Business Failure and Bankruptcy

JUNE 25, 2020

“The civility which money will purchase is rarely extended to those who have none.” – Charles Dickens

Twenty per cent of businesses fail in their first two years and nearly half fail in the first five years. As a tax accountant dealing with the ramifications of the 2009 downturn, I have advised clients on bankruptcy, creditor negotiations, IRS installment payments and Offers in Compromise. I have helped businesses and individuals carry forward net operating losses to future years. Back-tax returns and IRS payroll tax negotiations are par for the course with failing businesses. Lawyers must represent clients in bankruptcy and I refer when necessary after discussing finances.

When you see the light again, what kind of plan could you make? And you need not regret; after all, writes Helen Keller: “Life is either a daring adventure or nothing at all.”