Bankruptcy and Insolvency
WS+B can help you make the best of a critical financial situation. For many years, our insolvency and business recovery services have assisted debtors, creditors, lenders and shareholders in reaching objective and equitable solutions.
Whether the circumstances are simple or complex, voluntary or involuntary, we have the experience and expertise to assist with a variety of liquidation and recovery services, including:
- Distressed business advisory services
- Analysis of cash flow projections and budgets
- Chapter 7 & 11 implementation and assistance
- Forecasting and strategic planning
- Due diligence
- Liquidation analysis
- Forensic accounting and fraud investigations
- Expert testimony
- Business valuations
Our insolvency and business recovery services team includes certified public accountants accredited in business valuation (ABV), certified fraud examiners (CFE), certified valuation analysts (CVA) and Diplomates of the American Board of Forensic Accounting (DABFA). In the courtroom or boardroom, our specialists will provide you with reliable and accurate financial information for an optimal resolution.
What You Need to Know
PRESERVE. RECOVER. PROTECT.
NEWS FROM WS+B’S INSOLVENCY, REORGANIZATION & BANKRUPTCY SERVICES TEAM
Bankruptcy and Tax Debts
One of the biggest issues on people's minds when considering filing for bankruptcy protection is
what will happen to their tax debts. The answer, like most things related to taxation, is as clear as
well the Mets' chances of making it to the World Series this year. It can happen, but a lot needs to
fall into place.
Let's tackle the easy ones first, taxes that are non-dischargeable. The first item is called trust fund
taxes. This grouping of taxes is tied to monies that you collected on the government's behalf, the
most common being payroll withholding and sales taxes. Included in this group are also property
taxes payable within one year of filing for protection, excise taxes, customs duties and certain
penalties. Finally, thrown in for good measure, is income or gross receipts taxes for the taxable year
ending on or before the filing of the petition.
The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals for your plan's individual facts and circumstances.