In light of the coronavirus pandemic and significant economic downturn, this blog post briefly discusses questions that are commonly being asked right now regarding the income tax treatment of cancellation of indebtedness income (“COD”).

The tax code provides that income from the cancellation of indebtedness is taxable, subject to a number of exceptions.  As an

In an overwhelming 417-3 vote, the US House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), which has now been incorporated into a spending bill that was signed by President Trump on December 20, 2019.  While the SECURE Act includes numerous changes to certain qualified retirement plans, there

Significant estate tax planning opportunities which are available under current legislation may be eliminated or severely restricted after December 31, 2012.  It is therefore critical to evaluate whether steps should be taken this year to maximize estate tax savings.

For the following reasons, 2012 is the year to implement tax reduction strategies:

  1. The federal law