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IRS Passes New COVID-19 Tax Provision to Assist Small Business and Self-Employed Tax Payers

COVID-19 has taken a toll on small business owners, as well as self-employed tax payers. Many have found themselves at the end of the rope, and without stimulus money from the government, may be forced to shut their doors. The IRS recognizes the financial hardship(s) that small businesses and self-employed tax payers suffer stemming from …

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The Difference Between 1099-C Cancelled Debt Exclusions and Exceptions

Whether you received a 1099-C or not outstanding debt that’s been cancelled has to be reported as income. The good news is you may qualify for special exceptions, and/or exclusions that could eliminate negative tax consequence. Not understanding what’s available to you, as it relates to tax treatment of cancelled debt, could expose you to …

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