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forgiven debt and taxes

Forgiven Debt and Taxes

October 07, 2021

Being in debt is not pleasant, but when a debt is forgiven, it can be a huge weight off your shoulders. Although it’s a great relief to no longer owe the debt, you may find that you now owe the IRS. The tax implications of debt forgiveness or cancellation, however, will depend on your individual facts and circumstances. Form 1099-C, Cancellation of Debt When a creditor ...

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taxpayer disaster relief

Taxpayer Relief When Disaster Strikes

September 20, 2021

Hurricane Ida left a path of destruction that stretched from the Gulf Coast up to the New England area. Although residents in Louisiana, Mississippi, Pennsylvania, and other affected areas are left to clean up after the storm, they can relax knowing that the IRS offers taxpayer relief when disaster strikes. Who is Eligible for Disaster Tax Relief? Before the IRS can provide any taxpayer relief, the ...

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tax debt relief options

Explore Your Tax Debt Relief Options

August 13, 2021

For most people, the stress of owing back taxes can be overwhelming- especially if you’re unable to pay. Ignoring the situation, however, will only make things worse. The IRS will not turn a blind eye to your tax debt. It will continue to send demands for payment and eventually place you in collections. This means your paycheck, bank accounts, and even your property could be at risk. Before things escalate to that level, ...

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currently not collectible

Are You Currently Not Collectible?

June 16, 2016

Although you should plan on resolving any delinquent tax bill, you may not necessarily have to pay the entire amount at once. In fact, you may not be required to pay anything, depending on your circumstances. There are several items to consider when you receive notice of an IRS debt, beginning with what your letter actually means. Notice of Assessment In the event that you pay too little or simply fail to pay a tax liability, the ...

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rental income and taxes

Rental Income and Taxes

June 03, 2016

If you receive rental income, you are required to report it to the IRS. Any income received from the use or occupation of your property is considered rental income. There are two methods of accounting: the cash method and the accrual method. If you use the cash method, you report your gross rental income on your return for the year in which you receive it (not when it was earned). If you use the accrual ...

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What is FBAR and Do I Have to File One?

May 27, 2016  |   Last modified on July 9, 2021

You might be required to file the Report of Foreign Bank and Financial Accounts (FBAR) if you have funds in a foreign financial institution. Any U.S. person (explained below) having a bank account, brokerage account, mutual fund, trust, or any other kind of foreign financial account is required to file an FBAR, if the funds exceed a certain threshold. The FBAR can be filed electronically with the Department of Treasury every year. Do You Need to ...

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