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By Gary Bode CPA, on January 16th, 2015% Many Folks don’t realize cancelled student loan debt becomes taxable income unless you can exclude it through the insolvenvy exclusion of Form 982, Reduction of Tax Attributes. So they eventually receive a CP2000 Notice from the IRS. For a free consult call (910) 399-2705.
Hi, I’m a Form 1099-C CPA discussing student loan cancelled . . . → Read More: Cancelled debt CPA discusses Tax Consequences of Student Loan Forgiveness, Cancellation and Discharge | Insolvency on Form 982 and Form 1099-C | Form 1099-C instructions | Form 982 instructions
By Gary Bode CPA, on February 27th, 2014% The IRS thinks Form 1099-C, Cancellation of Debt, is Gospel. But sometimes you can challenge the date or amount owed. (910) 399-2705.
Cancellation of debt CPAs often see IRS Form 1099-C (s), Cancellation of Debt, that don’t reflect the underlying cancelled debt transaction well. Sometimes I challenge an aspect of the Form 1099-C with . . . → Read More: Cancellation of Debt CPA discusses challenging various aspects of Form 1099-C, Cancellation of Debt, with the IRS
By Gary Bode CPA, on February 23rd, 2014% The IRS Insolvency Worksheet calculates “discharge of indebtedness to the extent insolvent (not in a title 11 case)” for Line 2 of Form 982. We prepare tax returns. Distance isn’t an issue because of our virtual office. (910) 399-2705.
Cancelled debt CPA tax preparers hear and read lots of confusion over the IRS insolvency . . . → Read More: IRS Insolvency Worksheet tips by Cancelled Debt CPA tax preparer
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