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So, you are feeling pretty good about that lingering debt that has finally been stamped "paid in full." 

Maybe you have refinanced, modified a loan or emptied the piggy bank to clear last year's credit card frenzy that left you with a bothersome monthly payment, accruing fees and a high interest rate.  But, is it all that simple? Will debt cancellation bu ok "as is" or are there other considerations to factor?

As recommended and published by the IRS, below, find a few of most common situations that you should be aware of surrounding debt cancellation and income. 

 The following is an article published March 2, 2016, by Michael Cohn of Accounting Today. 

Deep into February, I begin to receive two very common questions:

Many business owners stress over gathering receipts, recalculating figures and some even lose sleep over filling out their tax yearly organizer. But did you know, there are five things your CPA really wants to see when you submit your information so that he or she can start to work on your taxes? Let’s take a look...

From: IRS.gov

From IRS.gov

Return Preparer Fraud Is on the IRS Annual “Dirty Dozen” List of Tax Scams to Avoid During the 2016 Filing Season

WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for unscrupulous return preparers, one of the most common “Dirty Dozen” tax scams seen during tax season. 

When Congress took up the task of adopting a federal budget, nobody expected the effect it would have on partnership taxation.  In fact, though, in passing the Bipartisan Budget Act of 2015 (the Budget Act), which President Obama signed into law on November 2, 2015, two provisions were included affecting partnerships and their partners, as follows –

The IRS recently announced an extension of due dates for information reporting requirements both for filing with the IRS and for providing forms to individuals under the Affordable Care Act (ACA) for health insurance carriers, self-insured employers and payroll service providers.  For these filers, the due date extension provides additional time to compile the required  information, as well as to furnish and file the ACA reporting forms for the 2015 calendar year.

The deadline for filing 2015 Form 1095-C (offer of health coverage) and Form 1095-B (report of health coverage) has been extended from February 1, 2016 to March 31, 2016.  In addition, the deadline for submitting electronic 2015 Forms 1094-C  and 1094-B (employer transmittal forms) has been extended from March 31, 2016 to June 30, 2016. If not filed electronically, the deadline has been extended from February 29, 2016 to May 31, 2016.