All Entries — page 7
The full digest in part order. Use the A–Z index to look up a subject by name, or search.
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Tax
Reporting Foreign Accounts: FBAR and FATCA Obligations
Two separate reports cover foreign financial assets. One is filed with FinCEN under the banking laws, the other with the tax return, and each has its own tests.
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Tax
Sales and Use Tax Nexus After the Wayfair Decision
Since Wayfair in 2018 a state may require a remote seller to collect sales tax without any physical presence, using economic thresholds that differ from state to state.
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Tax
Substantiating Charitable Contributions
A charitable deduction is disallowed without the specific proof the statute demands for a gift of that size and type, however genuine the gift was.
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Tax
The Trust Fund Recovery Penalty for Unpaid Payroll Taxes
Withheld payroll taxes belong to the government from the moment they are withheld. Section 6672 shifts liability for unpaid amounts onto the individuals who controlled the money.
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Bankruptcy & Debt
Chapter 7 and Chapter 13: Eligibility, Process, and Outcome
Chapter 7 sells non-exempt assets and discharges quickly; Chapter 13 pays creditors under a court-approved plan for three or five years and can cure a mortgage default.
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Bankruptcy & Debt
Credit Counseling, Debtor Education, and Rebuilding After Discharge
Two separate courses bracket an individual bankruptcy case: an approved credit counseling briefing before filing and a debtor education course afterward, which the discharge depends on.
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Bankruptcy & Debt
Debts That Survive a Discharge
A discharge does not reach every debt. Section 523 lists exceptions, some automatic and some that a creditor must prove in an adversary proceeding filed on a short deadline.
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Bankruptcy & Debt
Exempt Property: What a Debtor Keeps
Federal law creates the bankruptcy estate, but state law usually decides what a debtor keeps: most states have opted out of the federal exemption list, and domicile rules govern recent movers.
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Bankruptcy & Debt
Involuntary Bankruptcy Petitions Against a Debtor
Creditors can force a debtor into Chapter 7 or Chapter 11 under section 303, but only with qualifying undisputed claims, the right number of petitioners, and a real risk of damages if it fails.
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Bankruptcy & Debt
Leases and Executory Contracts in Bankruptcy
A debtor may assume, assume and assign, or reject an executory contract or unexpired lease. Assumption requires curing defaults and giving adequate assurance; rejection is a breach, not a rescission.
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Bankruptcy & Debt
Preferences and Fraudulent Transfers: Clawing Payments Back
Two avoidance powers let a trustee undo pre-filing transfers: preferences reach ordinary payments made shortly before filing, and fraudulent transfer law reaches gifts and bargains made while insolvent.
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Bankruptcy & Debt
Proofs of Claim, Objections, and Creditor Participation
A proof of claim is how a creditor asks to be paid in a bankruptcy case. Bar dates differ for government units, and a proper objection shifts the burden back to the claimant.
