Does the IRS Consider Cancellation of Debt Taxable Income?

A friend once told me, “Don’t try to understand the tax code, just accept it”.  Yes, I will never understand the Internal Revenue Code in its entirety, but I do try to understand the general theory underlying the ruling. Cancellation of debt as income is one of those...

2011 Year-end Tax Planning & Other Items of Interest

The end of 2011 is close and confusion continues to grow as to what and how to plan to minimize taxes for this year and 2012.  We thought now was a good time to remind you of some basic year-end tax strategies (i.e. tried, tested & true), as well as tax benefits...

NC Sales & Use Tax Rate Decrease Effective July 1, 2011

Effective July 1, 2011 the general North Carolina State tax rate will decrease to 4.75%.  After this adjustment is made and unless listed below, the North Carolina combined general State and Local tax rate for the majority of the counties in North Carolina will be...
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