Relief for the Tenant? Grief for the Landlord? With an anticipated increase in brick-and-mortar retailer bankruptcies, landlords may find themselves with little control over the future of their leases with bankrupt retailers. The Bankruptcy Code was designed to provide a “fresh start” to debtors whose balance sheet was weighed down by too many obligations, too little income, or insufficient cash flow. A deb ...

Is Bankruptcy the Next Stop and is a “Fresh Start” Available for Amber Heard? The well-publicized defamation case of Johnny Depp and Amber Heard resulted in a substantial judgment against Heard. Setting off the amount awarded to Depp, Heard will be liable for approximately $8 million in compensatory and punitive damages. If Heard files for relief under bankruptcy law, is that judgment dischargeable? What ca ...

Highlights of the New Bankruptcy Chapter: Chapter 5 Many small businesses could not afford the processes in place under Chapter 11. The SRBA, signed into law in August 2019, created Chapter 5 and was intended to provide a “fresh start” to small business owners. This article highlights some of the key issues under the new law. On August 23, 2019, a relatively small, 22-page bill known as the Small Business R ...

The IRS Has a Nationwide Organization of Approximately 2,000 Taxpayer Advocates to Help U.S. Individual and Business Taxpayers Resolve Problems.   Here's How It Can Help Advisors and Your Clients.  Nina E. Olson is the IRS’s National Taxpayer Advocate. Since 2001, she has led the Taxpayer Advocate Service (TAS), a nationwide organization of approximately 2,000 taxpayer advocates who help U.S. individual and ...

The Journal of Accountancy reports the IRS is offering more flexible terms under which it will accept offers in compromise (IR-2012-53): ...