The Internal Revenue Service released multiple revisions to the Bankruptcy Tax Guide, Publication 908 (Rev. October 2012).

The newest version of the guide provides updated information on the availability of catch-up contributions for Code Sec. 401(k) participants whose employer filed bankruptcy and the automatic extension of time to file a bankruptcy estate return.

Remember, debtors filing under chapters 7, 11, 12, and 13 of the Bankruptcy Code must file all applicable federal, state, and local tax returns that become due after a case commences. Failure to file tax returns timely or obtain an extension can cause a bankruptcy case to be converted to another chapter or dismissed.