Over the next six months, the IRS will be sending billions of dollars to families with children ages 17 and younger, but the distribution is already causing anxiety, The Washington Post reported. The IRS and Treasury said the tax service deposited roughly $15 billion in bank accounts this week for the nearly 60 million children eligible for the monthly expanded child tax credit. Eligible families receive an advance payment of up to $300 per month for each child age 5 and under and up to $250 for each child ages 6 through 17. But many families are unsure whether their child qualifies for the credit, particularly those with newborns or custody issues, judging from questions posed during an online discussion ahead of the first distribution on July 15. The article features a question-and-answer session with Ken Corbin, the IRS’s wage and investment commissioner and its chief taxpayer experience officer.

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Family/Divorce Issues

Lack of Permanent Resident Status Doesn’t Always Defeat a Homestead Exemption

Having a family member in the home who made a formal request for legal residence will suffice to permit a Florida homestead exemption, Judge Jennemann said.

Bankruptcy Code

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Discharge/Dischargeability

Family/Divorce Issues

Mortgage

Predatory Lending

Bankruptcy Code

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Practice and Procedure

Consumer Bankruptcy

Consumer Debt

Family/Divorce Issues

Joint Tax Refund Isn’t Estate Property in Florida if Only One Spouse Files Bankruptcy

When personal property can be owned by the entireties, a tax refund isn’t estate property even if the bankrupt spouse earned all income.

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Bankruptcy Code

Bankruptcy Rule

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Automatic Stay

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Plan Confirmation

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Consumer Bankruptcy

Family/Divorce Issues

Biden to Propose $1.8 Trillion Plan Aimed at Families, Tax Hikes for Wealthiest Americans

Submitted by ckanon@abi.org on Wed, 2021-04-28 09:02

President Biden plans to lay out a $1.8 trillion proposal that includes new spending on child care, education and paid leave and extensions of some tax breaks, using a prime-time address Wednesday to pitch a package he says will benefit the U.S. economy and workers, The Wall Street Journal reported. Speaking to a joint session of Congress just before his 100th day in office, Biden will detail his American Families Plan, which he would largely pay for by raising taxes on the wealthiest Americans. A senior administration official said the president’s goal is “to build a stronger economy that doesn’t leave anyone behind.” Aides said Biden wants to note his achievements — including $1,400 payments to millions of Americans and more than 200 million COVID-19 shots administered since he took office — but also stress the legislative work to come. The proposal he plans to unveil Wednesday follows a $1.9 trillion COVID-19 relief law and comes as he is also promoting a $2.3 trillion infrastructure package that includes new spending on bridges, roads and broadband internet. Biden’s new plan will likely draw criticism from Republicans, who have largely united against his policies and said he has proposed far too much federal spending. They also object to his tax plans, which include raising rates for companies and the wealthiest Americans.

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Family/Divorce Issues

Poll: Quarter of Women Say They Are Financially Worse Off a Year into Pandemic

Submitted by ckanon@abi.org on Wed, 2021-04-28 08:55

Women and people of color are the most likely to say they are financially worse off today than before the pandemic began, according to a Washington Post/ABC News poll, underscoring the struggles many Americans are still facing even as the broader economy shows signs of improvement, The Washington Post reported. A quarter of women say their family’s financial situation is worse today than before the coronavirus-related shutdowns began in March 2020, compared to 18 percent of men, the poll finds. And 27 percent of non-whites say they are worse off now vs. 18 percent of whites. The findings highlight the ongoing financial hardships that many families are facing a year into the global health crisis. Women and workers of color were far more likely to lose jobs when the pandemic took hold last spring and wiped out millions of service-sector jobs in restaurants, hotels, spas, salons and non-urgent health-care fields. Women have also borne the majority of the child-care responsibilities as schools and day-care centers shuttered and classes moved online, requiring additional parental involvement. In follow-up interviews, several women told The Washington Post they were forced to leave jobs to care for children, or they had to take lower-paying jobs that gave them more flexibility. A few women also cited rising costs of rent and food, which caused some to fall behind on bills even if they were able to keep their jobs. About 1 in 5 Americans overall say their family’s financial situation is worse than before the shutdowns, while more than 6 in 10 adults say their financial situation is about the same as before the pandemic.

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Consumer Debt

Family/Divorce Issues

Labor/Employment