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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.