that Attorney Melnik gave on Russian Television’s hit program, The Alexander Grant Show. Professor Melnik dicusses a wide array of issues which are impacting Americans on a daily basis, from issues of tax audits to medicaid planning, wills, estates and much more. Visit our website www.melniklaw.com for more information on the services that The Melnik Law Group Provides … medicaid medicare “estate planning” “tax planning” attorney lawyer “legal advice” “emergency planning” “elder law” “tax law” …
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Bankruptcy Law & Attorneys – Important Facts To Consider
Author:Dean Shainin
Bankruptcy law is a federal statutory law contained in title 11 of the United States codes. Congress passed the Bankruptcy Code under its Constitutional grant of the authority to establish a uniform law on the subject of bankruptcy throughout United States. States may not regulate bankruptcy though they may pass the laws that govern other aspects of the debtor-creditor relationship.
Bankruptcy allows a debtor, who is unable to pay his creditors to resolve his debts through the division of his assets among his creditors. Certain bankruptcy proceedings allow a debtor to stay in business and use the revenue generated to resolve his or her debts. A United States Bankruptcy court supervises bankruptcy proceedings and is where bankruptcy is litigated. Proceedings in bankruptcy courts are governed by the Bankruptcy Rules which were promulgated by the Supreme Court under the authority of Congress.
It is a general rule that it is best to store your tax records in case you ever get audited than to simply throw them out and not have them when you require them. Unfortunately, you will end up saving more papers and documents than you need to keep. However, many people have really no idea whatsoever when it comes to being aware of how long they must store tax records before they can finally discard them and throw them into the shredder. The constant fear that once the old tax records are discarded, the IRS might come knocking. So what is the real truth when it comes to which tax records you should to keep? How long before you can finally throw them out and not fear of any potential IRS issues?
The first criteria is the official statute of limitations implemented by the Internal Revenue Service. Within 10 years, the IRS can still audit your tax records. They can no longer collect those taxes or audit those returns after that. Essentially, records can get lost; thus, the implementation of the statute of limitations. So even if you can no longer pursue refunds beyond this 10-year period, your IRS issues also essentially disappear.
