Taxes And Tax Liens In Bankruptcy

WHEN TAXES MAY BE DISCHARGED IN BANKRUPTCY This article discusses the treatment of taxes due to the Internal Revenue Service (IRS). Income taxes due to the IRS may be dischargeable if such taxes meet five (5) criteria. 11 USC 507 and 523 hold that taxes are dischargeable in bankruptcy if: The tax return was due more than three (3) years before the filing of the bankruptcy petition. If the debtor, received an extension of time to file the tax return, the period of the extension Read More +