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Paper Refund Checks Are Going Away: What You Need to Know
Starting with 2025 returns filed in early 2026, most IRS refunds will be electronic and paper checks will largely end. Add direct-deposit details or use alternatives like debit cards or digital wallets; some special cases may still get checks. Set up an IRS online account and update banking info early, and get guidance if unsure.
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Warning: Scam Texts Impersonating New York State Tax Authorities
A new scam is circulating that pretends to be from the “New York Department of Revenue.” If you’ve received a text like this, do not click any links and do not respond. Here’s why this message is fraudulent: 1. There Is No “New York Department of Revenue” New York’s tax authority is officially called the
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Tricolor Auto Group Files for Chapter 7 After Fraud Allegations; Lenders Face Major Losses
Tricolor Auto Group, a large subprime used-car lender and dealer based in Texas, has filed for Chapter 7 liquidation after listing between $1 billion and $10 billion in assets and liabilities and more than 25,000 creditors. The filing followed revelations that Fifth Third Bank uncovered alleged fraud tied to a roughly $200 million loan. Fifth
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Proposal to Amend Rule 3002.1 Would Let Chapter 13 Debtors Seek Mid-Case Mortgage Status Reviews to Cure Postpetition Arrears
Proposed amendments to Federal Rule of Bankruptcy Procedure 3002.1 would give debtors and Chapter 13 trustees a new, optional way to check a mortgage claim’s status while a case is pending and — if needed — cure postpetition defaults before the plan closes. The change would authorize a mid-case motion for a full loan-status assessment,
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Congress Weighs Higher Debt Limits in Chapter 13
Congress has returned from recess and the Senate is expected to consider an amendment that would significantly expand Chapter 13 eligibility. The proposal would replace the existing split limits of approximately $1.58 million in secured debt and $526,000 in unsecured debt with a single ceiling of $2.75 million. This change would matter most in high
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A Welcome Step Toward Justice: New Bill Would Finally Make Student Loans Dischargeable in Bankruptcy
For decades, bankruptcy practitioners like myself have watched clients walk through our doors buried under student loan debt—only to discover that relief under the Bankruptcy Code is largely off-limits. The reason? An impossibly high legal standard requiring borrowers to prove “undue hardship” to discharge their student loans, a vague and outdated threshold that has turned
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A Tax Shake-Up Hits Poker Pros Just as Trump Signs the “One Big Beautiful Bill” on July 4
President Trump is set to sign the sweeping One Big Beautiful Bill Act during a special Independence Day ceremony at the White House. While the event celebrates his second-term triumph, one provision in the bill could severely hit poker players and other gamblers. What’s changing? Under current tax rules, gambling losses can be fully deducted
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Tax Resolution Program Spotlight: First Time Penalty Abatement (FTA)
What Is First Time Penalty Abatement?The First Time Penalty Abatement is a one-time administrative waiver offered by the IRS. It allows qualifying taxpayers to remove certain penalties for: Who Might Qualify for FTA? You may be eligible for FTA if: FTA is available for both individual and business taxpayers and applies only to a single
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What Happens When You Have Multiple Years of Unfiled Returns?
If you’ve fallen behind on filing your taxes for multiple years, you’re not alone—and you’re not beyond help. Every year, thousands of Americans find themselves in the same situation. Whether it’s due to personal hardship, disorganization, or simply being overwhelmed, the consequences of unfiled returns can quickly snowball. But the good news? You have
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5 Myths About Bankruptcy Debunked
Bankruptcy is often misunderstood, and the myths surrounding it can create unnecessary fear and confusion. If you’re considering bankruptcy, it’s important to separate fact from fiction. Let’s debunk five common myths about bankruptcy. 1. Bankruptcy Means You’ll Lose Everything Many people believe that filing for bankruptcy means losing all their possessions, but this is far
