Articles from Shenwick & Associates

Primary tabs

Retirees owe $30,000 or more in student loans

Submitted by Anonymous (not verified) on Thu, 01/02/2020 - 19:22

Why student loan debt is ballooning for those 50 and upFrom: USAToday.comBy: Susan Tompor  Detroit Free Presshttps://www.usatoday.com/story/money/2019/12/29/retirees-student-loans-debt/2769065001/

Abating (remove or eliminate) IRS Tax Penalties

Submitted by Anonymous (not verified) on Thu, 12/19/2019 - 22:51

Many clients have contacted us regarding the discharge of taxes in bankruptcy,
offers in compromise and installment agreements with IRS and recently  penalties
assessed by IRS.

The IRS offers 3 types of penalty relief:

1. Reasonable Cause-this appears to be our best chance  to abate penalties
2. Administrative Waiver and First Time Penalty Abatement
3. Statutory Exception for example a taxpayer  got bad advice from IRS

The Epic Rise and Hard Fall of New York's Taxi King from the New York Time

Submitted by Anonymous (not verified) on Fri, 12/06/2019 - 17:45

The Epic Rise and Hard Fall of New
York's Taxi King
By Brian M. Rosenthal
.
Dec. 5, 2019

A new law may fix student loan debt when filing for bankruptcy

Submitted by Anonymous (not verified) on Fri, 11/22/2019 - 17:06

It's almost impossible to get rid of student loan debt when filing for bankruptcy, but help may be on the way
From: Business Insider
By: Mike Brown,LendEDU
https://www.businessinsider.com/loan-debt-student-borrowers-bankrupcy-relief-act-2019-11

Taxi medallion owners win class-action status as reported in Cranes New York Business

Submitted by Anonymous (not verified) on Tue, 11/19/2019 - 22:59

"A lawsuit charging that the city sold 400 taxi medallions under false pretenses about their worth and then breached its contract by letting ride-hail operators enter the market and undermine medallion values has been certified as a class-action suit.

The suit, brought by five medallion owners and filed in early October, could now apply to more than 150 medallion owners, according to Daniel Ackman, one of the lawyers for the plaintiffs. The decision in State Supreme Court in Queens County was delivered late last week.

Student Borrower Bankruptcy Relief Act of 2019

Submitted by Anonymous (not verified) on Tue, 11/12/2019 - 00:08

MISSOURI CONGRESSMAN CLAY INTRODUCES STUDENT LOAN DEBT REFORM PACKAGECongressman Wm. Lacy Clay (D) Missouri has introduced two new bills to tackle America’s student loan debt crisis. From: blackstarnews.comhttp://www.blackstarnews.com/education/education/missouri-congressman-clay-introduces-student-loan-debt-reform 

The Failed or Closed Restaurant and its Lease

Submitted by Anonymous (not verified) on Wed, 11/06/2019 - 23:57

Continuing our blog posts about failed or closed restaurants,
when client’s contact us about a failed or closed restaurant, we
ask them to prepare and bring us an Income Statement and a Balance
Sheet for the restaurant.

The purpose of the Income Statement or Profit and Loss Statement is to
show the revenue and expenses for the restaurant for the current year and
to determine the profitability of the restaurant, if any.

Pages