Recent Articles

Gross Income

The actual term used by the Internal Revenue Service to define revenue or income. Section 61 of the Internal Revenue Code (Chapter 26 of the Federal Code) defines the term and what is considered gross income.

Form 1099-C: Cancellation of Debt

06/16/2014

If you received a 1099-C, the first question you ask is: ‘Do I have to include this in my taxable income?’  Well, the answer is ‘it depends’.  Not what you want to hear but there is a lot of variables involved in answering this question.  [...]

Internal Revenue Service – Definition of Revenue

08/22/2013

The Sixteenth Amendment to the Constitution of the United States gives authority to Congress to tax income.  The Internal Revenue Service defines revenue via a term ‘Gross Income’.  In Chapter 26 of the Federal Code (Chapter 26 is the Internal [...]