Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Taxes, are dischargeable if they meet the following requirements.
1. must be income tax
2. must be from a tax year 3 years before the bankruptcy case is filed.
3. Must be filed timely, accurately. If late or inaccurate, must have been fixed at least 2 years before the bankruptcy.
4. Must not have been assessed in the last 240 days.
If it meets all of these, then it will be dischargeable if the business folds and files bankruptcy.
Do you have any other questions?
does it apply to a states, NH, income taxes?
If an LLC folds are the members liable for back state taxes?
Each state is different, and it would depend on how the LLC elected to be taxed. NH May not allow the LLC to disolve until the taxes are resolved. If that is the case, and the tax is pass thru, the members are on the hook for the state tax pass through. It would be best to talk to the attorney who set up the LLC on the logistics of the selection of taxation and dissolution. A tax advisor can also look to see how it was set up as well. Unfortunately, the complexity of the matter dictates that I can't provide you further details.
yup...gonna need luck...thanks and have a good week
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