New York residents who have recently filed for bankruptcy protection may want to know what to expect in the future as far as being able to obtain a new credit card. The answer will often depend on a person's credit rating. Lenders, including credit card companies as...
Month: August 2014
Understanding Chapter 7 bankruptcy eligibility requirements
New York residents who are struggling with debt may be interested in some information on Chapter 7 bankruptcy and the eligibility requirements for filing. By filing for Chapter 7, a person may get a fresh financial start to their lives. A Chapter 7 bankruptcy involves...
Tax Court Rules Homebuilders Could Apply Completed Contract Method Considering Common Improvement Costs of Entire Housing Development
"In Shea v. Commissioner the U.S. Tax Court decided in favor of the taxpayer, a developer of planned residential communities, and allowed the taxpayer to defer the recognition of income from the sale of homes under its completed contract method of accounting for...
Exploring the advantages filing for a Chapter 13 bankruptcy
Long Island residents who are struggling to make payments on their credit card debts or mortgage may be interested in how a Chapter 13 bankruptcy can help. This bankruptcy type has many advantages and allows manageable payments to be made over a period. A Chapter 13...
IRS issues regulations on whistle blower awards
The IRS issued new regulations on payment to whistle blowers today as follows: Who can get an award? The IRS may pay awards to people who provide specific and credible information to the IRS if the information results in the collection of taxes, penalties, interest or...
Timing aspects of bankruptcy proceedings
New York residents contemplating bankruptcy may want to learn more about the timing aspects of a bankruptcy filing, such as the discharge date or how long bankruptcies stay on a credit report. The discharge date is dependent on the type of filing. For a Chapter 7...