Bankruptcy & taxes

If you are filing bankruptcy, there are several important things you should know about how your bankruptcy case will affect your taxes.  First, if you are in the middle of an IRS audit, filing a bankruptcy will not stop the audit but it will stop collection actions.  The other important element of bankruptcy and taxes is that not all tax debt can be discharged in bankruptcy.

For more information about bankruptcy and taxes read, “How Bankruptcy Impacts Your Taxes.”

Image Credit:  Dave Crosby