Law Office of Steven H. Leahy's online newsletter for June 2017
June 2017
LEGAL ANSWERS ALL THE ANSWERS TO YOUR LEGAL QUESTIONS
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ATIME FOR CELEBRATION
Honoring Jim’s Life and 3 Years of IRS Radio Hour
Last month, the Law Office of Steven A. Leahy celebrated three years of the IRS Radio Hour. Though I love our radio show because of its engaging and educational qualities, the IRS Radio Hour has a more special significance for me. Three years ago, I started the IRS Radio Hour with my brother, Jim, to educate people on the IRS and all issues surrounding taxes and debt. Our main goal was to be educational, but we also wanted our show to be different. Jim and I had always been fans of talk radio, and we listened to Rush Limbaugh, Kevin Matthews, John Brandmeier, and many other talk radio hotshots throughout our lives. We didn’t want our show to sound like an infomercial, so we strove to incorporate humor into our show with fun topics, including family, sports, and entertainment. Before Jim and I started the IRS Radio Hour, Jimwas already thoroughly immersed in the world of talk radio. He didn’t have a show of his own, but Jim often appeared on John Brandmeier’s show as his character, Fernando. Jim, as Fernando, would call John and answer all sorts of questions live on the air. At one point, Jim won a trip to the Playboy Mansion with John and Buzz Kilman because of their radio presence. I had never had any experience with talk radio besides being an avid listener, so Jim’s expertise paved the way for our budding idea. The IRS Radio Hour first aired on May 4, 2014. When we started, it took me a while to get up to speed. Jim had so much radio experience, and I was a complete amateur compared to a veteran like him. However, thanks to Jim’s coaching, I became more comfortable, and soon I was on my way to becoming a pro. Jim and I had so much fun on our show. Not only were we able to educate our listeners on the IRS and debt, we also showed them a good time through our humor and natural chemistry. Less than a year after we started our radio show, Jim passed away on Sunday, Jan. 18, 2015. He and I recorded our last show together the Friday before, and he passed away the Sunday morning after. After he passed, our family gathered together that night to listen to our show, which was the best Jim had ever done. He was never more happy, funny, and genuine than he was chatting with me that day, and the show still stands as one of the absolute finest of IRS Radio Hour.
After Jim passed, I was certain that I was going to give up on IRS Radio Hour. How could anyone have the same chemistry that my brother and I shared? There was nobody who could replace him. In honor of Jim’s memory, my sons, Jake and Joe; my nephews and niece, Jimmy, Jonathan, and Joanna; and myself got together and recorded what I thought was one of the last episodes of IRS Radio Hour. However, Jimmy had gotten into radio in college and asked to co-host with me a couple of times before I finally called it quits. As it turns out, Jimmy and I quickly developed a great rapport, and I realized that I wanted to continue hosting IRS Radio Hour not only to educate people, but to honor my brother. I love working with Jimmy, and I am thankful that we are celebrating three years of a great show. Thank you to everyone who has ever been a part of IRS Radio Hour and to everyone who has showed us support. Thank you to Deborah Schreiner, George Hoffman, and JimThompson for your great work on the show, and thank you to all the guests we have had the honor of interviewing! Here’s to three great years and many more to come.
– Steven Leahy
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TripIt Makes Travel Easy ORGANIZE YOUR TRAVEL If you travel frequently for business or pleasure — say you are dedicated to available until a few days before your trip, depending on the airport). The app also displays flight number, flight time, seat number, and links to airport maps.
continuing education and regularly attend courses and seminars
When it comes to accommodations, the app displays that information as well. You will have all the details related to your reservation, from directions to your hotel to room type. Did you make reservations at a local restaurant? Those details will appear in the app as well — all in the form of a trip timeline, from beginning to end. If you are not a frequent traveler and fly five or fewer times a year, the free version of TripIt may be your ideal solution. However, if you travel more than five times a year, you may want to look into TripIt Pro for $49 per year. Both versions are highly capable, but TripIt Pro comes with several advantages, including real-time updates. If there are any delays, cancellations, or
around the country — keeping track of your travel plans can seem like a
second job. It can be frustrating to comb through your email to get all of the relevant travel details in one place, from your flights to your
hotel reservations. You are already busy as is; you don’t need
other travel notices, these updates are sent directly to your phone as they happen. That way, there are no surprises when you get to the airport or gate.
this headache.
One of the great features of the TripIt app is that it can sync with your email and calendar. With this feature, TripIt can display every relevant piece of information related to your trip. For example, it displays your departure information, including terminal and gate (this information may not be
TripIt is available on both Apple and Android devices. You can learn more about the app at tripit.com or download it from your device’s app store.
To be eligible for Chapter 13, any individual, even if self-employed, must have unsecured debts less than $394,725 and secured debts that are less than $1,184,200. However, it’s important to remember that these amounts are adjusted periodically to reflect changes in the consumer price index. Also, individuals cannot file under Chapter 13 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed. In addition, no individual may be a debtor under Chapter 13 unless they received credit counseling from an approved credit counseling agency within 180 days before filing. However, there are exceptions in emergency situations. Filing for Chapter 13 bankruptcy is not embarrassing, and pride should not be a factor preventing you from asking for help. If you need help solving your financial troubles, contact me right away at 1-312-664-6649. I will be able to help you achieve full financial recovery. Don't forget to listen to the IRS Radio Hour every SUNDAY AT 5:00 P.M. ON AM 560 THE ANSWER
Last month, I told you that IRS tax obligations can be discharged via bankruptcy, which can provide much-needed relief for those facing the wrath of the IRS. Chapter 7 bankruptcy leaves you with a blank slate, but Chapter 13 bankruptcy, also called a wage earner plan, enables individuals with regular income to develop a plan to repay all or part of their debts. Under Chapter 13, debtors propose a repayment plan to make payments to creditors over three to five years. This type of bankruptcy is an option used to save someone's home once they fall behind in mortgage payments. During the three to five years of payments, creditors are forbidden from starting or continuing collection efforts. One advantage of Chapter 13 is that it allows individuals to reschedule secured debts — other than the mortgage of their primary residence — and extend them over the life of the Chapter 13 plan. Doing so can lower payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on consumer debts, which may protect cosigners. Lastly, individuals who file for Chapter 13 bankruptcy are never required to have direct contact while under the Chapter’s protection.
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1099-C VS. 1099-A Are You Confused Yet?
1099-C Form 1099-C is a cancellation of debt. This form is used by financial institutions to report canceled debt — debt that has been forgiven for less than the full amount — to the IRS. If you receive a 1099-C for a foreclosed property, you should not, but may, receive a 1099-A. Canceled debt may require the borrower to report the canceled amount as income, which means that the IRS may add the canceled amount to your gross income and tax you accordingly. Sometimes there are exceptions, and often, the borrower may exclude the forgiven debt from income. These forms are complicated. If you receive one or more of these forms in any tax year, I suggest you find a good tax preparer. For assistance, call Opem Tax Resolutions and The Law Office of Steven A. Leahy, PC, at 312-664-6649 for a free consultation.
One of the biggest questions I received this tax year stemmed from 1099-A and 1099-C forms. The following is a brief description of each form and how they should be used when filing your taxes. 1099-A Form 1099-A is an acquisition or abandonment of secured property. This form is used by lenders if they acquire secured property in full or partial satisfaction of a debt, or if they know that the property has been abandoned. Typically, a homeowner will receive a 1099-A from a lender after a piece of property is foreclosed. For tax purposes, a foreclosure is treated as a sale, and the borrower must calculate capital gains or losses. The borrower should use the information on 1099-A as the date of sale, selling price of the property, fair market value, or outstanding balance. How you report the foreclosure on your tax return depends on the nature of the property, the state the property is located in, and the purchase price.
MEMES
Ame r i can Bus ine s s TRIVIA
1. Marvel once owned the rights to what word? a. Human b. Zombie c. Cat d. Plane 2. The Coca-Cola logo is recognized by what percentage of the world’s population? a. 100 percent b. 68 percent c. 94 percent d. 79 percent
4. Burt’s Bees is owned by what company? a. Bath & BodyWorks b. Clorox c. Pepsi d. Dove
Be the first to call with all the right answers and win FREE movie tickets!
3. What was Google originally called?
a. b. c. d.
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Last month's winner was Earnest K.!
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I N S I D E
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A Time for Celebration
An App to Organize Your Travel
Chapter 13 Bankruptcy
1099-C vs. 1099-A
American Business Trivia
How to Journal Without Journaling
DEARDIARY ... How to Journal if You Don’t Like Journaling
RECORD QUOTES Quotes are special because they capture a profound feeling in just a few words. By recording some of your favorite quotes, you’re able to capture those feelings and reflect on why they resonate with you. Include quotes from historical figures, books, song lyrics, something you heard waiting in line at the coffee shop, or some of the “darndest things” your kids say. GO DIGITAL Apps like Day One for iOS or Journey for Android are perfect for recording your thoughts quickly. Journaling apps are as easy as scrolling down social media, but can be locked for your eyes only. Integrate written segments with photos to create entries you can reflect on from your phone, tablet, or computer. There are as many reasons to journal as there are options for alternative journaling. Whatever you decide, just make sure it’s something you’ll enjoy doing every day. Happy journaling!
Journaling is both a chance to organize your thoughts and an opportunity for therapeutic release, but traditional journaling isn’t for everyone. If you hit a wall every time you try to put pen to paper or worry you’ll have to burn your journal when you’re done, there are other ways you too can enjoy the benefits of journaling. WRITE LETTERS TO YOUR KIDS Framing journal entries as letters to children can help provide a starting point for you. Many parents journal like this with the intent of letting their kids one day read the letters, but that doesn’t have to be your end goal.
Nor do you have to write to your kids. You can address your letters to your spouse, a close friend, your mother, or even a loved one who’s passed away.
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