GCK On Law
Avoid an Estimated Tax Penalty Through Withholding and Estimated Taxes
Many taxpayers needlessly pay the IRS thousands of dollars each year through the payment of estimated tax penalties. In fact, the IRS estimates that 10 million people paid estimate tax penalties in 2015. Estimated tax penalties are assessed when a taxpayer is...
Treatment of Citation Liens by Automatic Stay Sections 362(a)(1) & (3)
Pursuant to Section 362(a)(1) of the Bankruptcy Code, the filing of a bankruptcy petition creates an automatic stay against “the commencement or continuation ... of a judicial, administrative, or other action or proceeding against the debtor that was or could have...
Calculation of Discount Rate Interest on Present Day Value for 1129(b)(2)(A)(i)(II)
The Bankruptcy Code provides that a debtor may confirm a plan over the objection of a class of creditors (i.e. cramdown) subject to, among other requirements, that the plan provides “fair and equitable” treatment of secured claims. Pursuant to Section 1129(b)(2)(A)...
Last Chance for Those with Foreign Accounts or Assets to Participate in IRS Offshore Voluntary Disclosure Program (OVDP)
Since 2009, the IRS has permitted taxpayers with undisclosed bank, investment, or retirement accounts outside the U.S., or any other foreign asset (real estate, stock or partnership interest, life insurance, etc.), to voluntarily come forward and disclose their...
Valuation Considerations in proposing Dirt-for-Debt plans of reorganization
Section 1129 of the Bankruptcy Code governs confirmation of a Chapter 11 plan. Section 1129(b) of the Bankruptcy Code allows for confirmation of a plan over a creditor’s objection as long as certain requirements are met. One such requirement for cramdown is that the...