May 2013 Archives

Settling IRS Debt With An Offer In Compromise

The two most common reasons my clients owe taxes are 1) early retirement withdrawals and 2) self employed person's failure to save money for taxes. Owing the IRS can be stressful. The IRS will become increasingly aggressive as time goes on, and the IRS has collection powers beyond those of normal creditors.

Are "Termination On Bankruptcy" Clauses Enforceable?

If you read an operating agreement for a closely held business, it is common to find "termination on bankruptcy" language. Essentially, these contract clauses provide that a person's interest in the business is dissolved upon filing bankruptcy. These contract provisions are designed to protect the other shareholders/members in the event one of them files bankruptcy. However, the bankruptcy code will likely trump the contract provision and, therefore, the bankruptcy Court will still have control over the person's partial interest in the business.

What Is A 1099-C?

Between the months of January and April, I get dozens of calls from people wondering about a 1099-C they received in the mail. Unfortunately, many people don't understand them and they just ignore them when preparing their taxes. Naturally, that is a big mistake.

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Hurley Gunsher, Ltd.

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