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It is very important that you find out if
your taxes are dischargeable in corporate or personal bankruptcy
because if they are:
You
may not need to take bankruptcy to get out from under your
taxes!
Some taxes in some circumstances are dischargeable
in bankruptcy. There is proposed bankruptcy legislation
which may make it harder to discharge your taxes. If you
are considering company or personal bankruptcy you should
investigate it now to determine your options, before the
opportunity passes. Caution: Don't
file bankruptcy without considering the following.
Bankruptcy is an option for some but not all taxpayers.
If bankruptcy is an option for you then you are in luck!
Don't pull the
trigger yet! Read on.
Some income (but not employment) taxes are dischargeable
in bankruptcy. If all or part of your taxes are dischargeable
then you have the option of discharging them in a bankruptcy
proceeding. If your taxes are dischargeable in bankruptcy
then you may not have to take bankruptcy to get out of the
taxes.
But
more importantly:
You can use the threat of bankruptcy to negotiate a better
deal in your offer in compromise.
I have written a book on Offer
in Compromise. My book shows you how to prepare an
offer in compromise for the least amount the IRS will take.
Several chapters in my book are dedicated to how to use
the threat of Bankruptcy to negotiate a minimal settlement
with the IRS. This information could save you thousands
of dollars. If you are considering bankruptcy and
would like to learn how to use the threat of bankruptcy
to negotiate a minimal settlement with the IRS, you owe
it to yourself to get my book
Offer Secrets Revealed.
Are your taxes dischargeable?
* Income taxes are dischargeable in bankruptcy when certain
conditions are met.
* Employment taxes are not dischargeable.
* Trust Fund Recovery Penalties are not dischargeable.
If you have been convicted of a tax crime or found to have
been fraudulent on your return, your income taxes will probably
not be dischargeable. You will need a Bankruptcy attorney
to advise you on this.
4 Steps to Dischargeable Taxes.
For your taxes to be dischargeable
you must meet the following criteria.
1. You must have filed a tax return. If you failed
to file a tax return and the IRS made a return for you under
their Substitute for return procedure then your income tax
liability is not dischargeable.
2. It has to be at least 3 years since the return was
originally due plus any extensions. For example your
1999 tax return was due on April 15, 2000. Three years from
April 15th 2000 would be April 15, 2003. So if you filed
your return on or before April 15th 2000, you would have
met this three year requirement on April 15, 2003. If you
filed your return before April 15, 2000, it does not change
the start date for the calculation. For instance, if you
filed your 1999 return in February or March of 2000, you
must still wait until April 15th 2003 to pass the 3 year
rule.
3. It also has to be 2 years from
the time the return was actually filed. This rule will
not catch you if you filed on time but if you filed more
than a year late, you must remember that it has to be at
least 2 years from the time the return was actually received
by the IRS.
4. Finally, if you have been audited, you must wait 240
days from the date of the Assessment. The date of the
Assessment is the date the IRS entered the amount due on
your account. To get this date exactly you must order a
transcript of your account for that year. If you have not
been audited or had your taxes increased after you filed
the return then this rule does not apply to you.
Being
able to discharge your taxes in bankruptcy is a very powerful
tool.
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Learn how to settle
your taxes for pennies on the dollar!
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To learn
the techniques and secrets of how to use the
threat of Bankruptcy to settle your taxes
for pennies
on the dollar, you need my book
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FINALLY, an IRS
Offer in Compromise Book!
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To
learn more about my book on Offer in Compromise
Click Here
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