Houston, Texas / ACCESSWIRE / Aug 13, 2014 / Many consumers who have financial problems seek relief under the Federal Bankruptcy Laws.
For many of these consumers, bankruptcy is an excellent solution to get relief from their debts and receive a “Fresh Start”.
However, if a taxpayer has an IRS tax debt, there are many instances in which bankruptcy will not discharge their tax debt.
Some examples in which bankruptcy will not discharge an IRS tax debt include:
- Tax returns were never filed by the taxpayer and were NOT prepared by the IRS.
- Tax returns were never filed by the taxpayer, but they WERE prepared by the IRS.
- Tax returns which were prepared by the taxpayer, but AFTER a tax return was prepared by the IRS.
- Tax returns that have not been due at least 3 years.
- Tax returns that have not been FILED for 2 years.
- Payroll Taxes
- Trust Fund Recovery Penalty
- Taxes related to Fraud
- Taxes related to Willful evasion
To determine if your taxes will be dischargeable in bankruptcy, an online assessment tool has been made available to taxpayers. Simply go to http://solvemytaxproblems.com/bankruptcy-quiz and answer the 8 questions.
Even though bankruptcy may not completely solve ALL IRS Tax Problems, all is not lost. There are still IRS solutions available from the IRS that enable taxpayers to resolve their IRS Tax Problems.
Larry Weinstein, a Houston based CPA has written a new book, “How to Solve Your IRS Tax Problems When Bankruptcy is NOT an Option”.
This book outlines the many IRS programs available for taxpayers to resolve their IRS Tax Problem, even when bankruptcy is not a viable option to solve their tax problem.
Some of the IRS solutions available to taxpayers include installment agreements, Offers-in-Compromise, Currently Not Collectible status and Statute of Limitations.
IRS tax problems don’t go away by themselves. Taxpayers should seek the best IRS solution for their particular situation, even if bankruptcy is not an option.
Larry Weinstein, CPA
About the Author
Larry M. Weinstein is a CPA and Certified Tax Resolution Specialist from Houston, Texas and is the Managing Director of the national tax practice of SolveMyTaxProblems.com.
Larry graduated from the University of Houston and began his career in the Houston office of Ernst & Young.
In private practice since 1988, Larry concentrates in the area of IRS Problem Resolution as well as in tax preparation and planning.
Larry has worked with hundreds of individuals and families around the country who have had some type of problem with the IRS and has provided vital assistance to help solve his client's problems with the IRS has and get their lives back on track.
Larry is the developer of the Strategic IRS Tax Problem Resolution Process™.
Larry is the author of How to Solve Your IRS Tax Problems When Bankruptcy is NOT an Option, The Official Taxpayer’s Guide to Solving Your IRS Tax Problem and Ten Common Mistakes Taxpayers Make When Beginning to Solve Their IRS Tax Problem, amongst others.
Source: Travis Financial Press