bankruptcy irs
Can IRS back taxes be removed through bankruptcy?
I have tax debt, some of which is more than 7 years old, and I heard that they can be removed by declaring bankruptcy. Is this true? If so, can I also file an Offer In Compromise for the newer tax debt?
Ignore the posts that say taxes are not dischargable. The people don’t know what they are talking about.
With some minor exceptions, income taxes where you filed the original return that became due and owing over three years prior to filing bankruptcy–right now this means 2004 and prior will be discharged except as to exempt or abandoned assets. These taxes have to have been billed for at least 240 days so a fresh bill from an audit that dragged on for ages would survive. If you file a Chapter 13, you can propose a plan to pay the tax and interest but not penalties.
In all cases, make sure you consult a lawyer. This is not a do it yourself project.
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