Some types of tax debt can be discharged in a Chapter 7 bankruptcy, and a debtor may pay less than the full amount owed for some taxes in a Chapter 13 bankruptcy. The amount of tax relief that is available will depend on several factors including: The type of bankruptcy…
Civil tax fraud penalties are 75% of the underpayment of tax attributable to tax fraud. Whenever the IRS believes that a taxpayer has intentionally violated a known legal duty, these penalties can be assessed, in addition to possible criminal prosecution. The IRS or the California Franchise Tax Board (FTB) need…
If you have a large amount of tax debt, it is possible that you also have other types of debt that are causing financial difficulties. You may be considering bankruptcy if you have a combination of tax debt, secured debt, and unsecured debt. In this case, you might be unsure…