Ads
related to: bankruptcy tax refund
Search results
Results From The WOW.Com Content Network
Many types of taxes cannot be discharged in bankruptcy, ... For example, federal or state income taxes with a return due at least three years prior to filing may be eligible under Chapter 7. This ...
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
If the attorney you hire for your bankruptcy case fails to perform the tasks you paid them for, you should ask for a refund. You may have to pursue this, including filing a complaint with the ...
Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases. In addition, bankruptcy filings are now subject to audit in a manner similar to tax returns. Increased compliance requirements for small businesses. The new law increases the bureaucratic compliance ...
Tax refunds are intercepted with the purpose of forcing citizens to comply to their required debts. If one has student loan payments, child support payments, or worker's compensation payments that they have not fulfilled, then their refund will be intercepted and put towards the payments of those obligations.
Submit copies of your most recent tax returns to the bankruptcy trustee. Be prepared to provide further documentation the trustee or court may require. Attend the meeting of creditors (341 meeting) .
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
The IRS website offers a “Where’s My Refund?” tool that enables you to track your refund after you’ve filed your income tax return. You can also track your refund through the IRS2Go app ...