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Get Out From Under Your IRS Tax Debt By Filing Bankruptcy
It is a common misconception that IRS tax obligations can never be discharged in a bankruptcy. Unless there is tax fraud involved, a tax return was not filed, or the tax was not listed as a liability in the bankruptcy filing, then the tax may be discharged in bankruptcy. If the tax is discharged in bankruptcy, the IRS may no longer commence or continue tax collection proceedings.
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If you owe a significant amount of taxes to local, state or federal agencies, the Florida Debt Relief Center, LLC, can help you eliminate your tax debt. Depending upon the age of your debt, we can generally help you eliminate your total obligation for back taxes. What does the age of your tax debt have to do with anything? Contact an attorney at our firm for clear answers to all of your questions. There are some unusual rules.
The following is a brief summary of the rules, but don't get tripped up. An experienced attorney can help you through this. Even most CPAs and accountants aren't aware you can discharge certain taxes through bankruptcy.
Three-Year Rule
You cannot file Chapter 7 or Chapter 13 bankruptcy for tax debt relief for a particular tax year unless it was three years prior to the bankruptcy petition. For example, personal income taxes owed for 2005 and reflected in a tax return filed timely by April 15, 2006 would be dischargeable in most any case filed on or after April 16, 2006.
Two-Year Rule
Notwithstanding the Three-Year Rule, the actual return must have been "filed" by the taxpayer at least two years prior to the bankruptcy petition.
240-Day Rule
The taxes must actually be assessed by the IRS, for example, at least 240 days prior to the date the bankruptcy petition is filed.
Tax debt relief through bankruptcy. With proper planning, we can typically get most of your IRS federal tax lien reduced or eliminated and find a payment plan that works for you.
The rules relating to IRS tax debt relief through bankruptcy are complex. Contact our offices in Fort Lauderdale or West Palm Beach to arrange a free consultation with one of our lawyers. We represent clients throughout South Florida.
We are a debt relief agency. We proudly help people file for bankruptcy relief under the Bankruptcy Code.
