525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Tuesday, August 6, 2024
Monday, August 5, 2024
Colorado Springs: Can Bankruptcy Solve My Tax Problems?
Having a large tax debt can make you feel both frightened and overwhelmed that your bank account will be drained by the IRS. Then, someone suggests that if you file bankruptcy that will eliminate the tax debt. It this true? Will filing a chapter 7 bankruptcy eliminate your tax debt?
Certain IRS debts may be dischargeable in bankruptcy. To qualify for discharge under Chapter 7 or Chapter 11, the tax debt must meet specific criteria:
- Age of Debt: The tax debt must be at least three years old.
- Filing Date: You must have filed a tax return for the debt at least two years before filing for bankruptcy.
- Assessment Date: The IRS must have assessed the tax debt at least 240 days before you file for bankruptcy.
- No Fraud or Evasion: The tax return must not be fraudulent, and you must not be guilty of tax evasion.
If these conditions are met, the tax debt may be discharged, meaning you are no longer legally required to pay it. However, any cancellation of debt (COD) income resulting from the discharge is reportable on the bankruptcy estate's tax return, not your individual return.
It's also important to note that while bankruptcy can provide relief, it doesn't eliminate all tax-related obligations. Consulting with a bankruptcy attorney or tax professional can help you navigate the complexities and determine the best course of action for your specific situation.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Friday, August 2, 2024
Colorado Springs: What If the IRS Files a Substitute Return For Me?
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Thursday, August 1, 2024
Colorado Springs: Tax Resolution Training with NATP at Taxposium in Orlando, FL
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Wednesday, July 31, 2024
Colorado Springs: How Can I Get Audit Reconsideration? What is an Audit Reconsideration?
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Tuesday, July 30, 2024
Colorado Springs: Do Not Let Your Tax Problems Only Be Half Fixed!
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Monday, July 29, 2024
Colorado Springs:Why is Reasonable Compensation Important for S-Corporation Officers?
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Sunday, July 28, 2024
Colorado Springs: Tax Resolution Training on the Way to Orlando
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Friday, July 26, 2024
Colorado Springs: Should I File an Offer in Compromise to Resolve my Tax Debt?
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Wednesday, July 24, 2024
Colorado Springs: How Can I Get a Penalty Abated Using Reasonable Cause?
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
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