Legal Advice for Business Debts — 85 results
Written by attorney Charles Naegele, over 4 years ago.
Normally, when a creditor cancels your debt, as in the foregiveness of a
mortgage if your house is underwater, you must pay tax on the difference
between the loan amount and the fair... more
Written by attorney Spence Johnson, over 2 years ago.
As a condition of making a loan to a borrower with few assets and no credit history, a bank will often ask other more solvent individuals to sign a document called a "personal guarantee" or... more
Written by attorney Henry Lively, over 4 years ago.
Business bad debts can be written off on your tax return if certain requirements are met. A business bad debt is a debt that arises from your business activities. These bad debts can be... more
Written by attorney Steven J. Fromm, over 4 years ago.
TAX DEBTS FROM RETURNS DUE MORE THAN 3 YEARS BEFORE BANKRUPTCY FILING More than three years must have gone by since the return generating the liability was due, including extensions.... more
Written by attorney Belan Wagner, over 3 years ago.
This month's Legal Guide focuses on an oldie but goodie: IRC 752Allocation of debt among partnersthe
fundamentals. For various reasons, we have been called up on to consult with... more
Written by attorney Henry Lively, over 3 years ago.
Home Mortgage Interest Deduction -
Even though the law has been out for a while now, the question still comes up often enough "How much can I deduct on my home mortgage interest?" The... more
Written by attorney Dan R Dodds, almost 3 years ago.
The Fair Debt Collection Practices Act (FDCPA) protects consumers from harassing tactics by debt collectors. For more information on what the FDCPA prohibits debt collectors from doing,... more
Written by attorney Anastatia Ellis, over 1 year ago.
When you have an IRS balance, you may be tempted to throw away the mail and ignore the problem, hoping that it will just go away. Unfortunately, that will only make things worse. The IRS... more
Written by attorney Linscott Hanson, almost 5 years ago.
Have a Minute Book and Keep It Up-to-Date In one case, the Court discussed failure to observe corporate formalities in the context of missing corporate records, saying:
A number of... more
Written by attorney Henry Lively, almost 4 years ago.
There has been a lot of discussion surrounding cancellation of debt income. Particularly with regard to the cancellation of debt with regard to Short Sales of Real Estate, Forclosures, and... more