Tax relief for individuals under relaxed chapter 13
Article Abstract:
Revisions to the Bankruptcy Code increased the debt ceiling for chapter 13 filings. This effectively allows more individuals and sole proprietors for streamlined organizations to quality and restructure payment of larger tax debt. The many benefits of chapter 13 include the ability to discontinue the accrual of interest and penalties once the case is filed, repay pre-filing of tax liabilities over a maximum of five years without interest, and terminate tax liens from pre-filing assets. Moreover, it allows the adjudication of the amount of pre-filing tax liabilities by the bankruptcy court. Tax practitioners are responsible for the careful consideration of a chapter 13 proceeding which can be a potential solution for the reorganization of tax debt for individuals or sole proprietors.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1996
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IRS offers automatic relief for late S elections
Article Abstract:
Revenue Proclamation 97-48, 1997-43 IRB 19 offers automatic relief to corporations making late S corporation elections if they meet one of two specific conditions. Such relief is available to corporations that were disqualified for S corporation status solely for their failure to file a Form 2553 (Election by a Small Business Corporation) in a timely manner, and were not timely informed by the IRS about their non-S status for the first year that the corporations intended to become S corporations. Automatic relief is also available to corporations with the same intention but did not qualify for the S status before 1997 for the same reason, and were informed by the IRS of their non-S status in the first year intended.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1997
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Cleared for Takeoff
Article Abstract:
Braniff International, after filing for bankruptcy in 1982, is flying again under new management. The Hyatt Corp., a Chicago-based hotel chain, bought Braniff and got it back in the air with seventy million dollars. The airline only will serve nineteen United States cities to start, and there will be nothing fancy about the airline's service. Braniff is trying to attract the business traveller with some incentives like having a business cabin and offering a frequent-flyer program. Braniff seems to be on the road towards recovery, but competition is tough in the airline industry, and it will be a while before the results are in.
Publication Name: Madison Avenue
Subject: Business
ISSN: 0024-9483
Year: 1984
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