Get Rid of Tax Debt A common question asked by those who fall behind on taxes is, “How to get rid of tax debt without filing for bankruptcy?” Our legal professionals at RJS LAW help answer this question often and this blog post will discuss some of the different programs and approaches used to help
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Essential Estate Planning Checklist
Estate Planning Checklist One of the common misconceptions the estate planning team at RJS LAW hears is that estate planning only applies to wealthy people with lots of assets. This could not be further from the truth. A proper estate planning checklist should encompass everything you own and include instructions as to how you want
Internal Revenue Service Form 8938
An Important International Tax Form to Declare Foreign Financial Assets May be filed through the IRS Streamlined Procedures What is it Internal Revenue Form 8938? Form 8938 is used to report specified foreign financial assets when the overall value of the those specified foreign financial assets is over the appropriate reporting thresholds. The form requires
How Common Is Bankruptcy?
Is Bankruptcy Common How common is bankruptcy? Bankruptcy filings are more common than you might think. A recent study looked at thousands of filings over a 6-year period and found some interesting bankruptcy filing patterns. Here is what the research found. How Many People Have Filed for Bankruptcy? From 2013 until 2019 approximately 1 in
Join Us for Our 2022 Tax Institute – USD School of Law – RJS LAW Tax Controversy Institute
The 7th Annual, 2022 USD School of Law – RJS LAW Tax Controversy Institute is coming. It is time to start planning to join fellow professionals in the tax community this summer for the premiere tax event in Southern California on July 15th on campus at the University of San Diego (USD). After two years
Bankruptcy and Student Loans
Are Student Loans Dischargeable in Bankruptcy? For many years conventional wisdom has been that student loans are not eligible for discharge in bankruptcy filings. However, as we learn more about bankruptcy and student loans, we have found recent court rulings which may be opening the door for some borrowers to wipe out their student loan
Small Businesses and Contractors Affected By The American Rescue Plan Act of 2021
Small Businesses and Contractors Affected By The American Rescue Plan Act of 2021 Welcome to the new year of 2022. As so often happens, a new year means new changes to federal tax laws and this year is no different. There is a small change buried in the American Rescue Plan Act of 2021, passed
Before Filing, Maximize Asset Protection through Exemption Planning with a Bankruptcy Attorney
Exemption Planning with a Bankruptcy Attorney In most bankruptcy cases, debtor’s assets are NOT liquidated. Such cases are referred to as “no asset” cases because from a creditor’s perspective, none of the debtor’s assets are liquidated for the benefit of creditors. As a bankruptcy attorney, it is a priority to provide debtor clients with strategies
Complying with International Tax Reporting Requirements – Streamlined Procedures May Help
Streamlined Procedures – What Is It and Who Does It Assist? Streamlined Procedures may provide non-tax-compliant US citizens a remedy when the conduct was non-willful. The Streamline includes procedures and terms for filing amended or delinquent returns and for resolving open tax and penalty obligations. Part of the process includes filing three years of income
Do You Own A Foreign Corporation? Have You Filed IRS Form 5471?
What is a Form 5471? IRS form 5471 is a form issued by the Internal Revenue Service (IRS). Form 5471 – Information Return of U.S. Persons With Respect to Certain Foreign Corporations must be completed and filed by certain taxpayers to report ownership of a foreign corporation. Who Must File Form 5471 and When? There