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At Carr & Pew, Attorneys at Law, we understand that many of life’s decisions may feel monumental. Whether you are stressed out by tax debt, or facing an economic hardship caused by crushing debt, or trying to protect your assets against frivolous lawsuits, or planning to take care of your family if something were ever to happen to you, we are here to help you through these important and difficult matters. DO NOT FACE ALL OF THIS ALONE!

Our Utah Bankruptcy Lawyer and Utah Tax Attorney services will provide the best possible service and advice with compassion and a caring approach. We will be by your side throughout the entire process. Carr & Pew focuses on communication between you and our Attorneys, creative solutions, and a personal relationship. Our Attorneys and staff will focus on making this a comfortable and smooth process. We know that when you’re in a bind, you need a reputable taxation lawyer as soon as possible; we will do all we can to ensure your success.

During this trying and frustrating time you have a partner that will guide you to receive the best results possible. Our Tax and Bankruptcy Attorneys have the experience and we take time to listen to you and to understand your concerns and what you are trying to accomplish. At Carr and Pew we take pride in the clients that we have helped in their financial times.

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No Surprise, Bankruptcy Filings Up!
Posted By carrlaw on June 19, 2009

According to the US Bankruptcy court the filings for Bankruptcy are up compared to last year. Not a surprise with the declining economy. The one surprise in the report is that the rise came mostly from chapter 11 filings, with a 69 percent jump in chapter 11. Followed by a 33 percent jump in chapter 7 filings.

Following is a copy of the press release sent out from the US Bankruptcy Court:

June 08, 2009 — Bankruptcy filings for the 12-month period ending March 31, 2009, were up 33.3 percent over bankruptcy filings for the 12-month period ending March 31, 2008, according to statistics released today by the Administrative Office of the U.S. Courts. March 2009 bankruptcy filings totaled 1,202,503, compared to the total 901,927 bankruptcy cases filed in the 12-month period ending March 31, 2008. The largest percentage increase occurred in Chapter 11 filings, a 69.1 percent increase over March 2008 Chapter 11 filings.

Related Items 
 Per Capita Filings 2009 (pdf) (excel)
 
 Table F-2 (filing by month) (pdf) (excel)
 
 Table F (12-month period) (pdf) (excel)
 
 Table F-2 (12-month period) (pdf) (excel)
 
 Table F-2 (3-month period) (pdf) (excel)

A significant decline in bankruptcy filings occurred in October 2006, when many of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect. Bankruptcy filings have risen steadily since then and the March 2009 total filings are the highest since BAPCA was implemented.

Business and Non-business Filings
The majority of bankruptcy filings are filings involving predominantly non-business debts. Non-business filings (also called personal or consumer filings) for the 12-month period ending March 31, 2009, totaled 1,153,412, up 32.4 percent from the 871,186 bankruptcies filed in the 12-month period ending March 31, 2008.

Filings involving predominantly business debts also rose. They totaled 49,091, up 59.7 percent from the 30,741 business bankruptcies filed in the 12-month period ending March 31, 2008.

Filings by Chapter 
For the 12-month period ending March 31, 2009, filings rose for all bankruptcy chapters.

•Chapter 7 filings rose 46.3 percent to 819,362, compared to the 560,015 Chapter 7 filings in the 12-month period ending March 31, 2008.
•Chapter 13 filings rose 10.9 percent to 370,875, from the 334,551 bankruptcies filed in the 12-month period ending March 31, 2008.
•Chapter 11 filings rose 69.1 percent, to 11,785, compared to the 6,971 Chapter 11 filings in the same time period in 2008.
•Chapter 12 filings rose 7.0 percent to 367, from the 343 filings for the 12-month period ending March 2008.
For more on bankruptcy and its chapters, visit the Judiciary’s web site or go to www.fjc.gov/federal/courts.nsf. Local bankruptcy court rules can be found at www.uscourts.gov/rules/bk-localrules.html. Historic data on bankruptcy filings is available on the Judiciary’s website under Bankruptcy Statistics. Additional bankruptcy statistics, including bankruptcies by county, can be found on the Judiciary’s PACER system.

Business and Non-Business Filings 
Years Ended March 31, 2005-2009 
        
Year Total Non-Business Business 
2009 1,202,503 1,153,412 49,091 
2008 901,927 871,186 30,741 
2007 695,575 673,615 21,960 
2006 1,794,795 1,759,503 35,292 
2005 1,590,975 1,559,023 31,952

For more information on Chapter’s 7, 13, 11 filings call us at 801-513-0898 or visit www.carrlawut.com

Total Bankruptcy Filings by Bankruptcy Chapter 
Years Ended March 31, 2005-2009 
  Chapter 
Year 7 11 12 13 
2009 819,362 11,785 367 370,875 
2008 560,015 6,971 343 334,551 
2007 413,294 5,199 372 276,649 
2006 1,432,074 6,497 366 355,756 
2005 1,141,715 7,115 189 441,838 
Quarterly Filings* 
PERIOD FILINGS    PERIOD  FILINGS    PERIOD  FILINGS 
MAR. 31, 2009  330,477   JUN. 30, 2004 421,110   SEPT. 30, 1999  323,550 
DEC. 31, 2008  301,317   MAR. 31, 2004  407,572   JUN. 30, 1999 345,956 
SEPT. 30, 2008  292,291   DEC. 31, 2003 393,348   MAR. 31, 1999  330,784 
JUN. 30, 2008  276,510   SEPT. 30, 2003  412,989   DEC. 31, 1998 353,108 
MAR. 31, 2008  245,695   JUN. 30, 2003 440,257   SEPT. 30, 1998  361,205 
DEC. 31, 2007  226,413   MAR. 31, 2003  412,968   JUN. 30, 1998 373,460 
SEPT. 30, 2007  218,909   DEC. 31, 2002  395,129   MAR. 31, 1998  354,118 
JUN. 30, 2007  210,449   SEPT. 30, 2002  401,306   DEC. 31, 1997 347,685 
MAR. 31, 2007 193,641   JUN. 30, 2002 400,686   SEPT. 30, 1997  353,515 
DEC. 31, 2006 177,599   MAR. 31, 2002  379,012   JUN. 30, 1997 367,168 
SEPT. 30, 2006 171,146   DEC. 31, 2001  364,921   MAR. 31, 1997  335,073 
JUN. 30, 2006 155,833   SEPT. 30, 2001  359,518   DEC. 31, 1996 311,131 
MAR. 31, 2006 116,771   JUN. 30, 2001 400,394   SEPT. 30, 1996  303,309 
DEC. 31, 2005 667,431   MAR. 31, 2001  366,841   JUN. 30, 1996 297,162 
SEPT. 30, 2005 542,002   DEC. 31, 2000  310,169   MAR. 31, 1996  266,149 
JUN. 30, 2005 467,333   SEPT. 30, 2000  308,718   DEC. 31, 1995  244,494 
MAR. 31, 2005 401,149   JUN. 30, 2000 321,729   SEPT. 30, 1995  233,593 
DEC. 31, 2004 371,668   MAR. 31, 2000  312,335   JUN. 30, 1995 235,302 
SEPT. 30, 2004 396,438   DEC. 31, 1999 318,634   MAR. 31, 1995  212,626

For more information on Chapter’s 7, 13, 11 filings call us at 801-513-0898 or visit www.carrlawut.com

Category: Arizona Bankruptcy Information and Links, Utah Bankruptcy Information and Links | No Comments » 
Tags: bankruptcy, bankruptcy filings, Chapter 11, Utah bankruptcy

Buy a New Car and Receive a Tax Break
Posted By carrlaw on June 18, 2009

If you purchase a car after Febuary 16, 2009 and before January 1, 2010 you are entitled to a tax break. How it works is if you live in a state that charges sales tax you can right that sales tax off on your 2009 tax return. Also if you live in a state that does not charge sales tax there is a writeoff. Next is a copy of the announcement from the IRS website.

WASHINGTON —The Internal Revenue Service and Treasury Department today announced that a tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery and Reinvestment Act of 2009, taxpayers who buy a new motor vehicle this year are entitled to deduct state or local sales or excise taxes paid on the purchase.

The IRS and Treasury have determined that purchases made in states without a sales tax — such as Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon — can also qualify for the deduction.

The IRS said today that taxpayers who purchase a new motor vehicle in states that do not have state sales taxes are entitled to deduct other fees or taxes imposed by the state or local government. The fees or taxes that qualify must be assessed on the purchase of the vehicle and must be based on the vehicle’s sales price or as a per unit fee. According to the IRS, Congress intended for these fees or taxes to qualify for this special tax deduction.

“This special tax break is available for people purchasing a new car this year, and that can include people in states without a sales tax,” said IRS Commissioner Doug Shulman. “This means that more people can take advantage of this deduction when they file their tax returns next year.”

To qualify for this deduction, the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010. Taxpayers can claim this special deduction only on their 2009 tax returns to be filed next year.

The deduction is limited to the fees or taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

The special deduction is available regardless of whether taxpayers itemize deductions on their returns. Taxpayers who do not itemize will add this additional amount to the standard deduction on their 2009 tax return. The IRS reminded taxpayers the deduction may not be taken on 2008 returns.

For more tax help check out www.carrlawut.com

Category: Uncategorized | No Comments » 
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IRS New Guidlines for Tax Preparers
Posted By carrlaw on June 17, 2009

Too many times we have seen people come in with not so good tax returns. We feel that there has to be more professionalism and more accountability. Aparentley so does the IRS. Recentley the IRS made an announcemnet regarding this:

WASHINGTON — IRS Commissioner Doug Shulman announced today that by the end of 2009, he will propose a comprehensive set of recommendations to help the Internal Revenue Service better leverage the tax return preparer community with the twin goals of increasing taxpayer compliance and ensuring uniform and high ethical standards of conduct for tax preparers.

Some of the potential recommendations could focus on a new model for the regulation of tax return preparers; service and outreach for return preparers; education and training of return preparers; and enforcement related to return preparer misconduct. The Commissioner will submit recommendations to the Treasury Secretary and the President by the end of the year.

“Tax return preparers help Americans with one of their biggest financial transactions each year. We must ensure that all preparers are ethical, provide good service and are qualified,” Shulman said. “At the end the day, tax preparers and the associated industry must be part of our overall game plan to strengthen the integrity of the tax system.”

The first part of this groundbreaking effort will involve fact finding and receiving input from a large and diverse constituent community that includes those that are licensed by state and federal authorities — such as enrolled agents, lawyers and accountants — as well as unlicensed tax preparers and software vendors. The effort will also seek input and dialog with consumer groups and taxpayers.

“We plan to have a transparent and open dialogue about the issues,” Shulman said. “At this early and critical stage of the process, we need to hear from the broadest possible range of stakeholders.”

Later this year, the IRS plans to hold a number of open meetings in Washington and around the country with constituent groups.

More information, including schedules and agendas for public meetings, will be posted on the “Tax Professionals” page on this Web site and will be communicated to stakeholder groups.

Visit here to find a tax preparer and get tax resolution.

Category: IRS Tax Resolution and links, Uncategorized | No Comments » 
Tags: Backtaxes, IRS resolution, Unfiled tax returns

Making Work Pay Credit
Posted By carrlaw on June 17, 2009

Have you seen a change in your paycheck or retirement. Obama passed the “Making work pay credit”. Becareful to not get used to getting more back. A trend has seen that alot of people have changed there exemptions to get more back .

Check out this link to the IRS website regarding this new credit

www.irs.gov/makingworkpaycredit

Category: IRS Tax Resolution and links | No Comments » 
Tags: IRS resolution, unfiled taxes

Will Obama’s Pan for Loan Modifications Last?
Posted By carrlaw on June 17, 2009

At Carr and Pew we do wonder how long these Laws will last.  Right now there is a lot of flexibility in what you can work out based on hardship status with the banks. The problem that people wonder is first and foremost, will the plan work to what its intentions were meant to do?

The intentions were too save the economy or at least one of the factors that brought the present economy into the situation it is in. The Housing Market.  Some would argue that it is not working. Ecspecially with the rise in foreclosures and bankruptcy, you could argue that to be the fact. Now on the other hand a great amount of people have benefitted from this law. Another argument is that we have not seen the numbers for how many of these modified loans will go into default.

The end of last month T. Rowe- Price associates sent a letter to washington stating their dislike for the plan and called for a halt in the modification plan. Click here to see full letter.

If more banks jump on board we could see more pressure to change it or halt it indefinite.  At Carr and Pew think that it is time now to start your Modification. You need to act quickly and don’t lose your home. Call us now 801-513-0898

check here www.carrlawut.com

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CHAPTER 13 BANKRUPTCY VS. LOAN MODIFICATION
Posted By carrlaw on June 17, 2009