Experienced Help For Tax And Bankruptcy Law Issues
Death and taxes are often thought as the only certainties in life. At least with regard to taxes, bankruptcy can prove it wrong, because in many cases, you can often eliminate tax debt by filing a bankruptcy.
Our attorney at CBG Law Group, PLLC, can help you determine which tax debts of yours may be eligible for discharge. The extent of tax relief will differ in every case and is dependent on the nature of the tax liability and the type of bankruptcy filing.
If you are considering filing for bankruptcy and need to know about the tax implications, we can help you understand the interaction of tax law and bankruptcy.
Determining If Your Tax Debt Is Eligible For Discharge
The determination of which tax debts may be eliminated is complex and fact specific. In general, tax liabilities cannot be discharged through bankruptcy, but there are some instances where you may able to have your tax debt discharged. Our lawyer will meet with you and help determine whether your tax debts can be discharged through Chapter 7 bankruptcy, Chapter 13 bankruptcy or Chapter 11 bankruptcy. Tax debt may be eligible for discharge if:
- The unpaid taxes relate to an income tax return that is at least three years old.
- The tax debt is related to a return filed at least two years ago.
- The tax debt is not based on a fraudulent tax return.
- The IRS must assess the tax debt at least 240 days before you file for bankruptcy.
- You have been charged with tax evasion.
What If My Tax Debt Is Not Dischargeable In Bankruptcy?
If you have tax debt that is not eligible for a bankruptcy discharge, you still have options. The Internal Revenue Service has various programs that enable a tax debt to be dealt with when you lack the resources to pay the entire amount in a single payment, including an installment agreement and offers in compromise.
Our attorney can explain the technical requirements of each of these options and because of our more than 20 years of experience helping clients in Washington, we can recommend the option that may best serve your needs.
Never Ignore Or Delay Dealing With Tax Debt
The IRS has powerful collection tools for tax debts, including the ability to seize bank accounts and assets by a tax levy. Penalties and interest are also imposed and can add up quickly. In addition, there is always the risk of a misstatement to an IRS agent that could lead to criminal charges of lying to a federal officer. We can handle any communication and work efficiently to resolve your tax issues in a cost-effective manner.
Free Initial Consultation
To find out if your tax debt can be discharged through bankruptcy, call our Bellevue office at 425-223-4870 for a free initial consultation or use our online form. We work alongside our clients and provide a personal level of service that you will not find at most law firms.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.