Looks like Debtors can rest easy for awhile - audits suspended??
Posted: Wed Jan 23, 2008 8:57 am
I'm going to keep my "threat of audit" language in my retainer agreement anyway since it seems to impart the requisite seriousness to my clients.
Besides, the burden of the 707(b) inquiry demands is still worse than the audit requirements were anyway, in my opinion.
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Mark J. Markus
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----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Wednesday, January 23, 2008 6:46 AM
Subject: RE: [cdcbaa] Looks like Debtors can rest easy for awhile - audits suspended??
A logical follow-up from a May 2007 email forwarded from David Tilem, reporting the OUST having to answer to Congress. Hale
---
From:
Sent: Wednesday, May 16, 2007 1:36 PM
To:
Subject: NACBA - United States Trustees Change Audit Procedures in Response to NACBA Testimony
We're very pleased to announce that the United States Trustee Program has changed its audit procedures as a result of the testimony of NACBA President Henry Sommer before the Subcommittee on Administrative and Commercial Law of the House Judiciary Committee. Henry's testimony at http://www.nacba.org/files/main_page/So ... -01-07.pdf about practices of the United States Trustee Program that make bankruptcy more burdensome and expensive cited, among other things, the onerous document demands made of every debtor subject to an audit:
Patrick Green
Sent: Tuesday, January 22, 2008 6:44 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Looks like Debtors can rest easy for awhile - audits suspended??
They will be sorely missed.
Patrick T. Green
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
Erik Clark
Sent: Tuesday, January 22, 2008 1:36 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Looks like Debtors can rest easy for awhile - audits suspended??
Notice Regarding Debtor Audits (1/14/08)
As mandated in Section 603(a) of Public Law 109-8, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the United States Trustee Program (USTP) established procedures for independent audit firms to audit petitions, schedules, and other information in consumer bankruptcy cases filed on or after October 20, 2006. Pursuant to 28 U.S.C. 586(f), the USTP contracted with independent accounting firms to perform audits in cases designated by the USTP.
The FY 2008 Consolidated Appropriations Act, Public Law 110-161, provided no funding for debtor audits. As a result, the USTP has suspended its designation of cases subject to audit and has notified the independent accounting firms performing the audits. The Program is pursuing alternative sources of funding to permit it to resume the designation of cases subject to audit and, if successful, intends to reinstate the audits.
Pursuant to Section 603(a) of BAPCPA and 28 U.S.C. 586(a)(6), in the spring, the USTP will make public information concerning the aggregate results of the debtor audits performed during fiscal year 2007.
http://www.usdoj.gov/ust/eo/bapcpa/debtor_audit/
Erik Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
Office: (626) 332-8600
Fax: (626) 332-8644
eclark@BLClaw.com
www.BLClaw.com
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The post was migrated from Yahoo.