While there are many ways to handle a wide variety of different types of IRS tax debtsand bills, one way in particular has become more mainstream in recent years. That is the use of something that is called tax bankruptcy as a way to deal with tax related bills that are overdue or excessive. A large or overbearing IRS tax debt sometimes requires that an individual consider filing something known as tax debt bankruptcy so to discharge the debt. Using either Chapter 7 or Chapter 13 filing, a taxpayer can find relief from overwhelming tax burden.
IRS Back Taxes
Working with an experienced and focused Atlanta IRS tax attorney is one of the best ways to know whether or not IRS back taxes can indeed be included in a bankruptcy. While there is much conflicting information today with regard to this type of strategy it is important to work with an experienced and knowledgeable Atlanta tax help expert to know for sure. It should be noted that there are only specific types of tax debts that can be included in a Chapter 7 or Chapter 13 bankruptcy.
Atlanta IRS Tax Help Professionals
In fact, there are detailed and specific rules that must be considered by taxpayers in order to be eligible for tax debt related bankruptcy discharge. Confusion can often arise when addressing bankruptcy as it relates to tax debt. IRS tax help professionals can ensure that the right strategy is taken in this regard. Taxpayers must meet a series of strict requirements for tax debt bankruptcy to be successful. This includes confirming that the due date of the tax return in question is at least three years old.
It is also necessary to ensure that the tax debt is not related in any way to any type of tax evasion. For a tax debt bankruptcy to be successfully pursued it is also essential to ensure that a tax return is in no way fraudulent. In addition, the debt related to the tax return must have been assessed over eight months prior to instituting any type of bankruptcy action. A tax return cannot be filed prior to two years preceding filing for bankruptcy.
Contact An Atlanta IRS Tax Lawyer
All of these factors and others must be taken into account when considering tax debt related bankruptcy. While taxpayers and business owners have many choices when it comes to working with an Atlanta IRS tax lawyer, choosing the right law firm or legal professional can make all the difference in how well a tax debt related bankruptcy is processed. As an added note, any taxpayer who has not filed a tax return in the last four years will typically not be approved for tax debt bankruptcy. Whatever the case may be, one thing is certain and that is that choosing the right tax attorney team is essential. Contact The Gartzman Law Firm, P.C. today to learn more.