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Evidence needed for last 60 days income
Do you mean the 6-month period for means test purposes? If debtor
is self-employed you don't need to attach proof of income for 60
days. You do, however, have to obtain the information for the
relevant prior 6 months to properly prepare Form 22A (or 22C as the
case may be, depending on which Chapter you're filing) and attach
the P&Ls (for some period) to Schedules "I" and "J".
If his income hasn't changed, you could use Schedule "C" from 2016
for Schedules "I" and "J".
But if he does cash basis accounting (as most do), a profit and loss
must be prepared for the relevant 6 month period to properly
complete the means test forms. This is true regardless of what
language he speaks.
I would start, however, by calculating whether it makes any
difference in the analysis. For example, if his gross receipts for
the period without any business deductions still don't trigger a
means test problem (or a problem with I/J), then just list the
income with an explanation that he doesn't have his expense
information for that period.
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Mark J. Markus
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On 2/15/2017 4:28 PM, 'Jennifer L. Jones' jdgrad03@yahoo.com
[cdcbaa] wrote:
>
>
> Good Afternoon- I'm wondering if it's acceptable to use the
> Schedule C from 2016 tax return (I would redact ssn) as evidence
> of income from last 60 days since debtor can not provide me with a
> profit and loss from last 6 months? Or do I need to create this
> for him? English is his second language and he doesn't understand
> really what it is. Maybe use his 1099 instead? but that doesn't
> show his deductions.
>
> Thanks so much-
>
> JJ
> The Law Office of Jennifer L. Jones
> 1243 S. La Cienega Blvd, Ste 8
> Los Angeles, CA 90035
> Tel: (619) 913-9818
>
> NOTICE: This message is intended for the addressee and may
> contain information that is privileged, confidential and/or
> attorney work product. If you are not the intended recipient, do
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> call the sender immediately at (619) 913-9818 and delete all
> copies of the message and any attachments. Neither the
> transmission of this message or any attachment, nor any error in
> transmission or delivery shall constitute waiver of any applicable
> legal privilege.
>
>
>
*************************
Mark J. Markus
Law Office of Mark J. Markus
_*Mailing Address Only:*_
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information is
intended for the use of the addressee only. If you are not the
addressee, note that any disclosure, copy, distribution or use of
the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
imposed by the IRS, we inform you that any U.S. tax advice contained
in this communication (or in any attachment) is not intended or
written to be used, and cannot be used, for the purpose of (i)
avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any
transaction or matter addressed in this communication.
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Reply-To: "Jennifer L. Jones"
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Good Afternoon- I'm wondering if it's acceptable to use the Schedule C from 2016 tax return (I would redact ssn) as evidence of income from last 60 days since debtor can not provide me with a profit and loss from last 6 months? Or do I need to create this for him? English is his second language and he doesn't understand really what it is.Maybe use his 1099 instead? but that doesn't show his deductions.
Thanks so much-
JJThe Law Office of Jennifer L. Jones1243 S. La Cienega Blvd, Ste 8Los Angeles, CA 90035Tel: (619) 913-9818
for the addressee and may contain information that is privileged, confidential and/or attorney work product. If you are not the intended recipient, do not read, copy, retain or disseminate this message or any attachment. If you have received this message in error, please call the sender immediately at (619) 913-9818 and delete all copies of the message and any attachments. Neither the transmission of this message or any attachment, nor any error in transmission or delivery shall constitute waiver of any applicable legal privilege.
The post was migrated from Yahoo.
X-Original-Return-Path: "Jennifer L. Jones"
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
Good Afternoon- I'm wondering if it's acceptable to use the Schedule C from 2016 tax return (I would redact ssn) as evidence of income from last 60 days since debtor can not provide me with a profit and loss from last 6 months? Or do I need to create this for him? English is his second language and he doesn't understand really what it is.Maybe use his 1099 instead? but that doesn't show his deductions.
Thanks so much-
JJThe Law Office of Jennifer L. Jones1243 S. La Cienega Blvd, Ste 8Los Angeles, CA 90035Tel: (619) 913-9818
for the addressee and may contain information that is privileged, confidential and/or attorney work product. If you are not the intended recipient, do not read, copy, retain or disseminate this message or any attachment. If you have received this message in error, please call the sender immediately at (619) 913-9818 and delete all copies of the message and any attachments. Neither the transmission of this message or any attachment, nor any error in transmission or delivery shall constitute waiver of any applicable legal privilege.
The post was migrated from Yahoo.