Old Debt Settlements Can Come Back to Haunt with Large Tax Bite

Q. I settled a debt in 2007 for less than owed, paying $15,000 on a $22,000 debt ... you for being so singled out)! Most of the time if you settle your debt with credit card companies ... as a result of cancellation of debt. The amount of forgiven debt will count as income. According to the IRS [more...]

Date: 2008-12-01 14:54:03

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Mental Illness Made The Democrat Not Pay The IRS Or The State Of New York But He Was Fit To Work For The Governor

Robert, it really is a mental illness!  Gov ... he recently settled a debt that soared to at least $206,000. The sum included $151,000 owed to the IRS ... by the state. O’Byrne disclosed the tax debt and his failure to file returns after being questioned [more...]

Date: 2008-10-18 14:05:16

Media Digest 11/24/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, the US government gave Citigroup (C) a bailout worth over $300 billion ... clients of UBS (UBS) are trying to settle tax cases with the IRS. Reuters writes that leaders ... . The Wall Street Journal reports that the Fed is looking at purchasing long-term debt to help [more...]

Date: 2008-11-24 08:54:11

WSJ: IRS Makes It Harder To Negotiate Tax Debts

Wall Street Journal: Wiping Out Your Tax Debt Gets Tougher; IRS Tightens Rules, as Firm That Acts as Middleman Settles Cases With 18 States, by Tom Herman: It's getting harder for taxpayers in debt with the IRS to negotiate a deal to pay ... in 2007 from 106,000 in 2004. ... Critics say the program needs to be overhauled. In a recent report [more...]

Date: 2008-07-23 16:45:31

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