U.S. Treasury Sending $1,200 Relief Payments

Wasson and ThornhillFinancial Crisis

The U.S. Treasury is sending money to most adults “as rapidly as possible,” $1,200 if you make less than $75,000, plus $500 per dependent.   On Friday (March 27) Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security Act. It’s also called the CARES Act, better known as the massive $2.2 trillion pandemic relief … Read More

IRS Postpones Tax Deadline to July 15

Wasson and ThornhillIncome Taxes

The IRS just postponed the April 15 deadline BOTH to file your income tax return and to pay the taxes, for individuals AND businesses.     IRS Income Tax Return Deadline Postponed Responding to the COVID-19 pandemic, the IRS has postponed the deadline to file federal income tax returns by 3 months. This was announced (on Twitter, no less!) on … Read More

Driving While Intoxicated Personal Injury

Wasson and ThornhillBankruptcy Law

If you owe someone for injuring them by unlawfully driving while intoxicated, that debt would be a priority debt in bankruptcy. So what?   Priority Debts For many weeks our blog posts have been considering how bankruptcy deals with “priority” debts. Examples of these special debts that we’ve covered include child/spousal support, income taxes, and wages owed employees. Sections 507(a)(1),(4), … Read More

Don’t Pay a Debt to a Prior Employee

Wasson and ThornhillBusiness Bankruptcy

If you operate a business, will be filing bankruptcy, and prefer not to pay a prior employee, take action so that debt is not a priority debt.   Imagine that in the near future you’re closing down a business and filing bankruptcy.  You owe an employee or independent contractor back wages or commissions. But you’d rather not pay that debt … Read More

Pay Employee Debt with Chapter 13

Wasson and ThornhillBusiness Bankruptcy

If you’d like to pay a prior employee or independent contractor recent wages or commissions, Chapter 13 can help you prioritize that.   Our last three blog posts have been about debts you owe to your employees or independent contractors. Specifically, we discussed the conditions under which past wages, commissions, or benefits qualify as a“priority” debt. These posts covered: the … Read More