Mar 20, 2022 | Bankruptcy, Tax, Tax Issues
Be sure to give the 1099 Form to your bankruptcy attorney. The tax authorities will cross-reference the information on the 1099s with your tax returns. It’s important that you address this information on your own returns. To do this, you will need to file a Form...
Feb 6, 2022 | FAQ, General Bankruptcy, Tax, Tax Issues
Taxes are among the worst debts to have. By filing your returns timely, you can avoid having these debts. Tax debts grow at a very fast rate. In addition to the interest, there are penalties. From IRS form 746: “We may charge penalties if you do not...
Jan 30, 2022 | Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, FAQ, Tax, Tax Issues
It’s tax season, so that makes it a good time to answer this frequently asked question: SHOULD I FILE MY TAX RETURNS BEFORE OR AFTER I FILE BANKRUPTCY? It is probably better to file tax returns before you file bankruptcy. This is likely true whether you have a...
Jan 29, 2020 | Blog, General Bankruptcy, Tax, Tax Issues
Q: A collection company has filed 1099 C or cancellation of debt forms with the IRS on past due debts they claim are mine. They have never taken legal action against me, I talked with them once after statute of limitations expired, I have never acknowledged owing...
Sep 26, 2018 | Blog, Debt Collection, Tax
You will have notice and some time to pay or otherwise deal with the tax debts. The IRS always sends a bill first. That bill will be based on your tax return and will likely include appropriate interest and penalties. You will always receive at least a second bill...
