Trustees' position on tax return extensions?
Posted: Mon May 16, 2011 6:45 pm
Trustee collects for creditors. Each trustee has a limit of how small a case is worth administering. So take a look at the return you gave the trustee, compare the exemption available, and you will get an idea if the trustee will hold case open.
Sent from my iPhone
On May 16, 2011, at 5:00 PM, Holly Roark wrote:
> I believe I have haerd trustees telling debtors at 341a's that the 341a will be continued until the debtor's tax return is filed. I have never had an issue with this because all my clients file their tax returns before we file the bk. I now have a client who has filed for an extension and doesn't want to file the return until October if she doesn't have to, but we plan to file Chapter 7 by the end of this month. Do most chapter 7 trustees require that the latest year tax return be filed before they close the 341a? >
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Trustee collects for creditors. Each trustee has a limit of how small a case is worth administering. So take a look at the return you gave the trustee, compare the exemption available, and you will get an idea if the trustee will hold case open. Sent from my iPhoneOn May 16, 2011, at 5:00 PM, Holly Roark <hollyroark22@gmail.com> wrote:
I believe I have haerd trustees telling debtors at 341a's that the 341a will be continued until the debtor's tax return is filed. I have never had an issue with this because all my clients file their tax returns before we file the bk. I now have a client who has filed for an extension and doesn't want to file the return until October if she doesn't have to, but we plan to file Chapter 7 by the end of this month. Do most chapter 7 trustees require that the latest year tax return be filed before they close the 341a?
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Holly Roark
The post was migrated from Yahoo.