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 ...

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.

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 ...

・Starting January 1, 2026, forgiven federal or private student-loan balances may once again be considered taxable income. ・If forgiveness occurs in 2026 or later, you’ll likely receive Form 1099-C ...

The White House is accelerating a new round of student debt cancellation, aiming to wipe out balances for millions of borrowers who have been in repayment for years or working in public service. The ...

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 ...

A lot has been written about forgiveness. Perhaps Mark Twain described it best: "Forgiveness is the fragrance that the violet sheds on the heel that has crushed it." But for our purposes, Oscar Wilde ...

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