How can I rebuild my credit after a NJ bankruptcy?

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One of the biggest concerns that many people have when they are thinking about bankruptcy is how they will rebuild their credit afterward. The truth of the matter is, your credit is going to take a hit but that doesn’t mean it is doomed forever. It will take some work to get your credit score to … Continued

Another Tax Scam

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The IRS has warned about a new tax scam involving fake CP2000 notices.  If income from a W-2 or 1099 does not match the income reported on a tax return, the IRS sends a CP2000 notice.  The notice is always sent by the IRS via mail. It is NEVER emailed. In the new scam, a … Continued

How can bankruptcy save my house from foreclosure?

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One of the biggest accomplishments for many people in New Jersey is to become a homeowner. It often takes years of saving and hard work to own a home. Of course, when a financial situation changes and an individual can no longer afford to make mortgage payments, foreclosure may be in one’s future. The concept of … Continued

Ice Rink Owner on Thin Ice With IRS

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An owner of an ice rink and sports facility was sentenced to 48 years in prison for not paying $790,000 of employment taxes to the IRS from 2012 to 2015.  The position of the IRS is that business owners and operators who choose not to pay the United States tax money they withheld from their … Continued

Am I eligible for Chapter 7 bankruptcy?

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The idea of filing for bankruptcy can be pretty daunting for many people but it can also be the first step towards a successful financial future. When an individual starts to think about bankruptcy, they may be unsure of which type of bankruptcy they should file for. However, there isn’t much of a decision because … Continued

Not Filing a FBAR For Offshore Accounts Could Result in Prison

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A professor pleaded guilty to conspiracy and had to pay a $100 million penalty to the IRS for failing to file a Foreign Bank Account Report regarding offshore accounts with the government, as well as was sentenced to 7 months in prison.   Failure to file an FBAR can result in a penalty of up to … Continued