Ensure You Qualify DISCHARGE OF DEBT IN BANKRUPTCY
When you owe the IRS money, there are a few steps you can take to get out of debt. The first thing you can do is pay the IRS what you owe; the second is to get an installment agreement; third is to make an offer and compromise; forth is to apply for a “currently not collectible” status; fifth is to file for bankruptcy; and sixth is to do nothing. When most people come to see me, they have usually skipped right to the sixth step. But you can’t just do nothing when you owe money to the IRS! Like anything, there are exceptions to what can be qualified for discharge under bankruptcy —meaning, some of your debt will not be forgiven, and it’s important that you know how much money you will owe after filing. One exception to discharge are the taxes that have been filed in the last three years. These are debts from which you will never be able to walk away.
In order to qualify for discharge under bankruptcy laws, debts have to have been due more than three years ago, you must have filed your tax return more than two years ago, and the tax must have been accessed more than 240 days ago. If all three of those statements are true and you haven’t lied on your forms, then qualifiable taxes will be dischargeable in bankruptcy. Section 523 A19 of the bankruptcy code states that the violation of any federal or state securities laws of the Securities Exchange Act are not dischargeable in bankruptcy. Before you file, you must make sure you qualify. If you come to me, I will ensure that you meet all the requirements for bankruptcy and discharge. Call Opem Tax Resolution and the Office of Steve A. Leahy at 312-664-6649. We will take care of your bankruptcy needs.
Ame r i can Bus ine s s TRIVIA Don't forget to listen to the IRS Radio Hour every SUNDAY AT 5:00 P.M. ON AM 560 THE ANSWER
MEMES
1. Twitter was almost called? a. Snapchat b. Friendstalker c. Talker d. Hashtag 2. Chipotle is an official sponsor for what basketball team? a. LA Lakers b. Miami Heat c. Boston Celtics d. Chicago Bulls
3. Under Armour was
founded in what year?
a. b. c. d.
1996 1979 1985 2005
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