Frequently Asked Tax Questions – IRS Bankruptcy.

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DOES BANKRUPTCY DISCHARGE MY IRS DEBT?

Yes, when properly included in the bankruptcy. — See Bankruptcy

ARE MY TAXES ELIGIBLE FOR A DISCHARGE IN BANKRUPTCY?

They must meet the following 3 rules:

a) Liability must be over 3 years past the due date including extensions of the returns.

b) The tax returns (not SFR’s) must have been filed at least 2 years before the petition date.

c) 240 days must pass from the date of assessment.

But there are exceptions to whether your taxes are dischargeable… — See Bankruptcy

CAN YOU FILE BANKRUPTCY AGAINST THE IRS?

Yes, your personal 1040 income tax liability may be eliminated. — See Bankruptcy

CAN THE IRS PURSUE UNPAID TAXES AFTER BANKRUPTCY?

Yes, collection will only stop on taxes included in the bankruptcy. — See Bankruptcy

DISCHARGE TAXES THROUGH BANKRUPTCY! DO I STILL OWE TAXES TO THE IRS IF I AM FILING BANKRUPTCY? WHICH DEBTS ARE NOT SUBJECT TO FORGIVENESS THROUGH BANKRUPTCY?

Not all the IRS debt is erased through bankruptcy. Payroll taxes, Trust Fund Recovery penalty, a 100% penalty, fraud penalties are not forgiven under Bankruptcy. See more on Bankruptcy.

HOW ARE DELINQUENT TAXES TREATED?

It varies. See Bankruptcy

WILL BANKRUPTCY SAVE THE TRUST FUND OR CIVIL PENALTIES ON MY UNPAID PAYROLL TAXES?

NO! — See Bankruptcy

WHICH ARE THE RULES TO DISCHARGE TAX DEBT IN BANKRUPTCY? DO I QUALIFY FOR BANKRUPTCY? WHAT SHOULD I KNOW BEFORE I FILE BANKRUPTCY?

When seeking tax relief through bankruptcy, there are few requirements you should meet. Your tax return’s due date should be at least 3 years old. The tax assessment is at least 2 years old. In addition, your filing date is at least 2 years old. The tax return was not fraudulent. For more information, please check Bankruptcy.

CAN BANKRUPTCY ERASE IRS DEBT?

Yes in some cases — See Bankruptcy

HOW CAN I ELIMINATE THE IRS TAX DEBT? SHOULD I CONSIDER BANKRUPTCY? CAN I GET TAX RELIEF THROUGH BANKRUPTCY?

Bankruptcy may be an option for taxpayers who cannot meet the IRS financial requirements for back taxes debt. Some of the tax debt is erased through bankruptcy. See more on bankruptcy.

I FILED BANKRUPTCY! DO I STILL HAVE TO WORRY ABOUT THE FEDERAL TAX LIEN AGAINST MY PROPERTY?

The Federal Tax Lien remains. See more on bankruptcy.

DO I HAVE TO PAY PENALTIES AND INTEREST IF I FILE BANKRUPTCY UNDER CHAPTER 13?

No. You will be exempted from paying interest and penalties. See Bankruptcy.

IS THE IRS AFFECTED BY BANKRUPTCY FILING?

Yes, your collection case will be transferred to the legal division.

IF I FILE BANKRUPTCY, WILL MY RETIREMENT PLAN BE AFFECTED? WHAT IS GOING TO HAPPEN WITH MY RETIREMENT PLAN UNDER BANKRUPTCY?

For Chapter 7 and Chapter 13, you will be able to keep your retirement account with few limitations. Carefully consider those limits, if you are planning to file Bankruptcy. See more on Filing Bankruptcy.

ELIMINATING TAX DEBT WHEN FILING BANKRUPTCY! IS BANKRUPTCY THE RIGHT SOLUTION?

You may be able to reduce your tax debt in bankruptcy. However, there are many aspects of bankruptcy laws that you should be aware of, before even consider bankruptcy. Bankruptcy will negatively affect your credit score. You can read more about bankruptcy here.

I NEED BANKRUPTCY ADVICE ON TAXES

I include some advice on this site on the bankruptcy page.

I AM LOOKING FOR IRS TAX RELIEF! CAN I QUALIFY FOR CHAPTER 7 BANKRUPTCY? WHICH ARE THE REQUIREMENTS?

It depends on your individual situation and your current financial ability to pay your IRS debt. See Bankruptcy.

WHAT ARE THE CONDITIONS TO FILE FOR BANKRUPTCY? WHAT IS THE “240 DAYS RULE”? WHAT IS THE “3 YEARS RULE”?

To eliminate a tax debt through bankruptcy, your tax returns must have been 3 years old and have at least 240 days since the tax assessment has been made. You must have filed you tax returns at least 2 years prior to your bankruptcy petition. See more on Bankruptcy.

CAN I DO AN OFFER IN COMPROMISE THROUGH BANKRUPTCY?

NO! — See Bankruptcy

CAN I DISCHARGE INCOME TAXES THROUGH BANKRUPTCY? CAN I FILE BANKRUPTCY?

Yes. You can reduce income taxes by declaring bankruptcy. If you are not able to negotiate a manageable payment plan with the IRS, you may consider bankruptcy. See more about Bankruptcy.

WILL FILING BANKRUPTCY ELIMINATE MY TAX DEBT? WHAT SHOULD I KNOW BEFORE I FILE BANKRUPTCY?

It depends. If you are eligible, it may reduce your tax liability, erasing only some of your tax debt. For example, child support, alimony, student loans and certain other types of tax claims cannot be discharged through bankruptcy. See Bankruptcy.

CAN I GET A TAX REFUND IF I DECLARED BANKRUPTCY?

It depends on the type filed. It may get taken by the court to pay off creditors. — See Bankruptcy

THE IRS IS GOING TO TAKE COLLECTION ACTION AGAINST ME! I AM LOOKING FOR BANKRUPTCY TAX RELIEF! CAN I STOP THE IRS COLLECTORS DECLARING BANKRUPTCY?

Yes. See more on Filing Bankruptcy

IS THE DEBT DISCHARGED IN BANKRUPTCY CONSIDERED INCOME ON MY NEXT YEAR TAX RETURN?

No. See more on Bankruptcy.

WILL BANKRUPTCY DISCHARGE MY BACK TAXES? WILL MY IRS DEBT BE WIPED THROUGH BANKRUPTCY? WHERE CAN I FIND THE INCOME TAX DISCHARGE GUIDELINES?

Individual facts and circumstances play a major role in declaring bankruptcy and eliminating your tax debt. We can help you get an IRS tax relief through bankruptcy! Call us today and at 713 774 4467!

If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
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