Can Bankruptcy and Taxation coincide?


The economy is always in a state of flux. Businesses, as well as individuals, find themselves in situations where bankruptcy is the only option. With so many instances of this across the country, it can become a real challenge to pay bills. Owed back taxes usually come into account as well,  and have to eventually be taken care of. A tax attorney can help you go through the tax resolution process with as much ease as possible. 

The Goal of the IRS

The IRS has one goal when it comes to tax resolution and that is to collect what they are owed. The IRS will do this in any way that they can. Tax collection is typically achieved through levies, as well as garnishment of wages, seizure of funds and other assets. 

Tax resolution is not something to tackle as part of a bankruptcy alone. The IRS has so many tactics in terms of potential tax collection that they may take advantage. When an agent understands you are representing yourself, trying to figure out how to pay the taxes on your own, you may not know the laws. You also may not have a full grasp of what your rights exactly are. 

Negotiation and Resolution

Tax resolution as part of a bankruptcy process should be negotiated with the IRS and its agent handling your case. The negotiation process should be tackled with a professional tax attorney by your side. The tax attorney is going to know the typical tactics of the IRS, understand what they have the ability to do. 

Negotiation and resolution, as part of a bankruptcy process, can help you pay off what you owe easier. Monthly installments, could be established, as well as lower overall dollar amounts of what you owe. 

The goal of any bankruptcy proceeding is to give you, as in individual or a business, a fresh start. With the help of a tax attorney, you can get there with their expert advice. Bankruptcy is scary enough and when you also have the IRS banging down your door, it can get even more difficult. Work with an expert tax attorney so they understand the law, your rights, and give you the best chance at a fair deal. Call Travis W. Watkins Tax Resolution and Accounting Firm today for your FREE consultation at 800-721-7054.

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