IRS Help For 2010: Increase in National Bankruptcy Rate Accompanied by Surge in IRS Problems
This is the 7th highest year on record for bankruptcies nationwide, with 1.4 million bankruptcies reported in 2009.
In my opinion, we have not seen the end of this torrid pace. Regardless of what Washington and the media would have you believe, more and more individuals and small businesses will seek protection from the bankruptcy code in 2010. I would suspect that 2010 will see a higher number of bankruptcies than 2009, especially after the health care reform kicks in and businesses are penalized for not offering health care to their employees because they simply cannot afford to do so.
Bankruptcy is a lagging indicator of things to come. While we’ve see a 32 percent increase in bankruptcies from 2008, our firm’s case load of small businesses and independent contractors who with IRS problems is up over 30% for this same period.
Additionally, as a last resort some taxpayers attempt to file for bankruptcy to discharge their income tax debt. However, this can be incredibly tricky without the help of a tax attorney or Certified Tax Resolution Specialist. Some people try this without professional IRS help – and don’t know is that there are 3 general rules that must be met in order to discharge income taxes through bankruptcy filing.
If your tax bill is overwhelming you, only a seasoned tax attorney, CPA or Certified Tax Resolution Specialist can provide tax help to show you the proper sequence of events to declare bankruptcy and completely eliminate all of your back tax debt, if you are eligible. For more information on how to resolve your back taxes and IRS problems, visit www.taxresolution.com for a free tax relief consultation or call 866-IRS-PROBLEMS.
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Tags: Discharging Taxes in Bankruptcy, IRS help, irs problems
