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Tax Liability Debtors Internal Revenue Service

Seward & Kissel LLP

Exclusive Relationship, the Tax Man Settleth, and Meet Virginia?

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Below is our initial take on recent bankruptcy-related developments: Yellow’s Shareholders Get Desired Ruling in Delaware Bankruptcy Court - On Monday, a Delaware bankruptcy court granted Yellow Corp. a 90-day...more

Pillsbury Winthrop Shaw Pittman LLP

Commercial Real Estate Partnership Cancellation of Debt Income

The complexities of cancellation of debt income (CODI), including bankruptcy and insolvency implications, are important to understand. When debt is cancelled or discharged, the borrowed funds become taxable income, or...more

Troutman Pepper

How Can I Claim a Business Bad Debt Deduction? - Creditor's Rights Toolkit

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The Internal Revenue Code permits a business bad debt deduction when a customer fails to pay for the services rendered or the products supplied by your business. However, the ability to claim an ordinary deduction with...more

McGlinchey Stafford

Straddle-Year Tax Debts in Bankruptcy: Does the King Get Paid First? [More with McGlinchey, Ep. 14]

McGlinchey Stafford on

The Internal Revenue Service is often a significant creditor in a bankruptcy proceeding, frequently taking priority over other creditors. In this episode, McGlinchey Tax attorney Douglas Charnas (Washington, DC) and Financial...more

McDermott Will & Emery

Seventh Circuit Upholds Lien Notice despite Incorrect Name

McDermott Will & Emery on

When you do not pay your taxes, the Internal Revenue Service (IRS) has the power to file a “lien” on your property under Internal Revenue Code section 6321. The lien attaches “upon all property and rights to property, whether...more

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