May 2016 Archives

When a deceased student's loan is forgiven, the IRS comes calling

Under state and federal tax laws, a debt that the creditor forgives the debtor generally is considered taxable income for the debtor. The thinking is that having the debt obligation removed is a financial benefit, even though there is no direct increase in income.

Avoid telephone IRS scams

You have probably heard of this scam before: a con artist calls up potential victims, claiming to be an IRS agent and demanding immediate payment of a supposed tax bill. Perhaps you have even received one of these scam calls yourself.

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