With the blitz of radio and TV plugs for debt relief, and the new credit reg's recently passed in DC, folks may be engaging in some premature celebration.
As Taxblogger Extraordinaire Joe Kristan points out, "Angela Bibb-Merritt ran up over $112,000 in credit card debt ... hired a debt-relief outfit and got $10,888 of the balance forgiven ..." and thus may owe some major taxes.
Read the whole thing.
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