Tax Issues in Bankruptcy

Tax issues in bankruptcy cases can have an unanticipated Impact. JCH Law Firm suggests that you always consult with a tax professional when facing a tax issue.

JCH LAW FIRM Pleased To Announce Attorney Jeff Hsu is Now a California Board Certified Bankruptcy Specialist

JCH LAW FIRM is pleased to announce that attorney Jeffrey Hsu is now a California State Bar Board Certified Legal Specialist in Bankruptcy Law as of August 1, 2014. We look forward to continuing to serve the Southern California community at large, and we hope our current and future clients feel even more confident that JCH LAW FIRM is right for their needs.      

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Protect Your Tax Refunds When You File Bankruptcy!

On the eve of new year’s, I thought it’d be a good idea to discuss an issue that arises with every new year. 2013 is closing which means tax season is approaching.  Now if you are set to receive a tax refund from the IRS or the Franchise Tax Board, make sure you understand the right to that money is an asset in your bankruptcy case. I’ll say it again – that money is an...

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Discharging Civil Tax Penalities In Bankruptcy

Oftetimes, persons facing tax issus are dealing with penalties that may or may not be dischargeable in bankruptcy.   The key in such cases is determine if 1) the underlying tax is dischargeable, or 2) if the event that caused the penalty to take place occured more than 3 years prior to the bankruptcy .   The persons facing these type of tax problems only have to meet 1 of the above criteria...

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Cancellation of Debt Income, Form 1099-C, & How it Relates to Bankruptcy

When a creditor gives up collecting on a debt that is in default status, the creditor may decide to charge-off that debt.  A charge-off occurs when a creditor attempts to get a tax break from the IRS.  The creditor must send the debtor an IRS form “1099-C Cancellation of Debt” to the debtor and the IRS.  While the creditor gets a tax break, the debtor must absorb the COD...

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