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CANCELLATION OF DEBT INCOME You owe money. Then the debt gets cancelled. There is a risk that the cancelled debt will be treated as income to be included in your gross income that forms the basis for your income tax liability. Debt cancellation is becoming more common as this economic crisis grows. Unpaid purchases, credit…

Employer or Contractor? Are you an employer or a contractor with people who perform labor and services for you? Are those service providers your employees or independent contractors? The distinction makes a big difference for both insurance and tax reasons. A big battlefield is with respect to workers compensation insurance premiums and employee payroll taxes….

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J&G Law, LLP