Anytime a debt is forgiven by a creditor, the IRS requires a 1099-C form. This form reports the amount of cancelled debt and generally implements the debtor in also claiming this amount as income on their tax return. Whether...
When working manage your debts, there are cases in which a lender may forgive certain debts. This is common in credit negotiations, mortgage loan modifications and short sales; whereby a lender may waive delinquency fees or...
So you owe the IRS money, no big deal right? Wrong. Owing back taxes to the IRS can be serious business that can land you in some steep consequences if the debts go unpaid for too long. However, just because you are dealing...
One way people accumulate additional tax debts is by not claiming tax deductions and exemptions. While failing to claim these tax benefits won’t leave you with a large tax burden, it definitely costs you more than you would...
Managing tax debts is not easy. Just the act of getting a hold of an IRS agent in person is a challenge in itself. However, contacting the IRS directly to resolve your tax debts can be your best tool for managing unpaid...
