Suppose you have tax debts this year. It is less than ideal - if you're struggling to pay off your tax debt, as it can have a lasting impact on your finances. But does tax debt...
Posted by Income Taxes and Bookkeeping LLC on 05/22/2022
Sometimes a debtor could be overwhelmed by debt repayments and may need to negotiate for debt cancellation. If you get one, the IRS considers it an income, and it is taxable. That's...
Posted by CORE PERFORMANCE on 05/22/2022
In the United States, the Internal Revenue Service (IRS) collects federal taxes and makes sure people follow tax laws. The Internal Revenue Service handles the processing of tax returns,...
Posted by Income Taxes and Bookkeeping LLC on 03/24/2022
When the loan is in default, the lender can take legal action against the borrower or accelerate the remaining balance. The debtor's credit history will be affected. Default occurs...
Posted by BEST FINANCIAL GROUP LTD on 01/31/2022
Including Forgiven Debts With Income Almost everyone who gets a debt forgiven will get a Form 1099-C (Cancellation of Debt) from the lender, which reveals the amount of debt cancelled....
Posted by Income Taxes and Bookkeeping LLC on 09/03/2021
Bankruptcy may make sense if you cannot pay off your debts by covering retirement, food, and shelter obligations.Bankruptcy is definitely not the end of the world. It could be good...
Posted by Income Taxes and Bookkeeping LLC on 07/31/2021
Forgiveness of debts, also known as debt cancellation, is a relief to anyone who has been in debt. But what happens afterward with the taxes? When your debt is canceled or forgiven,...
Posted by CORE PERFORMANCE on 07/31/2021
Financial abuse of the elderly population has increased, with financial institutions claiming to have quadrupled the number of such incidents between 2013 and 2017, according to the...
Posted by KLSM CPA Firm PLLC on 07/06/2021
A small business needs to get its tax right to avoid unnecessary headache with the IRS. The idea is simple – a plain and accurate disclosure of losses, revenues and deductions...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/07/2021
