Haynes Law, PLLC
Bankruptcy, Tax Law, and Immigration Law
Tel: 281-890-9-LAW (529)
12850 Jones Road, Suite 201 Houston, TX 77070
Tax Law
​
-
Are tax penalties and interests discharged in a Bankruptcy?
Yes, if the Bankruptcy petition is filed prior to the date the IRS files the lien for those years. Under certain insolvency circumstances, you may be eligible depending on the type of bankruptcy filed and the tax obligation owed. If you tax debt is not dischargeable, a qualified attorney can help you determine what other options are available.
2. How does the IRS treat Bankruptcy cases?
All collection on taxes that you owe to the IRS ceases. The Tax Periods must be listed in the bankruptcy in order to be protected. An experienced attorney should pull the tax records on all delinquent tax periods instead of relying on IRS listing of periods on the "proof of claim."
3. What could happen if my taxes are not paid?
Owing the IRS is a serious problem that should not be ignored. Interests and penalties continue to accrue on the tax debt. The IRS could place a lien on your property that would prevent you from selling your home or car without settling the debt. The Federal or State Government can seize your property, paycheck, car, financial accounts to satsify your tax debt. If you owe back taxes and need debt relief, contact an experienced attorney to help you.
4. What is an Offer in Compromise and How Can it Benefit Me?
An Offer in Compromise would allow you to settle the tax debt for less than the original amount owed if the full payment would cause serious financial hardship. If you have already filed bankruptcy, this is not an option for you.
5. What if I fall behind on my tax payments or underpaid my taxes by mistake?
A Penalty Abatement can waive penalties and reduce your tax debt if there is good cause for for falling behind on your tax payments. Contact an experienced attorney to discuss whether you qualify for this option.
6. How can a Tax Attorney Help me Resolve my Debt Owed to the IRS?
An experienced Tax Attorney can obtain an installment agreement or payment plan (set by the IRS) on your behalf that will allow you to pay any interest and penalties accrued over a period of time until the debt is paid in full.