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What happens if you exaggerated your last tax returns?

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    What happens if you exaggerated your last tax returns?

    I'm really stupid and really in trouble. Apparently you have to provide your last filed tax returns, and looking at them I kinda exaggerated some deductions. So I'm just wondering if it' better to proceed or dismiss my case and refile with new returns?
    any suggestions from lawyers?

    #2
    This is a question for your attorney to answer as lying on a tax return (and getting caught) could have ramifications that have nothing to do with bankruptcy.

    While dismissal over this issue may not be warranted, there are consequences for attempting to dismiss a case and, if successful, filing a subsequent case within 1 year of the dismissal.

    Please talk to your attorney.

    Des.

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      #3
      Thank you. Are you an attorney? I'm scared bringing this forward to my attorney, I'm scared he might be motivated to rat me out or something. I'm not sure how that works. Like I just assume the attorneys, trustees, judges etc are all friends.

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        #4
        Your attny is not going to "rat" you out. You hold the attny-client privilege, not your attny.

        What you have done, while improper and potentially fraudulent, has been done before. I direct you to the former President. It is not the bankruptcy trustee you need to be concerned about. It is the potential (no matter how small that potential is) for an IRS (or State) audit and then an allegation of tax fraud.

        If you were my client, I would simply tell you to reach out to a CPA to fix the problem. What I don't know is what your attny will tell you. Talk to him.

        Des.

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