Taxes

Congress Extends the Income Exclusion for 1099...

Congress Extends the Income Exclusion for 1099 ‘Forgiven’ Mortgage Debt to Tax Years 2015 and 2016 For a more detailed discussion on tax...

Received a 1099-Misc on Cancelled Debt? You May Qualify for Exclusion from Taxes if You Were Insolve

Generally, when a debt is owed and at least $600 of the debt is canceled, forgiven or settled for less than the full amount owed, this...

How Are Non-Dischargeable Debts Treated in a Chapter 13 Bankruptcy?

Non-dischargeable debts are those few categories of personal liabilities which can never be discharged in either form of Chapter 7 or...

Received a Form 1099-C on Foreclosed Home? You May Qualify for the Mortgage Forgiveness Exclusion to

If you receive a Form 1099-C reporting ‘debt cancellation’ income after a home foreclosure, you may qualify for the Mortgage Forgiveness...

Sales Tax Obligations and Chapter 11 Business Reorganization

Minnesota Department of Revenue levies sales tax on any number of transactions common to small businesses, most often being on sales of...

When sales tax threatens a business: Chapter 11 may be the answer

When I became aware of a popular local restaurant and bar recently close its doors due to unpaid sales tax and subsequent state shutdown,...