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Ch 11 Tax Appeals NJActB Org  Form

Ch 11 Tax Appeals NJActB Org Form

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hi I'm David schunk I'm an attorney an enrolled agent enrolled to practice before the IRS and I talk about tax issues Estate Planning and asset protection today we're going to talk about discharging taxes in bankruptcy so can taxes be discharged in bankruptcy the quick answer is yes but the longer answer is yes but only certain taxes and it could be complicated to figure out which ones qualify not all taxes are dischargeable in bankruptcy trust fund taxes which are basically employment taxes and the associated penalty for failure to pay those trust fund taxes are not dischargeable taxes on returns that are fraudulent also are not dischargeable and the associated penalties but most individual income taxes can be discharged in bankruptcy eventually it's a lot about the timing individual income taxes are only dischargeable after you meet some waiting periods and there are three waiting periods the first of which is that it must be at least three years after

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