Chapter 13 bankruptcy can be used by debtors who are partially able to pay some creditors. If the debtor is ready, willing, and able to pay creditors with extra money after his or her living expenses are paid, Chapter 13 provides a way for the debtor to restructure their loan agreements and start fresh making
NY Bankruptcy and Tax Blog, Information, and Resources
New York Tax Audits and Their Aftermath
If you are an employee who receives a salary from your employer for your labor, you are subject to paying taxes and subject to tax audits. A tax audit is the process where the IRS or some other state taxing agency reviews your tax return to determine whether the return depicted income, expenses and credits
The Bankruptcy Discharge
Debtors file for bankruptcy to have debts discharged in order to have a fresh financial start. The discharge prevents the debtor from having to re-pay debt that their financial future dictates that they will not be able to pay back. However, not all debts are dischargeable under federal bankruptcy law. When making the decision whether
Offer in Compromise Can Relieve Your Tax Burden
An Offer in Compromise (OIC) is an agreement between the Internal Revenue Service (IRS) and a taxpayer that reconciles the taxpayer’s tax debt for less than what was originally owed. OIC’s may be the best option for taxpayers who are facing insurmountable tax debt and are unable to arrange a workable payment plan. An OIC can relieve
Criminal vs. Civil Tax Penalties
Most tax liability is civil not criminal. Failure to pay taxes can result in various actions including wage garnishment and bank restraints. However, there are some tax liabilities that will land the taxpayer in criminal court. The most common tax crimes are tax fraud and tax evasion. Tax evasion occurs when individuals, corporations, trusts, and other