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Yes, a business can seek bankruptcy protection to address back Business Taxes, but the ability to discharge those tax debts depends on several factors. Generally, income taxes may be discharged if they meet specific criteria, such as being filed on time and being at least three years old. However, payroll taxes and certain other tax obligations are typically non-dischargeable. It's essential for businesses to consult with a bankruptcy attorney to navigate these complexities effectively.
What else can I help you with?
Can you file bankruptcy on back taxes?
NO
Are you responsible for someones back taxes if you claim them as a dependent?
No
What will you get back in taxes if you made 34000?
It depends on what they took out for federal taxes, and if your state takes out taxes, and what deductions you claim
How can you find out if a business owes back taxes?
To find out if a business owes back taxes, you should contact the IRS. The business tax number to call is (800) 829-4933.
Is it public record what a business owes in back taxes?
No.
Can you file bankruptcy on back taxes?
NO
If I am a beneficiary on a life insurance policy and owe back taxes or have filed bankruptcy will the insurance company hold the check?
No, they will pay the claim to you and then you will be able to do what is fiscally responsible.
My brother is thinking of filing bankruptcy. If he filed for bankruptcy would this also take care of the back taxes he owes on his property?
It depends on a number of circumstances; often it isn't possible to discharge back taxes in bankruptcy, but it is in some cases if the back taxes are over 3 years old.
Does bankruptcy protect you from paying back taxes?
No, the IRS always gets its money.
Are you responsible for someones back taxes if you claim them as a dependent?
No
Can you file bankruptcy while still owing back taxes?
Yes, as a general rule. Taxes of all kinds are not discharged by the bankruptcy process. That means, when it's all over with bankruptcy, you still owe taxes to the federal gorvernment, and any other government. In short, fiiling a petition in bankruptcy and a subsequent discharge will not get you out of paying taxes to the government. It's really easy to filing a petition in bankruptcy; it's very expensive not to do it right; the Bankruptcy Court is just not the same as your Magistrate's court, or the small-claim's court. It's very expensive to do it wrong and you cant do it but every so often (time limits: you just have to see the code. If you have a bankruptcy sitution you really need to see a lawyer who works with bankruptcy.
If your bankruptcy has been discharged but your house is still in your name do you still have to pay back taxes?
A bankruptcy is not discharged. Debts are discharged. Real estate taxes are a lien on the real estate and would not usually be discharged. Talk to your bankruptcy layer.
What will you get back in taxes if you made 34000?
It depends on what they took out for federal taxes, and if your state takes out taxes, and what deductions you claim
Can you file for bankruptcy even if you owe back taxes?
Yes, you can, and you may be able to discharge the taxes owed, if they are income taxes for returns filed more than three years prior to filing, unless there are more recent adjustments to the taxes owed.You can also file a Chapter 13 to arrange a payment plan for the taxes, though the IRS has become more amenable to reasonable payment plans without a bankruptcy filing.Consult an experienced bankruptcy lawyer in your area.
How can you find out if a business owes back taxes?
To find out if a business owes back taxes, you should contact the IRS. The business tax number to call is (800) 829-4933.
Is it public record what a business owes in back taxes?
No.
Typically when a business is owed money by a company that files for bankruptcy the business will...?
It SHOULD file a claim with the court to be paid...and it will wait in line and be paid in accord with how the BK progresses...maybe all, maybe some small portion of what it is owed...depending on the situaton of the co that went BK and what what the debt is for and how it was secured, if at all.
