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Cancelled Credit Card Debt is Taxable

Billions of dollars in credit card debt that was charged off during the “Great Recession” some of it decades old — is coming back to haunt borrowers in the form of unexpected tax bills. Debt that is canceled or forgiven is considered taxable income,...

IS IRS Trying to Intimidate Local TEA Parties?

“In January and February of this year, the Internal Revenue Service began sending out letters to various local Tea Parties across the country. Mailed from the same Cincinnati, Ohio IRS office, these letters have reached Tea Parties in Virginia, Hawaii, Ohio, and...