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Earmark Tax Payments

By Cathy Moran, Esq. Filed Under: Bankruptcy Practice

Did you know that a taxpayer making a voluntary payment to the IRS can designate to which liability it is credited? The doctrine is called earmarking and it’s really useful when a prospective debtor owes taxes for both priority and non priority years.  Absent instructions from the payor, the IRS applies payment to the oldest […]

Filed Under: Bankruptcy Practice Tagged With: bankruptcy planning, unpaid taxes

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