property and their investments. Landlords are looking for specific information when they request a credit … [Read more...]

With the real estate slowly improving, some investors are looking to carefully step back into the real estate market. Investing in real estate was a very popular investment option for many individuals prior to the crash of the real estate market. If you are thinking about investing in real estate, you should study up on landlord issues that you may face. For example, landlords may have deadlines to return security deposits once tenants vacate the unit and failing to abide by these state laws … [Read more...]

If you are one of the fortunate taxpayers who are getting a tax refund this year, you are probably already dreaming of ways to spend your refund. The average tax refund last year was approximately $3,000 - - a nice sum of money to spend. However, there are smart ways to spend your tax refund that will help you have a healthier financial future. Financial planners advise that you use your tax refund money for “needs” instead of “wants” and place at least one-half of the amount in a savings … [Read more...]

A recent Gallup Poll survey reveals that almost 60 percent of Americans agree that the money in the United states should be more evenly distributed throughout a larger group of individuals. The Gallup Poll has asked the same question each year since 1984. It also asks people how the US should accomplish this redistribution of wealth. This year, over 50 percent of respondents said that the rich should have to pay more in taxes. To be exact, the response was “heavy taxes on the rich.” To read … [Read more...]