Most people are in for a surprise when they receive a 1099-C, never realizing that canceled debt is often treated just like any other dollar of ordinary income. Creditors record canceled debts on a ...

You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a part of your ...

A 1099 is a tax document reporting nonemployment income to the IRS. There are several types of 1099 forms, depending on the income you receive — but all are designed to report payments you received to ...

Making a certain amount of cash from pursuing a passion or by having your own side gig means you owe taxes, according to the Internal Revenue Service, but you won’t receive a W-2 form as you would ...

Are your accounts receivables piling up? With so many people out of work, many businesses are experiencing slow payers and (gulp) non-payers. If you're not sure about the practical and tax aspects of ...

Each January, your mailbox and email are likely filled with tax forms. You’ll receive a W-2 reporting your wages if you work for an employer. But if you do any self-employed or freelance work, you may ...

If you have lost your home to foreclosure, or sold it for less than you owed in a “short sale,” or if you had a car repossessed or gave it back to the lender because you couldn’t make the payments, ...

Acting to clarify the practical impact of a COVID relief provision enacted earlier this year, the IRS has announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue ...

One law provision new for tax years beginning in 2022 and after that could catch many individual taxpayers by surprise — particularly those in the “gig economy” — is the much lower threshold at which ...

Each January, your mailbox and e-mail is likely filled with tax forms. If you work for an employer, you’ll receive a W-2 reporting your wages. But if you do any self-employed or freelance work, you ...