Bankruptcy Tax Seminar

The Broward County Bar Association is having a seminar on “The Intersection of Bankruptcy and Tax” on October 11. Topics will include the dischargeability of income taxes and paying IRS debt in bankruptcy. Taxpayers might be surprised to learn that sometimes taxes can be eliminated in bankruptcy. I might talk about this more on a new post, but at this time I will just mention if a taxpayer owes income taxes for a tax period more than three years prior to when the tax return was due, it might be dischargeable. For example, for the tax year 2009, the tax return is due April 15, 2010, and if the return is timely filed, then a bankruptcy filed after April 15, 2013 can eliminate the income tax liability.