Income Tax Relief
In general, income taxes are NOT dischargeable debts – which means that you cannot get rid of them. HOWEVER, under certain very specific situations, it is possible to rid yourself of past due taxes, interest and penalties for taxes that are owed for tax years that are at least 3 or more years old. In order to qualify for this relief, the rules are very detailed and specific. Nonetheless, for the delinquent taxpayer, the results can be wonderful! However, an individual’s liability for a portion of the withholding taxes owed as a responsible party of a delinquent business operations are NOT dischargeable. But, once again, there are procedures available that let a client structure long term payouts that could potentially be free of ongoing interest and penalty charges. These types of bankruptcy case filings require a very careful analysis of the law and the facts as applied to each individual case. In addition, there are ways to structure current financial payments so that the client can become eligible, over time, to discharge tax obligations which currently may not qualify for such a resolution. There are only a handful of bankruptcy attorneys that can successfully analyze and handle these types of sophisticated tax cases. This firm, has been successfully assisting clients in such evaluations, and in discharging past due income tax obligations over the last 30+ years.