Question: I successfully filed for personal bankruptcy protection in 2025 under Chapter 7 to get out from under an overwhelming amount of credit card debt and back taxes created during the COVID years ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Suppose that your uncle loans you money, but later tells you not ...

Learn about tax attributes, which are reductions in tax credits, losses, and property basis when debt cancellation is excluded from taxable income.

For a number of years, taxpayers, the IRS and the courts have disagreed about the proper treatment of S corporations that have cancellation-of-debt (COD) income and are insolvent. Recently the U.S.

The weight of carrying debt month after month can be extremely heavy, and, over time, it can have a real impact on your financial health. Whether it's from medical bills that piled up after an ...

If you’ve been around closely held businesses long enough, you know that a transfer of money between a business and its owner, or between two related businesses, is sometimes characterized by the ...