Can Unpaid Taxes be Discharged in Bankruptcy? 4 Conditions That Need to be Met First

Many people are surprised to learn that some local, state, and federal taxes are dischargeable in bankruptcy. However, it’s a complicated process to determine what tax debt qualifies, and not everyone who tries to have their tax debt forgiven will succeed. That said, if you owe a significant amount of back taxes and are in financial distress, it’s probably worth your time to see if your tax debt qualifies for discharge. Seek to Discharge Tax Debt as a Last Resort While it’s possible to discharge tax debt, it’s difficult to do and should be utilized as a last result.…

Can You Have a Business Without a Tax ID?

  Applying for federal tax ID is a must when starting a new business. Indeed, starting up is not only about turning your ideas into reality, but also about complying with the existing laws and regulations.  For the said compliance requirements, a trust tax ID number is needed to be able to distinguish your business as well as assist with the filing of employee taxes as well as your own. However, compliance is a challenging process. There are several criteria that the IRS has set with the EIN system, requiring business owners to obtain a number in order to conduct tax-related actions where a social security would otherwise be used.…