Tricky Tax Issues
You Have an Extra Day to File Federal Tax Returns
If a client of mine wants to file for bankruptcy, for the purpose of discharging income tax debt, I will wait as long as I can to be sure the three year rule is satisfied. I will make sure there are no prior bankruptcies, and I will make sure no extension was requested.
Most of the time, our clients cannot wait and will want the bankruptcy filed asap. So, when are those taxes dis-chargeable for this year? I thought to myself, simple:
April 15 is a Sunday.
April 16 is Emancipation Day.
So, taxes are due on April 17.
The IRS had technical issues and automatically granted a one day extension! So taxes are due on April 18! So those of us planning on filing bankruptcy for our clients, we have to be sure to add an extra day.
You can find out more by visiting the official announcement here.
This is an original blog written by our Founding Attorney, Jack Ter-Saakyan. You can also view the blog on Central District Insider, or click here!
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