FW: [nabtnews] 2015 TAX REFUNDS
Posted: Thu Nov 05, 2015 10:54 am
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.
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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:
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> 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
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> M. Erik Clark
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> 100 N. Barranca Street, Suite 250
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J. Rameker
> Sent: Wednesday, November 04, 2015 1:54 PM
> To: NABTNEWS@LISTSERV.NABT.COM
> Subject: Re: [nabtnews] 2015 TAX REFUNDS
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> John:
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> 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.
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> 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.
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> Bill
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> William J. Rameker
> MURPHY DESMOND S.C.
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grave
> Sent: Wednesday, November 04, 2015 3:11 PM
> To: NABTNEWS@LISTSERV.NABT.COM
> Subject: [nabtnews] 2015 TAX REFUNDS
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> 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.
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> 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?
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> New Jersey uses Federal exemptions. If the debtors have exhausted their Wildcard exemption this seems like a slam dunk.
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> John Hargrave,
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> Barrington, NJ
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