Tax Law and Foreclosure Law Blog

New Rules for New Jersey Sheriff’s Sales – Adjournments

New Jersey Sheriff Sale Adjournment S3464 NJSA 2A:17-36 Statutory Stay Adjournment Sheriff's Sale Auction

New Law Proposed to Make Student Loans Dischargeable in Bankruptcy

Student Loan Bankruptcy Discharge

6 Keys to Getting a Loan Modification in 2019

Mortgage Modification NPV Loss Mitigation 12 CFR 1024.41 Servicer Prohibition on Foreclosure Sale Mod Loss Mit Ocwen SPS Mr. Cooper

NJ Laws Combat NJ Worst-in-Nation Foreclosure Crisis

Foreclosure Crisis NJ Statute of Limitations Mediation Modification Servicer Loss Mitigation Oversight

1099-C Cancelled Debt and Tax Court

In a recent Tax Court decision, a taxpayer was slammed for ignoring a Form 1099-C on canceled debt and failing to file a return.

The 2018 Summer Foreclosure Heatwave

Foreclosure starts increased in 44% of markets in July of 2018, according to the ATTOM Data Solutions July 2018 U.S. Foreclosure Market Report.

Deutsche Bank Pays Homeowner $30,000 for Predatory Loan

Deutsche Bank is paying a homeowner $30,000 after seeking to foreclose on the homeowner’s $65,000 investment property.

Bill Proposed to Halt Internet Sales Tax Under Wayfair

A group of bi-partisan legislators led by Jim Sensenbrenner (R-WI) proposed Bill (H.R. 6824) to limit the impact of the Wayfair decision.

Top 3 Timely Tax Tips for September

Check Your Withholding, Make Your Sep. Quarterly Estimated Payments, and Go See Your Accountant and Get That Extension Filed to Avoid Penalties.

Wells Fargo Ordered by Judge to Review Homeowner for a Mod

At a Ch. 13 status conference held last week, Judge Drain ruled that Wells Fargo must fairly review a Nyack homeowner, denied a mod due to bank error.

IRS Private Debt Collectors Come Up Short, TIGTA Finds

The Treasury Inspector General for Tax Administration (“TIGTA”) just issued a report on the private tax debt collection (“PDC”) program rolled out by Congress.

The “Everything Bubble” – What is It? When Will it Burst?

You’ve probably seen articles guessing at the timing of the next market collapse. The "Everything Bubble" is looming as the yield curve inverts.

Tax Reform 2.0: Retirement, Education, and Innovation

The House Ways and Means Committee last Thursday provided Republicans with an updated version of Tax Reform 2.0 focused on retirement, education and innovation.

Healthcare Options for 2019

Open enrollment begins Nov. 1, 2018 and ends on Dec. 15, 2018 and coverage begins Jan. 1, 2019. This is also the period for renewal and changing your plan.

Tax Tips for Back to School

Have you been paying thousands of dollars to stow your little ones away at summer camp, so you could work during summer break? You may be due for a tax break.

Vacation Home Rentals Under the TCJA

Just got back from a long weekend in your mixed-use vacation home? Thinking about buying a second-home and renting it. Learn the tax ramifications here.

Proposed Bill Would Overhaul IRS and Regulate Tax Preparers

Senator Rob Portman (R-Ohio) and Senator Ben Cardin (D-Missouri) have introduced a new bi-partisan bill in the Senate that would overhaul the IRS.

Wells Fargo Announces Layoffs as Business Enters Freefall

Wells Fargo announced it is cutting 638 mortgage jobs, due to a slowdown in business.

Treasury Blocks SALT Tax Workarounds

The Treasury acted last Thursday to block high-tax blue states from passing laws to create SALT tax workarounds, focusing on charitable contributions.

NYC Metro is Synonymous with High Tax Bills

As housing affordability declines nationally, Manhattan and its neighboring cities remain the most expensive and high tax area in the country to call your home.

Wells Fargo Criminal Investigation of Low-Income Tax Credits

The U.S. Attorney’s Office in Miami has convened a Grand Jury for colluding with affordable housing developers to underbid for low-income tax credits.

Offshore Tax Evasion Lessons from Paul Manafort Conviction

In U.S. v. Paul Manafort trial, the jury reached a partial verdict finding Paul Manafort guilty on five counts of tax fraud and failing to file FBARs

Treasury Unveils New 20% QBI “Pass-Through” Regulations

On Wed. Aug. 8, 2018, the IRS released new “proposed” rules and regulations which give guidance on how the small business deduction will work

Newark Passes $2bn Tax Incentive to Lure Amazon HQ

On Wednesday, Aug. 8, the Newark City Council passed a set of ordinances which offer Amazon a $1bn tax waiver of Newark’s 1% payroll tax and Property Tax Waiver

Wells Fargo Faces Scandal for Illegal Foreclosing 400 Homes

In a quarterly report filed Friday, Wells Fargo disclosed it illegally foreclosed on 400 families after denying modifications to qualifying homeowners.