Welcome to our page about the IRS Transcript codes for bankrupting taxes. To determine the exact date when you can bankrupt the income or dischargeable portion of a trust tax, you must obtain the tax transcript and review these key codes. The IRS has updated its transcript format to enhance the protection of taxpayer data…
Not everyone wants to file bankruptcy just to get rid of a tax debt. Bankruptcy is the nuclear option to discharge income tax debts. You can bankrupt income taxes by aging an income tax debt that is not fraudulent. But you can also resolve your tax debt sometimes for pennies on the dollar if you…
Nick Thompson, a tax and bankruptcy lawyer is a former assistant attorney general who worked for the tax department. At that time, he was assigned to prosecute business, trust, and individual tax cases in West Virginia. (Nick’s license is number 51 before the US Tax Court in Washington DC.) What’s even more impressive that Nick…
Sometimes you want to sue either the IRS or the state tax department in bankruptcy court to determine if the tax was discharged. Income taxes can generally be discharged three years after the return is due. You can ask the judge to determine whether or not you successfully discharged your tax debt. After all, do…
This is how to get the IRS account transcript you need in minutes. Discharging Kentucky and Indiana income taxes in bankruptcy is no different from discharging IRS federal income taxes. Accountants and lawyers used to file Form 8821 or 2848 in order to get them but now this can be done online. Below, we show…
