Bankruptcy relief of taxes?


C

Christopher

1) If an installment agreement has been reached for a large
tax debt for 10 + years (IRS agent says they can extend to
15) , can a bankruptcy after three years clear this debt?

2) If so, will the IRS recognize this possibility and accept
a lump sum of monthly payment x 36 in order to satisfy the
liability INSTEAD of actually going into the installment
agreement?

Just trying to substantiate myth or rumours I have heard.

(Obviously, I am not a tx professional)

Thanks,
Christopher
(e-mail address removed)
 
Ad

Advertisements

P

Phil Marti

Christopher said:
1) If an installment agreement has been reached for a large
tax debt for 10 + years (IRS agent says they can extend to
15) , can a bankruptcy after three years clear this debt?
Income tax, yes. Otherwise probably not.

Phil Marti
Clarksburg, MD
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Bankruptcy as relief? 0
UK Tax Relief 4
TAX RELIEF 1
Questions on GM Bankruptcy and Debt-Relief 2
Tax relief on interest 11
Tax relief on AVCs 11
Tax relief on peerages. 4
Tax Relief Question 24

Top