July 23, 2019

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...]

Chapter 7 Income Tax Relief Difficult for Tardy Filers

People in financial hardship often need income tax relief. Contrary to what many people believe, income taxes can be dis-chargeable in a Chapter 7 bankruptcy case.  "Dis-chargeable" means certain income taxes will cease to exist just as other debts. A three-point test to discharge taxes in Chapter 7 bankruptcy In order for tax debt to be dischargeable, the taxes must meet a three-point … [Read more...]