You may have been told that taxes are not dischargeable in bankruptcy. In fact, some tax obligations are dischargeable, and a substantial portion of our caseload at Hanson & Payne involves developing tax debt strategies to minimize our clients’ exposure to tax liabilities, and working with the IRS and Wisconsin Department of Revenue to reduce our clients’ overall tax debt.
The secret to resolving tax issues to your benefit is that timing is everything. Depending on when you filed a late tax return, or how far along the IRS is in its collection process, or when you choose to file a final tax return for a failing business, can make the difference between paying the IRS or the state 100% of their claims against you, or 0%.
If you know that you owe federal income taxes (1040s), taxes associated with your involvement in a business (including 940s and 941s), state income taxes, state sales taxes, or underpayments of workman’s compensation, your first step should be a call to Hanson & Payne. We can tell you what you need to do to begin addressing your tax liability without triggering an audit. We can also explain the extent of your personal liability on the tax debt and discuss strategies that will minimize, and possibly eliminate, your obligation to the taxing authorities.
Many small and mid-size business owners/operators find themselves facing insurmountable tax debts when the business falls into financial decline. A tax consultation with the attorneys at Hanson & Payne will give you the information you need to make an informed decision as you begin to address your tax issues and will help you to re-establish financial control over your future.