Do You Owe Taxes on Forgiven Debt?

Do You Owe Taxes on Forgiven Debt?

According to credit data from The Urban Institute for 2022, about one in three Americans has past-due debt. The biggest percentage of debt defaulters (16% in the case of medical debt) also default on credit card, student, and auto loans. Consumers may benefit from...
IRS Tax Penalties May Be Waived Using This One-Time Tactic

IRS Tax Penalties May Be Waived Using This One-Time Tactic

According to tax professionals, there are some circumstances in which you may be able to have IRS tax penalty notice fees waived. Otherwise compliant taxpayers can receive relief under the less well-known first-time penalty abatement. “It’s like a get out...