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Can you com-bind tax id numbers of different company's into one to file bankruptcy?
You cannot combine tax id numbers of different companies into one, to file bankruptcy.
Which taxes are not eligible for bankruptcy?
Payroll taxes and penalties for fraud are not it is not eligible for bankruptcy. If the debtor filed a tax return for the relevant tax years at least two years before filing, then it is not eligible for bankruptcy. If the tax debt is from a tax return that was originally due at least three years before filing for bankruptcy then it is not eligible for bankruptcy. If the IRS assessed the tax debt at least 240 days before the debtor filed for bankruptcy, then it is not eligible for bankruptcy.
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
Can income tax debt be discharged in a bankruptcy?
Yes, if the tax returns were filed when due or at least 3 years before the date of filing the bankruptcy. This is a complex area with a lot of exceptions or requirements to meet. Consult an experienced bankruptcy lawyer. Some income taxes are dischargeable in bankruptcy, such as 1040 tax liabilities, however some will remain with the bankruptcy, for example, 941 payroll tax liabilities and trust fund. The tax code is complicated, taxpayer need a better understanding of tax code and bankruptcy laws to deal with a tax debt.
Does file bankruptcy affect tax return?
No
Where can one get tax credit for energy efficient websites?
One can learn more about getting a tax credit for energy efficient websites on energystar and irs.gov. My making energy efficient changes within the home one may be entitled to a small tax break.
How can you learn more about corporate income tax?
You can learn more about corporate income tax by reading relevant financial columns that are printed in newspapers. Some magazines also print columns that discus issues of corporate income tax.
Will the bankruptcy court take a tax refund after your bankruptcy is discharged?
Usually not. Your bankruptcy petition will ask you for information on whether or not you received a tax refund for the year prior, but they don't usually track you afterwards to find out if you got a refund after your discharge. You are applying for a clean financial slate, and taking away your refund would negate that purpose. If in doubt, check with your bankruptcy attorney for more clarification.
What do you need to know about filing your tax return if you have filed bankruptcy during that year.?
No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html
Can you claim tax rebate in UK after being dissolved from bankruptcy?
Yes, in the UK, individuals who have been discharged from bankruptcy may be able to claim tax rebates if they overpaid taxes during their bankruptcy period. However, any tax refunds may be subject to the terms of the bankruptcy and may need to be directed to the bankruptcy estate. It’s important to consult with a tax advisor or insolvency practitioner to understand the specifics of your situation and the potential for claiming any rebates.
Can executor of bankruptcy take income tax?
Yes.
Do you keep a tax refund after bankruptcy?
Has the chapter 13 bankruptcy been discharged (completed)? If not then in your bankruptcy agreement for repayment it probably states that you must surrender any tax return to the repayment schedule. Read your entire agreement and consult with your attorney to be sure.
