Category Archives: Tax
Does Bankruptcy Erase Back Taxes?
For regular wage earners, income taxes are typically not a problem. If there is an imbalance between taxes owed and taxes paid, it is usually pretty small. But freelancing is different. If a person falls behind on estimated tax payments, it is difficult to catch up. And, since most workers will be freelancers by… Read More »
Of Bankruptcy And Taxes
In Wetmore v. Markoe (1904), Supreme Court Justice William Day summed up the intent and purpose of the Bankruptcy Code when he wrote that “Systems of bankruptcy are designed to relieve the honest debtor from the weight of indebtedness which has become oppressive, and to permit him to have a fresh start in business… Read More »
How to Obtain a Tax Lien Release in Illinois
It should come as no surprise that failing to pay your taxes in the United States can land you in a world of legal trouble. Penalties for failing to file or pay taxes on time can be stiff and often include fines, monthly late fees, and interest charges. If you do not pay your… Read More »
When You Can’t Pay The IRS
An “offer in compromise” – an OIC – is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. Not everyone who owes the IRS will qualify for an OIC, but if you owe the IRS a substantial amount, and if you need… Read More »
