.jpg)
FW: [nabtnews] 2015 TAX REFUNDS
Erik is correct, and this is a nice reminder that debtors can reduce their deductions for November and December so there will be no return left from the 2015 return.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Nov 4, 2015, at 2:00 PM, Erik Clark eclark@blclaw.com [cdcbaa] wrote:
>
> I know we have discussed this but here is the thread right off the NABT listserv. Lots of Tees have chimed in that they do this regularly
>
>
>
> M. Erik Clark
>
> 100 N. Barranca Street, Suite 250
> West Covina, CA 91791
>
> www.BorowitzClark.com
> Office: (626) 332-8600
> Fax: (626) 332-8644
> Board Certified in Consumer Bankruptcy
> American Board of Certification
>
>
>
> Dont forget to give us a 5 star Yelp review at www.yelp.com and Like us at "www.facebook.com/BCLaw.LLP
>
>
>
J. Rameker
> Sent: Wednesday, November 04, 2015 1:54 PM
> To: NABTNEWS@LISTSERV.NABT.COM
> Subject: Re: [nabtnews] 2015 TAX REFUNDS
>
>
>
> John:
>
>
>
> I do this regularly each January 2nd. Wisconsin allows debtors to claim either state or federal exemptions. If they claim federal and have enough wildcard remaining available to cover the projected refund, I dont pursue it as the Court will allow them to amend to claim the refund. However, if they have no wildcard remaining, or if they use state exemptions which has no provisions for a tax refund to be exempt, I pursue them. I wait until January 2nd to do anything because some sleeping attorneys wait up if I do anything before the last paycheck and advise the debtor to change their withholding status with their employer so as to diminish or eliminate the amount of potential refund.
>
>
>
> On January 2nd I do the tax intercept as well as file a Motion for Turnover of the debtors tax returns and turnover of the tax refund for the prior year for both state and federal. Our state does not accept tax intercepts, so the turnover Motion as to the state refund is the only way for me to reach it.
>
>
>
> Bill
>
>
>
> William J. Rameker
> MURPHY DESMOND S.C.
> (608) 268-5612 P | (608) 257-4333 F
> 33 East Main Street, Suite 500 | Madison, WI 53703
> website | map | email
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
> CONFIDENTIALITY NOTICE: This electronic transmission (including any files attached hereto) contains information that is legally privileged, confidential, and exempt from disclosure. It is intended for use only by the individual or entity named above. If you are not the intended recipient or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any disclosure, dissemination, copying, distribution, or the taking of any action in reliance on the contents of this confidential information is strictly prohibited. If you have received this communication in error, please destroy it, remove it from your computer and/or network and immediately notify me by email. Thank you. Receipt by anyone other than the named recipient(s) is not a waiver of any attorney-client, work product or other applicable privilege, protection or doctrine.
>
>
>
grave
> Sent: Wednesday, November 04, 2015 3:11 PM
> To: NABTNEWS@LISTSERV.NABT.COM
> Subject: [nabtnews] 2015 TAX REFUNDS
>
>
>
> I am review cases for hearings next week. In doing so I notice fair number of debtors who got substantial income tax refunds on the 2014 tax returns. From pay advices I can see they are earning about the same as they did in 2014. All things being equal it is likely that they will be entitled to a similarly large income tax refund for 2015.
>
>
>
> The cases I am reviewed were all filed in late September. In no case have the debtors asserted an exemption for the 2015 tax refunds. I believe that the estate is entitled to a pro rata share of the 2015 tax refunds. Does it make sense to file a tax intercept form with the IRS to grab the estates share of the refunds? Is anyone else doing this?
>
>
>
> New Jersey uses Federal exemptions. If the debtors have exhausted their Wildcard exemption this seems like a slam dunk.
>
>
>
> John Hargrave,
>
> Barrington, NJ
>
> The NABT Listserv is available to all members, including Chapter 7 Trustees, members of the Office of the U.S. Trustee, Suppliers, and Trustee Assistants. Please remember that an email sent to the listserv will be distributed to non-trustees, and that NABT cannot control the distribution of an email once it is received by listserv members.
>
> The NABT Listserv is available to all members, including Chapter 7 Trustees, members of the Office of the U.S. Trustee, Suppliers, and Trustee Assistants. Please remember that an email sent to the listserv will be distributed to non-trustees, and that NABT cannot control the distribution of an email once it is received by listserv members.
>
>
type="text/html";
boundaryple-Mail-DC46CA7C-864A-46A0-965F-009D449095BE
The post was migrated from Yahoo.
I know we have discussed this but here is the thread right off the NABT
listserv. Lots of Tees have chimed in that they do this regularly
M. Erik Clark
[image: small logo (2)]
100 N. Barranca Street, Suite 250
West Covina, CA 91791
www.BorowitzClark.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
*Dont forget to give us a 5 star Yelp review at www.yelp.com
and Like us at "www.facebook.com/BCLaw.LLP
*
*From:* NABT News [mailto:NABTNEWS@LISTSERV.NABT.COM] *On Behalf Of *William
J. Rameker
*Sent:* Wednesday, November 04, 2015 1:54 PM
*To:* NABTNEWS@LISTSERV.NABT.COM
*Subject:* Re: [nabtnews] 2015 TAX REFUNDS
John:
I do this regularly each January 2nd. Wisconsin allows debtors to claim
either state or federal exemptions. If they claim federal and have enough
wildcard remaining available to cover the projected refund, I dont pursue
it as the Court will allow them to amend to claim the refund. However, if
they have no wildcard remaining, or if they use state exemptions which has
no provisions for a tax refund to be exempt, I pursue them. I wait until
January 2nd to do anything because some sleeping attorneys wait up if I do
anything before the last paycheck and advise the debtor to change their
withholding status with their employer so as to diminish or eliminate the
amount of potential refund.
On January 2nd I do the tax intercept as well as file a Motion for Turnover
of the debtors tax returns and turnover of the tax refund for the prior
year for both state and federal. Our state does not accept tax intercepts,
so the turnover Motion as to the state refund is the only way for me to
reach it.
Bill
*William J. Rameker *
*MURPHY DESMOND S.C.*
(608) 268-5612 P | (608) 257-4333 F
33 East Main Street, Suite 500 | Madison, WI 53703
*website* *|* *map*
*|* *email*
[image: http://www.murphydesmond.com]
[image: Facebook]
[image: LinkedIn]
[image: YouTube]
[image: Google +]
CONFIDENTIALITY NOTICE: This electronic transmission (including any files
attached hereto) contains information that is legally privileged,
confidential, and exempt from disclosure. It is intended for use only by
the individual or entity named above. If you are not the intended recipient
or an employee or agent responsible for delivering this message to the
intended recipient, you are hereby notified that any disclosure,
dissemination, copying, distribution, or the taking of any action in
reliance on the contents of this confidential information is strictly
prohibited. If you have received this communication in error, please
destroy it, remove it from your computer and/or network and immediately
notify me by email. Thank you. Receipt by anyone other than the named
recipient(s) is not a waiver of any attorney-client, work product or other
applicable privilege, protection or doctrine.
*From:* NABT News [mailto:NABTNEWS@LISTSERV.NABT.COM
] *On Behalf Of *John Hargrave
*Sent:* Wednesday, November 04, 2015 3:11 PM
*To:* NABTNEWS@LISTSERV.NABT.COM
*Subject:* [nabtnews] 2015 TAX REFUNDS
I am review cases for hearings next week. In doing so I notice fair number
of debtors who got substantial income tax refunds on the 2014 tax returns.
From pay advices I can see they are earning about the same as they did in
2014. All things being equal it is likely that they will be entitled to a
similarly large income tax refund for 2015.
The cases I am reviewed were all filed in late September. In no case have
the debtors asserted an exemption for the 2015 tax refunds. I believe that
the estate is entitled to a pro rata share of the 2015 tax refunds. Does
it make sense to file a tax intercept form with the IRS to grab the
estates share of the refunds? Is anyone else doing this?
New Jersey uses Federal exemptions. If the debtors have exhausted their
John Hargrave,
Barrington, NJ
*The NABT Listserv is available to all members, including Chapter 7
Trustees, members of the Office of the U.S. Trustee, Suppliers, and Trustee
Assistants. Please remember that an email sent to the listserv will be
distributed to non-trustees, and that NABT cannot control the distribution
of an email once it is received by listserv members.*
*The NABT Listserv is available to all members, including Chapter 7
Trustees, members of the Office of the U.S. Trustee, Suppliers, and Trustee
Assistants. Please remember that an email sent to the listserv will be
distributed to non-trustees, and that NABT cannot control the distribution
of an email once it is received by listserv members.*
The post was migrated from Yahoo.