THE FOLLOWING INFORMATION APPLIES TO THE NORTHERN AND EASTERN DISTRICTS OF TEXAS ONLY:
SPECIFICALLY THE DALLAS AND SHERMAN (PLANO) DIVISIONS.
Certain Taxes may be dischargeable through Bankruptcy. Generally, these taxes are income taxes that meet all of the following criteria:
- The tax returns are more than 3 years due; and
- The tax return has been on file for more than 2 years; and
- In the case of an additional assessment, the assessment is more than 240 days old. If there was an Offer in Compromise, then the period is 270 days exclusive of the time the Offer in Compromise was outstanding.
Payroll and sales taxes that were required to be withheld from another are not dischargeable. Nor are taxes based on fraudulent returns.
Further if the IRS has filed a tax lien, the lien may survive even though the tax is discharged. That means that the IRS could still seize its collateral (such as your house, IRA, or other property).
Call Lusky & Associates, P.C. for a FREE CONSULTATION (972) 386-3900.