In bankruptcy proceedings now. Just had taxes done today and owe. Does the IRS take bankruptcy into consideration at all? It hasn;t been discharged yet.
2007-02-13 15:04:26 · 4 answers · asked by deb k 1 in Business & Finance ➔ Taxes ➔ United States
Bankruptcy does not discharge any tax liabilities. If you owe taxes, you will need to pay it. While you're in bankruptcy, the IRS won't take you to court for the money, but you will still owe the taxes and interest and penalties will continue to pile up.
2007-02-13 15:11:33 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
The prior answers were not correct, as federal income taxes CAN be discharged in bankrupcy (but the penalties and interest will probably survive the bankrupcy)! You will have to meet certain criteria, such as filing your tax returns long before petitioning for bankruptcy. Also, you have to list the IRS as a creditor. Your tax attorney and/or bankrupcy attorney can advise you on this further.
Kreig Mitchell
www.irstaxtrouble.com
www.irstaxtrouble.com/blog.htm
2007-02-15 14:41:29 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Someone asked this question about a day ago---you might want to scroll through some of the other questions and check it out. What everyone told him was that you could not discharge your federal taxes with a bankruptcy.....unfortunately, you are still required by law to pay them.
2007-02-13 15:11:56 · answer #3 · answered by MarineMom 6 · 0⤊ 0⤋
As of April 15, maximum unpaid taxes for the twelve months 2006 and earlier will be discharged in financial disaster. Tax due from later years would not. you're prepared to avert consequences and pastime through a financial disaster 13 plan.
2016-11-27 21:55:18 · answer #4 · answered by zagel 4 · 0⤊ 0⤋