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http://www.BrysonLawFirm.comWhat You Need to Know about Tax Bankruptcy in Baton Rouge

Since bankruptcy can have a long-term negative impact on your financial life, it might be a big mistake to seek bankruptcy protection as a tax-relief option...if in the end it doesn't relieve the tax pressure that you were seeking to relieve in the first place.

In order for a tax debt to be discharged in bankruptcy, it must meet these criteria:

1. The tax debt must be related to a return that was due at least 3 years prior to the taxpayer declaring bankruptcy

2. The tax debt must be related to a tax return that was filed at least 2 years before the taxpayer files bankruptcy

I know that the above 2 conditions are a bit confusing. Let's see if I can clear it up a bit:

For example - if you file bankruptcy in 2007, the tax debt that you are trying to eliminate should be from a return due in 2004 or before (meeting the requirement of #1).

If you wish to eliminate the debt from 2004, you must have filed the return at least by 2005, which would meet the requirement in #2.

In other words, if you filed the 2004 returns late (say in 2006), you would not be able to eliminate the debt in bankruptcy in 2007, since 2 years had not yet passed since
the return had been filed.

Think that's complicated?
That's only the beginning. There are many complicated rules when it comes to getting your tax debt taken care of in a bankruptcy. If you are in trouble with the IRS or have received notices that you owe taxes, we can help. Go to www.BrysonLawFirm.com or call our experienced tax professionals at 337-233-4210to schedule your free 30-minute consultation.

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