July 23, 2019

“I Can’t Pay My Taxes”

If you figured that you are unable to pay your federal or state income taxes in full and on time, there are only five options available to you: Get current.  Some choose to get current through whatever means necessary, including a bank loan or gift from family. The IRS accepts payment by credit card. So does the North Carolina Department of Revenue (NCDOR). Be aware, though, that credit … [Read more...]

Tax Debts and Bankruptcy

The automatic extension granted to individual taxpayers just passed, which often brings calls from those who cannot pay their tax debts. As part of my bankruptcy practice, I strive to stay current on North Carolina Department of Revenue (NCDOR) and IRS policies that may affect my clients. A three-point test to discharge income taxes in Chapter 7 bankruptcy In order for income tax debt to be … [Read more...]