Bronx Tax Preparer Charged in Scheme Involving $7 Million In Fraudulent Deductions
Recently, New York attorneys announced the indictment of Mark Goldberg, a Bronx tax preparer, for his participation in a multi-year tax fraud scheme. Goldberg prepared thousands of tax returns for clients that contained millions of dollars in fraudulent, itemized deductions and tax credits that the taxpayers were not legally owed. Manhattan U.S. Attorney Preet Bharara […]
How To File For Bankruptcy In New York
If an individual has decided to file for bankruptcy, he or she is probably experiencing financial turmoil and the emotional effects that come along with it. Further, there are several steps involved in filing for bankruptcy in New York. As a result, it is best to know and understand the rules of bankruptcy before you […]
Dealing with the Taxing Authorities in Bankruptcy Matters
NY County Lawyers Association Consumer Bankruptcy Committee Dealing with the Taxing Authorities in Bankruptcy Matters I. Tax Collection Fundamentals: Non-Bankruptcy Alternatives 1) How does an assessment come into existence? a. Tax Return Filed. When a tax return is filed showing a tax due, the IRS assesses thattax. [IRS §6201(a)]. b. Deficiency Assessment. A deficiency is defined under […]
Cramdown Plan of Reorganization in a Commercial Real Estate Case
In a Chapter 11 bankruptcy, a cramdown plan of reorganization in a commercial real estate case usually involves a property owner trying to force an under secured mortgage lender to accept a new note for a reduced principal amount, equal to the mortgaged property value, with modified terms such as an extended maturity and a […]
Shifting the Burden of Proof
Keeping good tax records has always been important, but the IRS Restructuring and Reform Act of 1998 made it even more so. One of the act’s boldest initiatives wasshifting the burden of proof from the taxpayer to the IRS in civil tax matters. The burden shift applies to both individuals and businesses. It does not, however,cover all […]