The Internal Revenue Service has released a fact sheet regarding responsibilities under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which requires debtors to comply with certain tax-filing responsibilities. In general, the new law requires that debtors comply with their tax-filing responsibilities, make available previously-filed tax returns, in many cases, and seek credit counseling services. The Fact Sheet (FS-2005-18) is available on the IRS’s website.
Please note that any tax advice herein was not intended or written by the author to be used, and it cannot be used by any recipient, for the purpose of avoiding any tax penalties that may be imposed on any person. There is no limitation imposed on a recipient hereof by the author hereof on disclosure of the tax treatment or tax structure of any transaction. Except with prior written consent of the author, nothing herein may be used or referred to in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any person.
Written by: Mette Kurth