Robert McKenzie was recognized in an article in the April/May 2009 edition of CPA Magazine entitled the “Top 40 Tax Advisors to Know During a Recession.” State society and national association of CPAs and accountants nominated the candidates. Each candidate was then asked to submit words of advice about tax planning during a recession. Their advice was included within the article.
The new bankruptcy reform was signed into law by the president in April, 2005. It willbecome effective on October 17, 2005. . Generally families earning more than the state median, about $45,000 in Illinois, will be will face huge roadblocks to filing a Chapter 7 bankruptcy on consumer debts and only be allowed to file Chapter 13. Prior to seeking the protection of bankruptcy debtors will be required to pay for debt counseling as a first step. The following is brief summary of the major tax related provisions of the act.
On January 9, 2012 the Internal Revenue Service reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs.