Tax Debt Tag

01 Dec Can I File A Chapter 7 Bankruptcy For My Small Business Only?

The Small Business Entrepreneur: He employes half of all private sector employees, pays 44 percent of total U.S. private payroll, and has generated 65 percent of net new jobs over the past 17 years. The Small Business Administrationestimates that in the year 2009 552,600 new small businesses opened for businessand 660,900 closed, resulting inan annual turnover of about 10 percent. For small businesses that were owner operated with no additional employees,the turnover rates three times as high as for those with employees.
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31 Mar Failure to Report an IRS Audit Adjustment to the State may bar Bankruptcy Discharge of State Taxes

According to the 4th Circuit Court of Appeals, if you fail to tell your state taxing authorities after the IRS adjusts your taxable income, it may prevent you from discharging your state taxes in bankruptcy. Most states with personal income taxes base their determination of taxable...

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12 Jun Loans on 401(k) Plans a Tax Trap

Conventional wisdom and prudent financial planning caution against borrowing against a 401(k) retirement account for anything other than emergencies. A post by Dana Wilkinson on Bankruptcy Law Network similarly urges caution in using 401(k) loans to pay off dischargeable credit card debt. Now, given last...

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