Financial and Tax Due Diligence

Before deciding whether or not to file for bankruptcy your tax attorney should do their due diligence in assessing your financial situation and the repercussions of your filing.

Tax Due Diligence Process

Step one in this due diligence process is ordering an IRS tax transcript. Such a transcript will provide us with the following information:

  • The amount due;
  • When and if the returns were actually filed;
  • If the returns were unfiled, whether the IRS made a substitute return; and
  • The assessed penalties and interest owed for each year.

Once we have gathered all this information, we will able to establish whether or not filing for bankruptcy makes sense for you. For example, maybe an offer to compromise or installment agreement is a better option.

In order to establish what NY income taxes may be dischargeable in a Chapter 7 bankruptcy case, your tax attorney will need to order an IRS tax transcript for the years you are attempting to discharge.

If requested, we can order even more detailed reports that provide the sources of income for each year.

Contact our experienced tax and bankruptcy attorneys today for assistance (212) 843-0050

NY Tax Services We Offer

  • IRS Offers for income and trust fund taxes.
  • NYS offers for income and trust fund/sales taxes.
  • IRS installment agreements
  • NYS installment agreements
  • Collection due process filings
  • Innocent Spouse filings
  • Penalty Abatement using reasonable cause and the one-time abatement.
  • Levy relief and protests
  • Passport revocation relief
  • Due diligence on personal and business tax debts and status
  • 1031 exchange planning and closing
  • Turnaround Advisory
  • Distressed deal advisory
  • Real estate capital for acquisitions, refinance, and developments
  • Debt and equity capital options

Florida Tax Services We Offer

  • IRS Offers for income and trust fund taxes.
  • IRS installment agreements
  • Collection due process filings
  • Innocent Spouse filings
  • Penalty Abatement using reasonable cause and the one-time abatement.
  • Levy relief and protests
  • Passport revocation relief
  • Due diligence on personal and business tax debts and status
  • 1031 exchange planning and closing
  • Real estate capital for acquisitions, refinance, and developments
  • Debt and equity capital options

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