Setting up a Payment Plan with the IRS or Georgia Department of Revenue for Past due Taxes

People who are behind on their income taxes often wish to set up payment with the IRS or Georgia Department of Revenue through installment plans or maybe an IRS offer in compromise. An Atlanta tax attorney can assist with the negotiation and payment of past due tax debt. However, another option for tax debtors can be filing Chapter 7 or Chapter 13 to get rid of tax debt in Atlanta, Georgia.

The general rule of thumb is that tax debt cannot be forgiven in bankruptcy. However, there are exceptions where the tax debt was due more than three years before the bankruptcy case is filed and the tax return was timely filed. For example:

Date bankruptcy expected to be filed: June 1, 2011.
Date 2007 income taxes due: April 15, 2008.
Date 2007 tax return filed: February 1, 2008.
Time passed between April 15, 2008 and June 1, 2011: 3 years and 2 months.
Dischargeable in bankruptcy: Yes.

Date bankruptcy expected to be filed: June 1, 2010.
Date 2007 income taxes due: April 15, 2008.
Date 2007 tax return filed: February 1, 2008 Time passed between April 15, 2008 and June 1, 2010: 2 years and 2 months.
Dischargeable in bankruptcy: No.

Of course, there are exceptions to the exceptions and the question of if your tax debt can be wiped on in bankruptcy is one that should be evaluated by a tax attorney or bankruptcy attorney in Georgia.

For a free consultation regarding how your tax debt would be treated in bankruptcy, please call the Law Offices of Charles Clapp at 404.585.0040 to speak to an Atlanta, Georgia bankruptcy lawyer.

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