IRS Tax Discharge

IRS Tax Discharge

It may be possible to eliminate delinquent taxes through a bankruptcy. Two different types of bankruptcy are available: Chapter 7 and Chapter 13. With each type, there are specific rules regarding how and whether delinquent taxes can be discharged through a bankruptcy. Though the rules may change from one year to the next, the most basic criteria are:

  • Tax returns must have been filed on time for the two years prior to filing bankruptcy.
  • Tax was unsecured.
  • Tax liability was calculated more than 240 days prior to bankruptcy filing.
  • The taxpayer is not guilty of any type of fraud and has not attempted to evade the tax liability by filing a fraudulent return.
  • Tax amount was not calculable when the bankruptcy petition was filed.
  • The obligation is not due on Trust Fund Tax.
  • At least 3 years has passed since tax returns were due to be filed (including extensions).
  • The returns were filed in a timely manner or it has been at least 2 years since the returns were filed.

If you think you may qualify for an IRS Tax Discharge through bankruptcy or would like to find out, please contact The Tax Resolvers. We can assess your situation and let you know if you qualify. We can also help with many other IRS problems. Please call us to learn more.

 

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The Tax Resolvers is a professional organization that works with arbitrators, tax attorneys, accounting experts and others with specific industry experience. Our highly skilled team has been helping taxpayers for years with their needs. Each member brings their own special expertise to the table, whether it’s crunching numbers or negotiating. All our people are somehow involved in the financial services industry and they’re wholly committed to helping our customers.

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