Tax Returns for Bankruptcies
It has all become too much, and no matter how many times you try to turn that dollar into 10 dollars, it just isn’t working. When you find yourself in a financial bind and there seems to be no way out, then bankruptcy may be your only option. Filing for bankruptcy may not be something you wish to do, but it may be the only way to start over and rebuild your finances. Bankruptcies create a special tax situation.
The individual or corporate entity must file separate returns for the period prior to the bankruptcy, and the one after. These can be very complex filings and are usually done by experts in the field. Consult ATS on filing your taxes if you find yourself in this situation. We are professionals and can organize your financial records and file the appropriate forms on your behalf in a timely and accurate manner. You want to put this experience behind you as quickly as possible and get on with your life.