Asset Protection Failure - Man Jailed until He pays Creditors11-30-2006 -The unprecedented length of disgraced financier Martin Armstrong's confinement for civil contempt did not violate the law, the 2nd U.S. Circuit Court of Appeals ruled Monday. Addressing several novel issues of law, the circuit upheld...
Milton Friedman, Free Market Economist DiesToday was a loss to the country and the economics profession. Nobel prize winning, free-market-championing Milton Friedman, the primary advocate of monetary economic policy, died today at the age of 94. He was a key economic advisor to several presidential...
IRS Continues to Attack TaxpayersA new government report concludes in fiscal year 2006 there was a:7 percent increase in individual audits18 percent increase in high-income audits8 percent increase in small-business audits15 percent increase in collection case closuresThe increase in IRS Audit and Collection activity requires...
Turbo Tax is Not A Defense to Tax Penalties The U.S. Tax Court has again rejected a taxpayer’s attempt to pin the blame for their negligent tax return on tax preparation software. On Nov. 9, the court handed down an opinion finding against a...
IRS Charges More For Installment AgreementsThe IRS has announced that effective Jan. 1, 2007, the following fees will increase:The fee for new direct debit installment agreements, where payments are deducted directly from a taxpayer’s bank account, will increase from $43 to $52.The fee for other...
IRS Issues 2007 Mileage RatesThe IRS issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including...
The New Jersey Supreme Court held on October 25 in a 4-3 decision that the state’s constitution requires that same-sex couples be granted the same legal rights as married heterosexual couples. However, the dissenters argued the majority didn’t go far enough in vindicating the rights...
The new tax law requires an organization to meet the following new rules in addition to other non-profit legal requirements:Services – Must provide credit counseling services tailored to the specific needs and circumstances of the consumer;Loans – Cannot make loans to debtors;Credit Repair – Can...
New Jersey may apply its corporation business tax notwithstanding a taxpayer's lack of a physical presence in the state, according to the New Jersey Supreme Court. In a per curiam decision with national significance, the state high court held that the U.S. Supreme Court's holding...
A bill collector who cries wolf, making idle threats about how it could file lawsuits or refer a case to an attorney without intending to pursue either avenue, has more to worry about than not being taken seriously by debtors. According to the Philadelphia-based 3rd...