This is a question we get many times, especially during the economic downturn. The IRS is actually here to help the taxpayer and here is their ruling: Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal [...]
Daily Archives: December 17, 2009
The IRS Emergency Tax Relief On IRS Enforcement Action.
Emergency Tax Relief on enforcement action. Many times taxpayers are unaware of the enforcement action that the IRS has taken because they have moved or never received the initial correspondence. This happens more times than you think and the IRS does little to correct the situation. If the IRS has placed you in a situation [...]
IRS Web TV. Check Out This Site, Tax Help and Good Tips For All.
I have just finished reviewing the following site that the IRS has. It is called TAXWISETV. It has very helpful tips on all different subjects. Subjects range from tax tips to tax problems and are very up to date. Give this a shot, you will be very surprised. tp://www.taxwisetv.com/presentation.asp?asx=2009-10-20.asx& comment back to us with your [...]
