Archive: Bankruptcy

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When is a Tax Return not a Tax Return?

In bankruptcy cases that involve discharge of tax liabilities, one of the criteria for consideration is a filed tax return. Various appeals courts have held that a late return is not a return for discharge purposes unless it is filed pursuant to IRC 6020(a). This section provides that if a taxpayer fails to file a […]

Are Taxes Dischargeable in Bankruptcy?

Bankruptcy is often viewed as the option of last resort to resolve seemingly unsurmountable debts.  In working with clients owing large amounts of tax, we have found that their prevalent thought is that tax liabilities survive bankruptcy.  However, it is possible for taxes and the associated penalties and interest to be discharged, if the following […]

Inherited IRA Considerations

In June 2014, the Supreme Court ruled unanimously that individual retirement accounts (IRAs) inherited by a taxpayer are not protected in bankruptcy proceedings. In the case of Clark v. Rameker the courts have acknowledged that, while bankruptcy code is intended to protect the retirement accounts of debtors, it is not intended to protect inherited IRAs. […]

Recent Tax Developments that May Impact Construction Contractors

Staying abreast of tax changes for your construction business can seem like a moving target, but continuous planning can help you minimize liability. In the second quarter of 2014, we saw a number of important tax developments that should be considered when managing your construction business. No bankruptcy exemption for inherited IRAs.A unanimous Supreme Court […]

Taxes are Forever

The tenth circuit U.S. Bankruptcy Appellate Panel, in re Richard J. Wogoman, ruled that federal taxes assessed before a return was filed are not dischargeable.  This has serious ramifications for any person with unfiled tax returns, and especially for those who have agreed to, or are looking to solve their problems by agreeing to a […]