On June 29, the Trade Preference Extension Act of 2015 (TPE) was signed into law. The TPE mainly focuses on foreign competition and retraining domestic workers. But if you read the fine print, you'll see that it also includes important — but little-noticed — changes to the penalty regime for failing to file required information returns with the IRS and failing to furnish required statements to payees (recipients of payments).
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To Forgive Is Not Always Divine
For tax purposes don't think that you're off the hook if another party forgives or cancels a debt. Under the "cancellation of debt" (COD) provision in the tax law, this seemingly generous act could result in an unexpected tax bill.