Have you received a 1099-C Cancellation of Debt from a bank or other creditor? If so, the Internal Revenue Service will consider this income. If you did not claim it on your 1040 individual tax return, then odds are very likely that you will receive a notice from the IRS demanding additional taxes plus penalties and interest.
If you receive a 1099-C, do not simply give up and pay the tax and penalties. There are many instances where the cancellation of debt should not be considered income. The Scammahorn Law Firm will review the facts of your case and fight the IRS when appropriate. Let the Scammahorn Law Firm use the law in your favor and potentially save you thousands of dollars. The tax attorneys of the Scammahorn Law Firm serve individuals and businesses across the State of Texas, including Tyler, Longview, Nacogdoches, Sulphur Springs, Palestine, Dallas, Fort Worth, Abilene, Odessa, Midland, San Antonio, and Plano, Texas.
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