The decision to file bankruptcy can be a difficult one, but in financially challenging times, it may be a sound option. Filing Chapter 11 bankruptcy can help a struggling business reorganize debt in an effort to keep it from going under. Businesses facing this...
Month: January 2013
THQ bankruptcy woes continue with scheduled auction
A business bankruptcy generally occurs because a company faces overwhelming debt. Companies may file for Chapter 11 to gain some relief from creditors while attempting to reorganize the business so that debts can be discharged. Our New York readers are already...
IRS Announces Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Program (HAMP)
The Internal Revenue Service today announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction AlternativeSM offered through the Department of the Treasury's and Department of Housing and Urban...
For New York couple, disaster both natural and manmade
Very few people buy a home anticipating foreclosure. However, circumstances can create a situation where an otherwise-solvent family can suddenly struggle to pay bills, particularly where the home suffers from severe damage due to a natural disaster. Combine this with...
IRS Announces Simplified Option for Claiming Home Office Deduction; Eligible Home-Based Businesses May Deduct up to $1,500
The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. The new simplified option is available starting with the 2013...
Long Island foreclosures rise as home sales fall
Foreclosure is a disheartening reality for people suffering from financial challenges due to unemployment, natural disaster, medical expenses and other unpredictable circumstances. Regardless of past payment history, a homeowner's sudden inability to make mortgage...
IRS Plans Jan. 30 Tax Season Opening For 1040 Filers
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin...
IRS Provides Updated Withholding Guidance for 2013
The Internal Revenue Service released updated income-tax withholding tables for 2013 reflecting the changes by Congress to avoid the fiscal cliff. The updated tables, issued today after President Obama signed the changes into law, show the new rates in effect for 2013...
Game maker THQ undergoing Chapter 11 bankruptcy
While the term "bankruptcy" may invoke negative feelings, it is often a chance to relieve stressful financial times and reduce the pressures associated with being in debt. In the business world, Chapter 11 actually allows for a company to continue to operate while...