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Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes; Ruling Provides Certainty, Benefits and Protections Under Federal Tax Law for Same-Sex Married Couples

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether…

Restaurant owner files for bankruptcy in New York

On Long Island, New York food is a very profitable necessity. Many locals have made a living out of business ventures like restaurants and other eateries. However, the food industry has a weakness; the country’s economic state can greatly affect…

A farmer and his family file for Chapter 7 bankruptcy

Many Americans, including some from Nassau County look at agriculture as a profitable venture. However, just like any other business, farming has its ups and downs. When pests and natural calamities strike, farmers are more likely to encounter financial challenges.…

Chapter 13 bankruptcy for out-of-pocket medical expenses

Long Island residents are aware of how medical expenses increase their financial stress. That is particularly true for the retired, who may suffer financial challenges due to out-of-pocket medical expenses. A private foundation in New York called Commonwealth Fund stated…

Consumer borrowing impacts bankruptcy filings in New York

Since the Great Recession began, most Americans, including those from Long Island, New York, have tightened their belts. The increasing cost of household expenses and unemployment has subjected most people to financial challenges and many are eventually forced to declare…

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