Why are credit scores so important?
Investment Income Tax Affects Planning for Estates and Trusts
The net investment income tax will affect trusts and estates by creating planning opportunities and by imposing new income-tracking rules for the benefit of beneficiaries who may receive distributions with net investment income.
Why area foreclosure numbers are so high
Even after doing everything right, homeowners can find themselves thrust into unforeseen economic hardships due to any number of reasons, from illness to unemployment. Missed payments can lead to mortgage lenders initiating court proceedings for home foreclosure. Each state has a different foreclosure process, and this can have an effect on statistical reports. Many people living in neighboring states commute to New York City for work, so their economic success is intertwined with that of the city.
IRS Offers Tips for Year-End Giving
The IRS announced today that "Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations.
Brooklyn hospital seeking bankruptcy protection
When a business is in financial trouble, it can file for bankruptcy to either liquidate its assets and go out of business or reorganize and try to stay afloat. The latter process is known as a Chapter 11 bankruptcy, and it offers a business the opportunity to enter into business debt negotiations with creditors. A Chapter 11 filing can be a complex situation, so any business considering this route should seek the advice of a professional who is knowledgeable about the process.
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation SET TO Expire December 31
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.
Hostess bakers' union needs Chapter 11 trustee
In difficult economic times, a business may seek to settle its debts through a Chapter 11 bankruptcy. Chapter 11 bankruptcy affords a business the opportunity to reorganize and restructure its debts as opposed to selling off all of its assets like in a Chapter 7 bankruptcy. However, when a large company, such as Hostess, decides to commit to a Chapter 11 bankruptcy, resolving disputes can get quite complicated.
Interest Rates Remain the Same for the First Quarter of 2013
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be:
