1040 taxes may be dischargeable in bankruptcy
In certain situations, taxes may be dischargeable under bankruptcy laws. For example, 1040 taxes can be eliminated through bankruptcy, provided that the tax liability in question has met the bankruptcy eligibility requirements. However, taxes such as payroll, sales, and trust fund taxes are not dischargeable. Generally, in order to discharge 1040 taxes, the assets of the taxpayer must be minimal, and the assessments must meet certain time requirements. Usually, the tax returns would have to have been filed for over two years, or three years for a current year return.

Our firm provides a Bankruptcy Review Report to determine the viability of filing bankruptcy to eliminate the tax liability. This report is furnished to your bankruptcy attorney. Discharge of taxes through bankruptcy is a complicated analysis. The tax attorneys in our firm will provide your bankruptcy attorney with a comprehensive analysis to assist in bankruptcy planning for the discharge of taxes under the bankruptcy laws.

For further information call 1.800.777.3800 to schedule your initial consultation.