Skyrocketing IRS interest rates have important tax effects
Canceled tax debt is not COD income; there is authority on that I don’t have on top of mind.
Tom;
1.The question's not about interest rates.
2.I just closed a 2004-2011 CSED case and the IRS "wrote off the balance due' for each year [~~$60K]". I'm presuming there won't be a F1099-C in my client's future. My reading of Tax Topic 431 confirms my presumption. I'd appreciate your opinion.
Thanks,
Gene
Canceled tax debt is not COD income; there is authority on that I don’t have on top of mind.
Tom;
1.The question's not about interest rates.
2.I just closed a 2004-2011 CSED case and the IRS "wrote off the balance due' for each year [~~$60K]". I'm presuming there won't be a F1099-C in my client's future. My reading of Tax Topic 431 confirms my presumption. I'd appreciate your opinion.
Thanks,
Gene