Category Archives: Tax Bankruptcy

Fish for a Day

Today TaxMama managed to crash the TaxQuips Forum. We’ll get it back up this morning. In the meantime, let’s talk about some of the issues that keep cropping up in the questions that I’ve seen these past few weeks.  

Should I File BK?

Today TaxMama hears from Bruce in the TaxQuips Forum who needs to make a decision. “My business failed last year and my wife and I are mulling over whether to declare personal bankruptcy due to this.  Towards the end of the life of the business, I put a lot of money on my credit cards, […]

IRS Announces New Effort to Help Struggling Taxpayers Get a Fresh Start

WASHINGTON — In its latest effort to help struggling taxpayers, the Internal Revenue Service today announced a series of new steps to help people get a fresh start with their tax liabilities. The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS is […]

Back Taxes

Today TaxMama hears from Ericka in the TaxQuips Forum. She tells us, “I owe $39,000 in back taxes. I  have to file 2 years’ returns  to  be  in  compliance  with  the  IRS, then I  can  try  for  an  offer  in  compromise.  My  question  is,  would  filing  chapter  13  be  better?  I  don`t  have  any  dependants;  and  […]

Bankruptcy and Marriage

Today TaxMama hears from William in Houston who just filed bankruptcy. He has two questions. “I currently owe IRS approximately $2,500.  I was wondering if that debt qualifies for my bankruptcy (my lawyer was somewhat vague on it)? And if I get a refund in the spring for my 2010 taxes can the IRS still […]

Payroll Garnishments

Today TaxMama hears from Rebecca in California who is facing serious problems. “We don’t know what to do, and now that the CA franchise tax board has garnished my paycheck, we don’t have any extra funds. This is based on tax returns not filed for 1999 and 2000. What can we do?”

Bankruptcy & Freedom

Reprint of article from July 2003 And speaking of Independence Day …. I just got off the phone with a friend. She’s decided to file bankruptcy. This was a very long road for her. Like other friends, she’s a very moral person. In our generation, bankruptcy is not something we take lightly. It’s not just […]

Open House on Saturday May 15 to Help Small Businesses, Individuals Solve Tax Problems

Courtesy of IRS WASHINGTON — The Internal Revenue Service will host a special nationwide Open House on Saturday May 15 to help small businesses and individuals solve tax problems. Approximately 200 IRS offices, at least one in every state, will be open May 15 from 9 a.m. to 2 p.m. local time. IRS staff will […]

More about Tax Bankruptcies

Today TaxMama hears from Enrique in California, who just learned something new. “I read that one can file for tax bankruptcy. If so how does one go about it? I was not sure if was true or not, and I saw your web site along with the article I read. Any help will help.”