Fulthrotl
~Autocorrect is My Worst Enema.~
- Occupation
- E
in these financial times, a piece of information i learned years ago may prove
helpful to someone.
hopefully not.... but anyway......
in the next nine months or so, i'd expect a passel of bankruptcies, chapters 7
and 11.
one of the "common knowledge" articles of faith is that a bankruptcy cannot
discharge a tax liability. that is incorrect. there are a couple of requirements
for the tax liability to be discharged, but if you meet those, yes, a BK can
discharge a tax liability, both at the federal and state level. one of the
requirements is that the tax liability must have been assessed 36 months or
more ago. not filed, assessed.
it's in the federal bankruptcy code, article 602, subparagraph "C". or thereabouts.
you'll need an attorney on this one, but i've seen $300 an hour
tax attorney who didn't know about this. i had a $300 an hour attorney i had
to inform of this statute so he could apply it correctly.... duh.
hope nobody needs this information, but if you do...... i've never filed bank
ruptcy personally, but indirectly this information saved me $1.9M, so i know
it works.
so does the IRS... offers in compromise are astonishingly well recieved when
they know that you know.....
randy
helpful to someone.
hopefully not.... but anyway......
in the next nine months or so, i'd expect a passel of bankruptcies, chapters 7
and 11.
one of the "common knowledge" articles of faith is that a bankruptcy cannot
discharge a tax liability. that is incorrect. there are a couple of requirements
for the tax liability to be discharged, but if you meet those, yes, a BK can
discharge a tax liability, both at the federal and state level. one of the
requirements is that the tax liability must have been assessed 36 months or
more ago. not filed, assessed.
it's in the federal bankruptcy code, article 602, subparagraph "C". or thereabouts.
you'll need an attorney on this one, but i've seen $300 an hour
tax attorney who didn't know about this. i had a $300 an hour attorney i had
to inform of this statute so he could apply it correctly.... duh.
hope nobody needs this information, but if you do...... i've never filed bank
ruptcy personally, but indirectly this information saved me $1.9M, so i know
it works.
so does the IRS... offers in compromise are astonishingly well recieved when
they know that you know.....
randy
