New Hampshire Tax Law Questions & Answers

Q: My husband’s employer reported him and other new hires as being exempt from federal withholding when they claimed 0

1 Answer | Asked in Tax Law for New Hampshire on
Answered on Feb 11, 2018
Linda Simmons Campbell's answer
Your husband will need to pay the taxes he owes. The IRS will be of the opinion that he should have noticed that taxes were not being withheld and corrected the issue. As far as the money that he owes, he can set up a collection alternative if he cannot pay the balance due. If the amount owed is significant I recommend that you seek the assistance of a tax attorney. Just stay away from the places you see advertised on tv and use a competent tax attorney. If the amount due is small and he...

Q: Why would a chapter 13 trustee take excess tax refunds if the payment plan is 100% funded payback?

1 Answer | Asked in Bankruptcy and Tax Law for New Hampshire on
Answered on Jan 26, 2018
Robert O'Brien's answer
Greetings!

Chapter 13 plans are funded by "disposable income" of the chapter 13 bankruptcy estate, which is based on "household income". Included in most NH chapter 13 plans is a provision that requires chapter 13 debtors to pay over to the trustee all income tax refunds that exceed $1,200, regardless of whether it is an individual or joint case. Since 'disposable income' represents the household income after taxes and required deductions, less approved living expenses for the...

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