Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Bankruptcy and other Legal topics.
While this might be a euphoric thought for the average business owner who is behind in paying employment taxes, corporate bankruptcy does not eliminate tax obligations.
Business that find themselves upside down, so to speak, may find it valuable to consult a bankruptcy lawyer to decide how best to handle this type of situation with creditors and owing back taxes to the IRS.