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The good news is the IRS offers a variety of tax debt relief options to help you out. If you don’t believe you’re a good candidate for tax debt relief, there are alternatives at your disposal.
Tax debt forgiveness may have implications for future tax filings, and forgiven debt may be considered taxable income. Engaging with the IRS can be complex and time-consuming.
Settling your debt with the IRS is often more achievable than you think. If you're facing IRS tax debt, you're not alone. In 2023, the IRS collected over $104.1 billion in unpaid assessments, but ...
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
The IRS has a number of 1099 debt forgiveness exclusions — which means if your debt falls into an excepted or excluded category, you do not have to include it as ordinary income on your tax return.
If, for example, a family owed $50,000 in medical debt, but on their own or with a debt resolution provider, was able to reduce that sum to $10,000, the IRS would consider the $40,000 difference ...
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