Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” elaborates on the different types of business bankruptcies and the tax implications.
St Genevieve, MO, December 8, 2014:Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new article on the LANCE DRURY LAW website entitled “Taxes and Business Bankruptcy.” Whether a business is small or large, a partnership or corporation, deciding on bankruptcy is never an easy decision.
As Drury launches into his article he states, “Complex tax codes make filing for bankruptcy something no business should ever attempt to do without the services of a very seasoned tax resolution attorney. From determining which type of bankruptcy to file, to understanding the tax implications are just the beginning of a long and complicated process.”
Determining whether a business will remain viable during the bankruptcy process enters into the equation. As Drury explains, “Chapter 11 Bankruptcy is also known as “reorganization.” Very often the business continues to function with Chapter 11 Bankruptcy.” If it isn’t possible to keep the business running, Drury says Chapter 7 is the option. As Drury points out, “Chapter 7 Bankruptcy for a business requires liquidation of all assets. A court appointed trustee is assigned to oversee the sale of the assets and to oversee the entire bankruptcy process.”
Many people are unaware of the bankruptcy process if they’ve never been through it before. There are steps that must be taken before hand. According to Drury, “Before filing bankruptcy, you must prove that your business filed its tax returns for the previous 4 year. A copy of the most recent tax return must be submitted to the bankruptcy court as well as to any creditors who request a copy.” The IRS doesn’t stop there with their requirements. Drury continues, “In addition, there must be no criminal or fraudulent activity associated with your business, no fraudulent tax forms filed, and no efforts at tax evasion.
The entire article can be found here.
About Lance Drury
Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006. With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues. He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems
About The Lance Drury Law Firm
Since 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in Ste. Genevieve and Columbia, Missouri, we’re proud to be your local choice for Missouri tax services.