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Short Year Tax Election and Tax Refunds
I would think the short year ends on the day before the petition (ie, the estate gets the tax year as of the date of the petition) and without a
filing, I don't think a taxpayer can simply say - I want to end by tax year and
claim a short year.
Again, I am not the tax professional on the day to day (even with the LLM in Tax), so your PC/Taxpayer and you should seek proper tax counseling.
Very truly yours,
Shai Oved
The Law Offices of Shai Oved
7445 Topanga Cyn. Blvd., Suite 220
_Canoga Park, California 91303_ (x-apple-data-detectors://0/0)
Tel: _(818) 992-6588_ (tel:(818)%20992-6588)
Fax: _(818) 992-6511_ (tel:(818)%20992-6511)
Email: ssoesq@aol.com
_www.shaioved.com_ (http://www.shaioved.com/)
________________
The information contained in this email is intended only for the
individual or entity named above and may contain attorney privileged and
confidential information. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution, or copy of
this communication is strictly prohibited. If you received this
communication in error, please immediately notify us by the telephone number above
and return any hard copies to us via the postal service.. The Law Offices of
Shai Oved is a debt relief agency which helps people file for bankruptcy
under the Bankruptcy Code. Shai Oved is a Certified Bankruptcy Law Specialist
by The State Bar of California Board of Legal Specialization.
In a message dated 6/7/2017 10:32:01 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
Ahh...so the election can only be done after filing bankruptcy? (not sucha genius after all...)
On 6/7/2017 10:28 PM, ssoesq@aol.com [cdcbaa] wrote:
Mark,
You have out-done yourself. That is pretty genius BUT I doubt you will
get the tax refund prior to filing in time to spend on living expenses
because -
You would essentially have to file the bankruptcy first, then make the
election to file the short year, then file the return on paper within 3.5 months of the filing (ie, the equivalent of April 15...) (since I doubt the IRS
will accept a short-year election return electronicall), then wait out theprocessing of the return, and ultimate refund which could several months -but you may be able to exempt the tax refund and spend it on living
expenses once received.
I am not a tax preparer so I don't deal with the day-to-day tax issues sohopefully some of the tax professionals can chime in.
Very truly yours,
Shai Oved
The Law Offices of Shai Oved
7445 Topanga Cyn. Blvd., Suite 220
_Canoga Park, California 91303_ (x-apple-data-detectors://0/0)
Tel: _(818) 992-6588_ (tel:(818)%20992-6588)
Fax: _(818) 992-6511_ (tel:(818)%20992-6511)
Email: ssoesq@aol.com
_www.shaioved.com_ (http://www.shaioved.com/)
________________
The information contained in this email is intended only for the
individual or entity named above and may contain attorney privileged and
confidential information. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution, or copy of
this communication is strictly prohibited. If you received this
communication in error, please immediately notify us by the telephone number above
and return any hard copies to us via the postal service.. The Law Offices of
Shai Oved is a debt relief agency which helps people file for bankruptcy
under the Bankruptcy Code. Shai Oved is a Certified Bankruptcy Law
Specialist by The State Bar of California Board of Legal Specialization.
In a message dated 6/7/2017 10:20:04 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
Anyone ever use a short year tax election to enable a debtor to receive atax refund prior to filing a bankruptcy case so the debtor can spend it (on
necessary living expenses, of course) prior to filing?
I've used it before to allow debtors to utilize loss carryforwards they
would otherwise lose under 26 USC 108, but not for protecting refunds.
Is that a viable option?
**************************************************
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 ofLegal 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 forthe use of the addressee only. If you are not the addressee, note that anydisclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed bythe 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 partyany transaction or matter addressed in this communication.
The post was migrated from Yahoo.
Ahh...so the election can only be done after filing bankruptcy?
(not such a genius after all...)
On 6/7/2017 10:28 PM, ssoesq@aol.com [cdcbaa] wrote:
>
>
> Mark,
> You have out-done yourself. That is pretty genius BUT I doubt you
> will get the tax refund prior to filing in time to spend on living
> expenses because -
> You would essentially have to file the bankruptcy first, then make
> the election to file the short year, then file the return on paper
> within 3.5 months of the filing (ie, the equivalent of April
> 15...) (since I doubt the IRS will accept a short-year election
> return electronicall), then wait out the processing of the return,
> and ultimate refund which could several months - but you may be
> able to exempt the tax refund and spend it on living expenses once
> received.
> I am not a tax preparer so I don't deal with the day-to-day tax
> issues so hopefully some of the tax professionals can chime in.
> Very truly yours,
> Shai Oved
> The Law Offices of Shai Oved
> 7445 Topanga Cyn. Blvd., Suite 220
> Canoga Park, California 91303
> Tel: (818) 992-6588
> Fax: (818) 992-6511
> Email: ssoesq@aol.com___
> www.shaioved.com
> ________________
> The information contained in this email is intended only for the
> individual or entity named above and may contain attorney
> privileged and confidential information. If the reader of this
> message is not the intended recipient, you are hereby notified
> that any dissemination, distribution, or copy of this
> communication is strictly prohibited. If you received this
> communication in error, please immediately notify us by the
> telephone number above and return any hard copies to us via the
> postal service.. The Law Offices of Shai Oved is a debt relief
> agency which helps people file for bankruptcy under the Bankruptcy
> Code. Shai Oved is a Certified Bankruptcy Law Specialist by The
> State Bar of California Board of Legal Specialization._
> In a message dated 6/7/2017 10:20:04 P.M. Pacific Daylight Time,
> cdcbaa@yahoogroups.com writes:
>
> Anyone ever use a short year tax election to enable a debtor
> to receive a tax refund prior to filing a bankruptcy case so
> the debtor can spend it (on necessary living expenses, of
> course) prior to filing?
>
> I've used it before to allow debtors to utilize loss
> carryforwards they would otherwise lose under 26 USC 108, but
> not for protecting refunds.
>
> Is that a viable option?
>
>
> **************************************************
> 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.
>
>
>
>
>
>
> Virus-free. www.avg.com
>
>
>
>
*************************
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.
The post was migrated from Yahoo.
Mark,
You have out-done yourself. That is pretty genius BUT I doubt you will
get the tax refund prior to filing in time to spend on living expenses
because -
You would essentially have to file the bankruptcy first, then make the
election to file the short year, then file the return on paper within 3.5
months of the filing (ie, the equivalent of April 15...) (since I doubt the IRS
will accept a short-year election return electronicall), then wait out theprocessing of the return, and ultimate refund which could several months -but you may be able to exempt the tax refund and spend it on living
expenses once received.
I am not a tax preparer so I don't deal with the day-to-day tax issues sohopefully some of the tax professionals can chime in.
Very truly yours,
Shai Oved
The Law Offices of Shai Oved
7445 Topanga Cyn. Blvd., Suite 220
_Canoga Park, California 91303_ (x-apple-data-detectors://0/0)
Tel: _(818) 992-6588_ (tel:(818)%20992-6588)
Fax: _(818) 992-6511_ (tel:(818)%20992-6511)
Email: ssoesq@aol.com
_www.shaioved.com_ (http://www.shaioved.com/)
________________
The information contained in this email is intended only for the
individual or entity named above and may contain attorney privileged and
confidential information. If the reader of this message is not the intended
recipient, you are hereby notified that any dissemination, distribution, or copy of
this communication is strictly prohibited. If you received this
communication in error, please immediately notify us by the telephone number above
and return any hard copies to us via the postal service.. The Law Offices of
Shai Oved is a debt relief agency which helps people file for bankruptcy
under the Bankruptcy Code. Shai Oved is a Certified Bankruptcy Law Specialist
by The State Bar of California Board of Legal Specialization.
In a message dated 6/7/2017 10:20:04 P.M. Pacific Daylight Time,
cdcbaa@yahoogroups.com writes:
Anyone ever use a short year tax election to enable a debtor to receive a tax refund prior to filing a bankruptcy case so the debtor can spend it (onnecessary living expenses, of course) prior to filing?
I've used it before to allow debtors to utilize loss carryforwards they
would otherwise lose under 26 USC 108, but not for protecting refunds.
Is that a viable option?
**************************************************
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 ofLegal 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 forthe use of the addressee only. If you are not the addressee, note that anydisclosure, copy, distribution or use of the contents of this message is
prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed bythe 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 partyany transaction or matter addressed in this communication.
Mark,
You have out-done yourself. That is pretty genius BUT I doubt you
will get the tax refund prior to filing in time to spend on living expensesbecause -
You would essentially have to file the bankruptcy first, then make theelection to file the short year, then file the return on paper within 3.5 months
of the filing (ie, the equivalent of April 15...) (since I doubt the IRS will
accept a short-year election return electronicall), then wait out the processing
of the return, and ultimate refund which could several months - but you may be
able to exempt the tax refund and spend it on living expenses once
received.
I am not a tax preparer so I don't deal with the day-to-day tax issues
so hopefully some of the tax professionals can chime in.
Very truly
yours,Shai OvedThe Law Offices of Shai Oved7445 Topanga Cyn. Blvd.,
Suite 220 Canoga Park,
California 91303Tel: (818)
992-6588Fax: (818)
992-6511Email: ssoesq@aol.com
The post was migrated from Yahoo.
Anyone ever use a short year tax election to enable a debtor to
receive a tax refund prior to filing a bankruptcy case so the debtor
can spend it (on necessary living expenses, of course) prior to filing?
I've used it before to allow debtors to utilize loss carryforwards
they would otherwise lose under 26 USC 108, but not for protecting
refunds.
Is that a viable option?
**************************************************
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.
The post was migrated from Yahoo.