Archive for the ‘Bankruptcy’ Category
Wednesday, April 20th, 2011 by Moore McLaughlin
The number of seniors facing credit card debt has been growing. The average credit-card debt for consumers over 65 more than doubled from 1992 to 2004, to $4,907. Credit card debt can be especially problematic for seniors, who typically have a fixed income. If you or someone you love is having trouble making credit card payments, there are several options:
- Try negotiating. A credit counseling agency or attorney may be able to negotiate with the credit card company for lower fees or interest rates. If the debtor is relying solely on Social Security for income, it may even be possible to have the debt forgiven. Note, however, that if the debt is forgiven it can count as income, which may create tax consequences or affect Social Security payments.
- Reverse mortgage. If the debtor owns a house and is over 62 years old, a reverse mortgage may provide enough money to pay off debt. With a reverse mortgage, instead of paying the bank money to build up equity, homeowners use the equity in their homes to take out loans. The loan does not have to be paid back until the house is sold or the homeowner dies. While reverse mortgages may look like no-lose propositions on the surface, they also have some significant downsides.
- Tap into life insurance. Permanent life insurance policies build a cash value, which can be used as collateral for a loan or withdrawn from the account. This money can be used for any purpose, including paying down credit card debt. Keep in mind, however, that loans or withdrawals will reduce the death benefit.
- Bankruptcy. Filing for bankruptcy is not an easy solution. In 2005, a tough bankruptcy law went in to effect, making it much more difficult to get bankruptcy protection. For example, bankruptcy is available only to individuals whose income is below a certain level, and the homestead exemption, which allows you to protect all or some of the equity in your home, is stricter. Before filing for bankruptcy be sure to discuss your options with an attorney.
- Do nothing. It may sound crazy, but one option is to do nothing and let the credit card companies sue the debtor. If the debtor owns a house, the court may put a lien on it. If not, the debt may be written off or reduced. An attorney can tell you if this is the right step for you take.
Regardless of what steps the debtor takes, debtors have the right not to be harassed by credit card companies. The Fair Debt Collection Act prohibits certain conduct by credit agencies attempting to collect debts. For example, creditors may contact debtors only between the hours of 8am and 9pm, may not use abusive or profane language, and must stop contacting debtors if the debtors request it in writing.
Tags: asset protection, Asset Protection Planning, assisted living facilities, credit cards, elder law, elderlaw, Elderlaw/Law For Life, Estate Planning, Fair Debt Collection Act, Jill E. Sugarman, Jill Sugarman, Long-term care, long-term care insurance, mclaughlin & quinn, Medicaid, Medicaid planning, Moore McLaughlin, nursing homes, Providence, Rhode Island, seniors
Posted in Asset Protection Planning, Bankruptcy, Elderlaw/Law For Life, Estate Planning, Financial workout
Tuesday, March 1st, 2011 by Moore McLaughlin
The IRS announced on February 23, 2011 new policies and programs to help taxpayers pay back taxes and avoid tax liens. The IRS’s goal is to help individuals and small businesses meet their tax obligations, without adding an unnecessary burden to taxpayers.
Background on liens. When a taxpayer fails to pay a tax liability after notice and demand, a lien arises that attaches to all the taxpayer’s property and rights to property. The IRS is authorized to seize and sell the taxpayer’s property and rights to property subject to a federal tax lien. Thus, IRS may seize any property or property right (unless it’s exempt) of a delinquent taxpayer (whether held by him or someone else), sell it, and apply the proceeds to pay the unpaid taxes. Seized property may be real, personal, tangible, or intangible, including receivables, bank accounts, evidences of debt, securities, and salaries, wages, commissions or compensation.
Background on installment agreements. The IRS may enter into written agreements with any taxpayer. IRS must enter into an installment agreement requested by an individual whose aggregate tax liability (without interest, penalties, additions to tax, and additional amounts) is not more than $10,000, and who has not failed to file or to pay income tax, or entered into another installment agreement, during any of the preceding five tax years, if IRS determines that the taxpayer is financially unable to pay the liability in full when due (and the taxpayer submits information that IRS may require to make this determination). The agreement must require full payment within three years, and the taxpayer must agree to comply with all Code provisions while it’s in effect.
Background on OICs. The IRS will consider an offer in compromise (OIC)—i.e., an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed—where: (1) the taxpayer is unable to pay the tax; (2) there is doubt as to the taxpayer’s liability for the tax; or (3) a compromise would promote effective tax administration because collection of the full amount of tax would cause economic hardship for the taxpayer, or compelling public policy or equity considerations provide a sufficient basis for compromising the liability. The IRS looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay.
New procedures. After a review of collection operations which IRS Commissioner Shulman launched last year, as well as input from the Internal Revenue Service Advisory Council and the National Taxpayer Advocate, IRS has determined that the following changes will lessen the negative impact on taxpayers:
- Higher dollar threshold for issuing liens. IRS will significantly increase the dollar thresholds at which liens are generally filed to take account of inflationary changes since the number was last revised. Currently, liens are automatically filed at certain dollar levels for people with past-due balances. IRS expects to review the results and impact of the lien threshold change in about a year.
- Easier lien withdrawals after payment. IRS will modify procedures so as to make it easier for taxpayers to obtain lien withdrawals. Liens will now be withdrawn once full payment of taxes is made if the taxpayer requests it. IRS will streamline its internal procedures to better allow collection personnel to withdraw the liens.
- Withdrawing liens after DDIA. IRS will now allow lien withdrawals for taxpayers with unpaid assessments of $25,000 or less where: (1) a taxpayer enters into a Direct Debit Installment Agreement (DDIA); (2) a taxpayer on a regular Installment Agreement converts to a DDIA; and (3) a taxpayer on an existing DDIA requests the withdrawal. Liens will be withdrawn after a probationary period demonstrating that direct debit payments will be honored. IRS notes that this lowers user fees and saves the government money from mailing monthly payment notices. Taxpayers can use the Online Payment Agreement application on IRS.gov to set up a DDIA.
- Easier access to Installment Agreements for small businesses. IRS will make streamlined Installment Agreements available to more small businesses by raising the dollar limit to allow small businesses with $25,000 or less in unpaid tax to participate. Currently, only small businesses with under $10,000 in liabilities can participate. Small businesses that file either as an individual or as a business will have 24 months to pay. Small businesses with an unpaid assessment balance greater than $25,000 can qualify for a streamlined Installment Agreement if they pay down their balance to $25,000 or less. Small businesses will need to enroll in a DDIA to participate.
- Expanding streamlined OIC program. IRS will expand a new streamlined OIC program to cover a larger group of struggling taxpayers. The streamlined OIC will allow taxpayers with annual incomes up to $100,000 to participate. Participants must have tax liability of less than $50,000, doubling the current limit of $25,000 or less.
McLaughlin & Quinn, LLC partner Thomas P. Quinn, Esq. says “These changes are significant and will help many of our clients immediately. We welcome this practical improvement to the collection system. We represent clients on a daily basis who face these thresholds. Those clients will now be able to better manage their affairs and settle their outstanding tax obligations.”
For more information on these changes, and IRS collections matters generally, contact Tom Quinn, Esq. at 401-421-5115 ext. 218 or by e-mail at TQuinn@McLaughlinQuinn.com.
Tags: asset protection, Asset Protection Planning, Capital gains tax, collection, corporate tax, Direct Debit Installment Agreement, income tax, installment agreement, internal revenue code, Internal Revenue Service, IRS, IRS and state tax collections, joint account, levy, lien, lien withdrawals, mclaughlin & quinn, Moore McLaughlin, offer in compromise, OIC, Providence, Rhode Island, state taxes, tax, Tax planning, Thomas P. Quinn
Posted in Asset Protection Planning, Bankruptcy, Financial workout, IRS and state tax collections, Tax Current Events and News, Tax planning
Sunday, December 19th, 2010 by Moore McLaughlin
At about 3:50 p.m. on Friday, December 17, 2010, President Obama signed into law the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.” This new law is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year “patch” of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and in self-employment tax for 2011, new incentives to invest in machinery and equipment, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses. Here’s a look at the key elements of the package:
- The current income tax rates will be retained for two years (2011 and 2012), with a top rate of 35% on ordinary income and 15% on qualified dividends and long-term capital gains.
- Employees and self-employed workers will receive a reduction of two percentage points in Social Security payroll tax in 2011, bringing the rate down from 6.2% to 4.2% for employees, and from 12.4% to 10.4% for the self-employed.
- A two-year AMT “patch” for 2010 and 2011 will keep the AMT exemption near current levels and allow personal credits to offset AMT. Without the patch, an estimated 21 million additional taxpayers would have owed AMT for 2010.
- Key tax credits for working families that were enacted or expanded in the American Recovery and Reinvestment Act of 2009 will be retained. Specifically, the new law extends the $1,000 child tax credit and maintains its expanded refundability for two years, extends rules expanding the earned income credit for larger families and married couples, and extends the higher education tax credit (the American Opportunity tax credit) and its partial refundability for two years.
- Businesses can write off 100% of their equipment and machinery purchases, effective for property placed in service after September 8, 2010 and through December 31, 2011. For property placed in service in 2012, the new law provides for 50% additional first-year depreciation.
- Many of the “traditional” tax extenders are extended for two years, retroactively to 2010 and through the end of 2011. Among many others, the extended provisions include the election to take an itemized deduction for state and local general sales taxes in lieu of the itemized deduction for state and local income taxes; the $250 above-the-line deduction for certain expenses of elementary and secondary school teachers; and the research credit.
- After a one-year hiatus, the estate tax will be reinstated for 2011 and 2012, with a top rate of 35%. The exemption amount will be $5 million per individual in 2011 and will be indexed to inflation in following years. Estates of people who died in 2010 can choose to follow either 2010′s or 2011′s rules.
- Omitted from the new law: Repeal of a controversial expansion of Form 1099 reporting requirements.
- Also not included: Extension of the Build America Bonds program, which permits state and localities to issue federally-subsidized municipal bonds.
Watch for upcoming posts containing more detail on this new law. In the meantime, feel free to contact us with any questions you may have.
Tags: 1031 exchange real estate investment, alternative minimum tax, American Recovery and Reinvestment Act of 2009, AMT, and Job Creation Act of 2010, asset protection, Asset Protection Planning, business tax, Capital gains tax, collection, corporate tax, elderlaw, Estate Planning, income tax, internal revenue code, IRS and state tax collections, mclaughlin & quinn, Moore McLaughlin, Providence, real estate, Rhode Island, seniors, Social Security payroll tax, Tax planning, tax relief, Thomas P. Quinn, Unemployment Insurance Reauthorization
Posted in 1031 Exchanges, Asset Protection Planning, Bankruptcy, Current Events, Elderlaw/Law For Life, Estate Planning, Financial workout, IRS and state tax collections, Self-directed IRAs, Tax Current Events and News, Tax planning
Tuesday, October 26th, 2010 by Moore McLaughlin
Tax relief comes in many forms, whether it means eliminating penalties, settling your debt, or ensuring that the IRS does not seize your bank accounts or garnish your wages. If you owe money on your taxes, your plan for resolving this debt should include addressing all possible angles: Protection from IRS actions, determining ways to reduce the amount owed, and putting a plan into place that will permanently make worrying about taxes a thing of the past. 
McLaughlin & Quinn, LLC has published “9 Secrets to Success When You Owe the IRS” This list has been developed by the attorneys at McLaughlin & Quinn, LLC over the course of dozens of years in private practice and dozens more working for the IRS. Avoiding these landmines will significantly increase the odds of getting one’s tax life in order and moving on. Failure to know these secrets, and use them to your advantage can turn a potentially minor problem into a federal case.
This is the most straight-forward guide you will find anywhere on resolving taxes. In it you will learn:
- 9 Different Ways to Keep the IRS from Taking Action Against You
- How not to be afraid of the IRS
- How to avoid common mistakes
- Simple steps to keep you out of trouble
Downloading this guide is absolutely free.
Click here to download this Free guide.
Tags: 9 Secrets to Success When You Owe the IRS, asset protection, Asset Protection Planning, business tax, Capital gains tax, collection, corporate tax, Estate Planning, income tax, internal revenue code, Internal Revenue Service, IRS, IRS and state tax collections, levy, lien, mclaughlin & quinn, Moore McLaughlin, Owe the IRS, Providence, Rhode Island, sales tax, state taxes, tax, Tax planning, tax relief, Thomas P. Quinn
Posted in Asset Protection Planning, Bankruptcy, Current Events, Elderlaw/Law For Life, Estate Planning, Financial workout, IRS and state tax collections, McLaughlin & Quinn News, Tax Current Events and News, Tax planning
Wednesday, October 13th, 2010 by Moore McLaughlin
The following is the seventh in a series of blog posts providing a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.
Financial reform package changes mark-to-market rule.
The “Restoring American Financial Stability Act of 2010” was signed into law on July, 21, 2010. This landmark financial reform package contained a tax provision broadening the list of contracts that are excepted from mark-to-market treatment. Taxpayers must report gains and losses from regulated futures contracts and other “Section 1256 contracts” on an annual basis under the “mark-to-market” rule. The term Section 1256 contract means: regulated futures contracts, foreign currency contracts, nonequity options, dealer equity options, and dealer securities futures contracts. It does not include any securities futures contract or option on such a contract unless the contract or option is a dealer securities futures contract. Under the new law, for tax years beginning after July 21, 2010, all of the following also are excepted from the definition of a Section 1256 contract: any interest rate swap; currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.
For more information, please contact Partner Moore McLaughlin at 401-421-5115 ext 212 or by e-mail at mmclaughlin@mclaughlinquinn.com.
Tags: 1031 exchange real estate investment, basis swap, business tax, Capital gains tax, commodity swap, corporate tax, credit default swap, currency swap, equity index swap, financial reform, futures contracts, interest rate cap, interest rate swap, internal revenue code, Internal Revenue Service, IRS, IRS and state tax collections, mark-to-market, mark-to-market treatment, mclaughlin & quinn, Moore McLaughlin, Providence, regulated futures contracts, Restoring American Financial Stability Act of 2010, Rhode Island, Section 1256 contracts, tax, Tax planning
Posted in Asset Protection Planning, Bankruptcy, Current Events, Financial workout, IRS and state tax collections, Tax Current Events and News, Tax planning
Wednesday, October 13th, 2010 by Moore McLaughlin
The following is the sixth in a series of blog posts providing a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.
Legislation ends foreign loopholes and advance EITC.
The Education Jobs and Medicaid Assistance Act, which was signed into law on August 10, 2010, includes provisions closing a number of foreign-tax-credit related loopholes and repealing the advanced earned income tax credit (EITC). Specifically, this legislation tightens the rules on the use of foreign tax credits that multinationals use to lower their U.S. tax bill. In general, these provisions attempt to (1) make foreign tax credits (FTCs) available only when the income to which the FTCs relate is actually taxed by the U.S., (2) prevent artificial inflation of foreign source income, and (3) modify the resourcing rules to limit FTCs. Also, under the new law, starting in 2011, eligible low- and moderate-income workers who qualify for the EITC will no longer be able to elect to receive the credit in advance.
For more information, please contact Partner Moore McLaughlin at 401-421-5115 ext 212 or by e-mail at mmclaughlin@mclaughlinquinn.com.
Tags: asset protection, Asset Protection Planning, assisted living facilities, business tax, Capital gains tax, corporate tax, earned income tax credit, Education Jobs and Medicaid Assistance Act, EITC, elder law, elderlaw, Estate Planning, foreign tax credit, income tax, internal revenue code, Internal Revenue Service, IRS, IRS and state tax collections, mclaughlin & quinn, Moore McLaughlin, Providence, Rhode Island, state taxes, tax, tax credit, Tax planning
Posted in Bankruptcy, Current Events, Elderlaw/Law For Life, Financial workout, IRS and state tax collections, Tax Current Events and News, Tax planning
Tuesday, October 12th, 2010 by Moore McLaughlin
The following is the fifth in a series of blog posts providing a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.
Regulations on election to defer COD income.
For debt discharges in tax years ending after December 31, 2008, a taxpayer may elect to have any cancellation of debt (COD) income from the reacquisition of an applicable debt instrument after December 31, 2008, and before January 1, 2011, included in gross income ratably over five tax years. The IRS has issued two sets of regulations on this rule: one applies to C corporations, the other applies to partnerships and S corporations. The regulations cover many complicated issues that arise with the election. For example, the C corporation regulations cover topics such as acceleration of deferred cancellation of debt (COD) income and deferred original issue discount deductions, and the calculation of earnings and profits as a result of making an election.
For more information, please contact Partner Moore McLaughlin at 401-421-5115 ext 212 or by e-mail at mmclaughlin@mclaughlinquinn.com.
Tags: asset protection, Asset Protection Planning, cancellation of indebtedness income, Capital gains tax, COD, corporate tax, debt cancellation, income tax, internal revenue code, Internal Revenue Service, IRS, IRS and state tax collections, mclaughlin & quinn, Moore McLaughlin, Providence, Rhode Island, Small Business Act, Small Business Jobs Act, Small Business Jobs Act of 2010, state taxes, tax, Tax planning, Thomas P. Quinn
Posted in Asset Protection Planning, Bankruptcy, Current Events, Financial workout, IRS and state tax collections, Tax Current Events and News, Tax planning
Sunday, February 14th, 2010 by Moore McLaughlin
Many financially distressed borrowers may have had some or all of their debts cancelled or forgiven by their lender last year. As tax time approaches, these individuals may not realize that they may have to report the canceled debt as income on their 2009 tax returns. McLaughlin & Quinn, LLC partners Moore McLaughlin, Esq., CPA and Thomas P. Quinn, Esq. are apprising existing and prospective clients of how discharged debts can trigger income unless one of numerous exceptions or exclusions applies. Note that even if there is not an exception or exclusion in a given case, the taxable amount can be reduced if the amount reported from the lender can be shown to be incorrect.
In these troubled economic times, many financially distressed borrowers may have had some or all of their debt cancelled or forgiven by their lender last year. While such relief was no doubt welcome to people who received it, what they may not have realized is that debt forgiveness may have tax consequences. Specifically, debt forgiven in 2009 may have to be included as income on your 2009 return. However, not all canceled debts trigger taxable income. And, even if there is no exception or exclusion in a particular case, that may not be the last word. The tax bite may be reduced or eliminated if you can show that the amount reported by the lender is incorrect.
General rule. The tax laws specifically include income from the discharge of indebtedness in gross income. However, there are several exceptions to this rule. In addition, there are numerous exclusions from gross income for certain types of forgiven debts.
Exceptions. If the cancellation of debt by a private lender, such as a relative or friend, is intended as a gift, there is no income. Likewise, a debt cancelled by a private lender’s Last Will and Testament triggers no income to the borrower.
There is also an exception for certain student loans. For example, doctors, nurses, and teachers agreeing to serve in rural or low income areas in exchange for cancellation of their student loans will not have income from the cancellation if they meet certain conditions.
Also keep in mind that there is no income from cancellation of deductible debt. For example, if a lender cancels home mortgage interest that could have been claimed as an itemized deduction on Schedule A of Form 1040, there is no tax problem to contend with.
Price adjustment. There is no income if an individual purchases property and the seller later reduces the price. The purchaser’s basis (yardstick for measuring gain or loss on a later sale) in the property, however, is reduced by the amount of the purchase price adjustment.
Exclusions. In addition to the above exceptions, there are exclusions from the general rule for reporting canceled debt as income for:
- discharge of debt through bankruptcy,
- discharge of debt of an insolvent taxpayer,
- discharge of qualified farm debt,
- discharge of qualified real property business debt, and
- discharge of qualified principal residence debt.
These exclusions are quite complicated and a detailed discussion of them is beyond the scope of this post. However, it is worth pointing out that the qualified principal residence debt exclusion applies where individuals restructure their acquisition debt on a principal residence, lose their principal residence in a foreclosure, or sell a principal residence in a short sale (where the sales proceeds are insufficient to pay off the mortgage and the lender cancels the balance). Also, the exclusions require certain tax attributes to be reduced and must be reported to the IRS on its Form 982.
Repurchased business debt. Income from certain repurchased business debt can be stretched out over several years. Although all of the deferred debt discharge income will eventually be recognized, you benefit from the deferral of tax to later years.
Form 1099-C, Cancellation of Debt. A taxpayer should receive a Form 1099-C from a federal government agency, financial institution, or credit union that forgives a debt of $600 or more. The amount of the canceled debt is shown in box 2. Any forgiven interest included in the amount of canceled debt in box 2 will also be shown in box 3. As noted above, if the interest would otherwise be deductible, it does not have to be included in income.
An individual who does not agree with the amount shown on Form 1099-C should contact the lender in writing and request it to issue a corrected Form 1099-C showing the proper amount of canceled debt. Even if the lender refuses to issue a corrected report, there still may be recourse if you have adequate documentation to show that the lender incorrectly reported the amount canceled.
If you had a debt forgiven last year, we can determine how it may affect your 2009 taxes, make sure you gain maximum advantage from any exception or exclusion that may apply, and guide you through various choices that may be available to you, depending on the specific circumstances of your situation. We also may be able to help you to resolve any discrepancy concerning the amount reported by the lender.
Contact Moore McLaughlin, Esq, CPA by e-mail at mmclaughlin@mclaughlinquinn.com or Thomas P. Quinn, Esq. by e-mail at tquinn@mclaughlinquinn.com, or either of them by phone at 401-421-5115.
Tags: asset protection, Asset Protection Planning, Bankruptcy, business tax, cancel debt, cancellation of indebtedness income, COD income, collection, debt cancellation, deed in lieu of foreclosure, foreclosure, foregive debt, income tax, internal revenue code, Internal Revenue Service, IRS, IRS and state tax collections, mclaughlin & quinn, Moore McLaughlin, Providence, real estate, Rhode Island, Rhode Island bankruptcy, Tax planning, Thomas P. Quinn
Posted in Asset Protection Planning, Bankruptcy, Financial workout, IRS and state tax collections, Tax Current Events and News, Tax planning
Monday, August 17th, 2009 by Moore McLaughlin
Data recently released from the U.S. Bankruptcy Court indicated that the number of bankruptcy filings has soared in Rhode Island. This news is not particularly surprising given the economic conditions in Rhode Island. McLaughlin & Quinn, LLC Partner Thomas P. Quinn was recently appointed as a Chapter 7 bankruptcy trustee specifically because of the large number of bankruptcy cases being filed. In addition, Tom represents debtors who file personal and business bankruptcy. He continues to advise large numbers of new clients on the pros and cons of filing bankruptcy. In many cases, filing bankruptcy immediately is either not an option or not the best route to follow. However, in most of the cases that Tom sees, filing bankruptcy is the only option available to the debtor which allows them to get a fresh start.
Click here for the full article from the Providence Business News on the recently-released bankruptcy statistics.
If you or anyone you know are in financial difficulty and are considering filing bankruptcy, please contact Tom Quinn, Esq. at 401-421-5115 ext. 218 or by e-mail at tquinn@mclaughlinquinn.com.
Tags: Bankruptcy, bankruptcy trustee, Chapter 11, Chapter 13, Chapter 7, mclaughlin & quinn, Rhode Island, Rhode Island bankruptcy, Thomas P. Quinn
Posted in Bankruptcy, McLaughlin & Quinn News
Thursday, July 9th, 2009 by Moore McLaughlin
Partner Thomas P. Quinn, Esq. has recently been appointed to the Panel of Chapter 7 Trustees for the United States Bankruptcy Court for the District of Rhode Island. His appointment to this role, effective as of June 1, 2009, is based on his outstanding background in bankruptcy law that he has gained in private practice and while employed by the Internal Revenue Service. The law firm of McLaughlin & Quinn, LLC is honored to have one of our partners appointed to such a prestigious position.
In his role as Chapter 7 Trustee, Tom will serve as a representative of the bankruptcy estate. His duties will include conducting Section 341 meetings of creditors, recovering, preserving, liquidating and distributing assets of Chapter 7 estates and protecting the integrity of the bankruptcy system. He will also use his skills as a bankruptcy litigator to recover assets and oppose bankruptcy discharges whenever necessary. Tom looks forward to the challenges and opportunities that his new role as a Chapter 7 Bankruptcy Trustee provides.
While serving as a Panel Trustee, Tom will continue as a partner at McLaughlin & Quinn, LLC representing businesses and individuals in financial workout and bankruptcy matters. He will also continue to represent clients in tax collection, audit and controversy matters before the IRS, the Rhode Island Division of Taxation, the Massachusetts Department of Revenue and the United States Tax Court.
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Tags: Asset Protection Planning, Bankruptcy, bankruptcy trustee, Chapter 11, Chapter 13, Chapter 7, IRS, mclaughlin & quinn, Providence, Rhode Island, Stefanie D. Howell Esq., Thomas P. Quinn, trustee
Posted in Bankruptcy, Financial workout, IRS and state tax collections, McLaughlin & Quinn News
