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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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
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
Credit Card Settlement Can Trigger Tax
Credit card banks may offer settlement at a reduced amount if you get behind and fail to keep current on your payments. My colleague, Doug Jacobs, talks about Negotiating Your Credit Card Balance in an earlier series of articles on this website. However, if a bank or other finance company agrees to settle a debt [more...]
Date: 2008-09-07 00:48:44
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
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