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
If you want to sell your commercial income property, you’ve got to calculate your accurate tax basis. This move helps you avoid increased capital gains tax whenever the property...
Posted by Unifirst Financial & Tax Consultants on 08/06/2021
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
If you know you'll receive a refund when filing your taxes; filing taxes can be almost fun. But if you think you owe the IRS money that you don't have, it may even be difficult...
Posted by Unifirst Financial & Tax Consultants on 07/23/2021
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
What does debt cancellation mean?Do I have to pay debt cancellation fees? What is the meaning of debt cancellation? Debt cancellation is when a creditor releases a debtor from...
Posted by The TaxAdvocate Group, LLC on 05/30/2021
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
Billions of dollars in property taxes go unpaid every year, a major problem for local municipalities that depend on this money to fund public services. Instead of waiting months or...
Posted by CORE PERFORMANCE on 04/29/2021
