New York Bankruptcy and Tax Law Firm

Law Offices of Stephen B. Kass, PC

225 Broadway, Ste. 711
New York, New York 10007
USA

(212) 843-0050

(212) 202-7681

www.sbkass.com

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The Law Offices of Stephen B. Kass, PC, located in New York City, is a bankruptcy and tax law firm. For more then 15 years, the Law Offices of Stephen B. Kass, P.C. has offered experienced legal counseling in the areas of Bankruptcy: Chapter 7, Chapter 13 for Consumers and Chapter 11 Reorganization filings for Businesses with high tax debt as well as Chapter 11 filings for individuals with substantial liabilities, Tax Litigation and Agreements with the Internal Revenue Service ["IRS"] and Debt Negotiations with Creditors.

We are one of the few firms in New York that deals with the IRS, NYS, the United Stated Attorneys and Attorney Generals on tax matters on a regular basis.

We file Business Bankruptcy cases in the greater tri state area. We are counsel to other attorneys, CPA's, doctors, investment bankers, engineers as well as other professionals and high net worth individuals. We are Corporate Bankruptcy Attorneys in New York.

All of our attorneys are Bankruptcy Attorneys in New York and are members of the American Bankruptcy Institute, New York District Courts and the Tax Court. We have authored articles on taxation and bankruptcy and have lectured on these subjects to other attorneys and accountants. We have attorneys admitted to the Supreme Court holding LLM in Taxation and also a CPA, attorneys fluent in Russian and paralegals fluent in Spanish.

As a New York City Bankruptcy law firm, with the main office in downtown Manhattan close to Bankruptcy Courts and an office in Garden City near the local courts/business district, we are able to work on complex bankruptcy litigation cases in New York, Brooklyn, Queens, Long Island, Westchester and Bronx Counties.

Year this Office was Established: 1994

Languages: English

Practice Areas

Additional Practice Areas: Chapter 11 Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Debt Negotiation

Practice Areas Description

The Law Offices of Stephen B. Kass, PC provides the following services:

- Chapter 11 Bankruptcy

Chapter 11 Bankruptcy is designed for Businesses that have a current and future profitable business that is worth saving and needs to reduce and restructure past debt obligations. Some of the benefits of Chapter 11 are as follows: Payout debt up to a 6 year period; Reduce and eliminate most tax penalties on priority tax claims; Work out deals with taxing authorities in Bankruptcy; Reduce unsecured tax to as little 10% of the claim depending on the asset structure of the corporation; Reject leases that are burdensome on the business; Stop all lawsuits and collection actions; Ability to offer new lenders D-I-P protection to secure funding; and, Sell assets free and clear of liens pursuant to Section 363.

- Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is the easiest and the most common type of a bankruptcy proceeding which allows you to get a fresh start in your financial life. We file Chapter 7 cases in New York. Usually filed by people who do not have substantial assets and are not able to keep up with minimum payments on their credit cards. The process from "soup to nuts" will take you about three months. It starts with an interview which you can have over the phone with one of the attorneys in the office or you can schedule an appointment in one of our offices for a free consultation. After the interview we will file your case with the court. In a month after the filing, an attorney will attend a meeting of creditors (341 meeting) with you. Three months after the meeting you will receive an official discharge notice from the court.

- Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is created for those people who own assets which are over the exemption limits for the successful filing of a Chapter 7 or those who are in arrears on the mortgage. After you file for Bankruptcy under this Chapter you will sign a repayment plan which is to be confirmed by the Bankruptcy Court according to which you will be paying some percentage of your debt back within a 3 or 5 year period, depending on your financial situation, income and expenses. To file this kind of Bankruptcy your income must exceed your expenses, so you are able to support your plan.

- Debt Negotiation

For Individuals or Corporate Clients who do not want to file for Bankruptcy or do not qualify, for a number of reasons, for the Bankruptcy filing our office offers a Debt Negotiation Alternative. This process entails out of court settlements that require a lump sum payments to creditors in order to close the account with them. We negotiate with each and every one of your creditors for the lower settlements. Based on our past performances the settlements can be anywhere from 25% - 50% of the originally owed debts. Candidates for the Debt Negotiations need to understand that they will have forgiveness of debt income, unless they qualify for the IRS exception. This means that unless your accountant is able to use some exceptions you will be liable for paying tax on the amounts that your debt is discounted for.

- Bankruptcy / Tax Discharges

Our Firm does a lot of filings for individuals with tax debt owed to the IRS and NYS for both old and recent income tax debt. We have authored an Article in the ABI Journal on this topic and have lectured other attorneys in this topic as part of our speaking in front of the New York County Consumer Bankruptcy Committee. As both an Attorney/CPA with an LLM in Taxation, we have studied this topic and worked with numerous consumers over the last 14 years to help them discharge their income tax obligations for old tax debt. As part of the process we do the following: Order and review of IRS transcripts to test the 3 year, 2 year and 240 day rules; File Chapter 7 Case; File Adversary case if needed; Settle Adversary case.

- Tax Law

For more then 15 years, the Law Offices of Stephen B. Kass, P.C. has offered experienced legal counseling in the areas of taxation. We file Offer in Compromises in NYC with the IRS for tax debt and we have completed a large number of filings after the drastic change in the law in July, 2006. Most recently the IRS has changed their expense tables curtailing many expenses. Thus, taxpayers need to prepare their cases thoroughly and go through each of these tests to qualify. We also file tax court cases in New York. As Attorneys/CPA with a Masters in Tax Law (LLM) we provide high end and experienced tax consulting and planning in New York.

*Installment Agreements
We successfully complete installment agreements with both the IRS and NYS. These agreements are useful when the taxpayer does not qualify for an offer in compromise or bankruptcy or does not want to go through the process since a lot of information is required.

*Tax Due Diligence
We order IRS Tax Transcripts in New York and determine the following: Amounts due; If the returns were filed; If unfiled returns, whether the IRS made substitute returns. This is a big issue under the new Bankruptcy Reforms; The amounts of penalties and interest owed each year. After this research, we can determine if a Bankruptcy is a good solution or if another solution is better such as an offer-in-compromise or installment agreement.