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On August 23, 2019, the Small Business Reorganization Act was passed (SBRA) which was effective on February 19, 2020. The goal of this law was to streamline the reorganization process and make Chapter 11 more affordable for qualified businesses. Qualified Businesses ½ total debt from business $2.7M debt limit which increased for 1 year only

If you are an employee who receives a salary from your employer for your labor, you are subject to paying taxes and subject to tax audits. A tax audit is the process where the IRS or some other state taxing agency reviews your tax return to determine whether the return depicted income, expenses and credits

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

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