When managing finances, individuals and businesses often encounter situations where they lend money to others and, unfortunately, face the risk of non-payment. Such instances of bad...
Posted by Rosovich & Associates, Inc. on 08/17/2023
You might need to report the canceled amount as income on your tax return if you could get a debt write-off or forgiveness. You should know what to expect so you don't end up with...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 09/20/2021
Forensic accounting is investigating fraud or financial manipulation by conducting very detailed investigations and analyses of financial information. Forensic accountants are often...
Posted by Pat Raskob on 07/31/2021
There are many ways you can either reduce or cancel your debt. No matter the source – excessive credit card bills or student loans, it is possible to cancel your debt. In many...
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
One of the most stressful events in life is experiencing financial difficulty. Whether personally or in your business, it can take its toll on one's well being. It might become...
Bad debts arise because money was loaned to a debtor or a customer received credit for purchasing a product or service, but the recipient could not fully or partially repay the debt....
What is Liquidation?Liquidating a business is the process by which business comes to an end and no longer exists. This can happen for several reasons and can be voluntary or involuntary....
What is Municipal BondA municipal bond is a debt issued by a municipality, state, or a country to finance capital expenditures, including the construction of schools, highways, or...
Posted by Tim Thompson CPA PLLC on 06/15/2020