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Taped Show this Sunday but “MUST LISTEN TO” radio! Ramifications of Debt Relief-short-sales, BK,Foreclosure-Christine Cromwell, EA our special guest!

Our Guest this week–Enrolled Agent, Christine Cromwell. Now does she look like your ordinary accoutant!!??

We have a great conversation on “Debt Relief” for you this weekend. The show is TAPED so NO calls will be needed. However, we do have Christine’s contact information below. Our show this week addresses the thorney issue of what happens when you sell your home for a lot LESS, via a Short-Sale, and have forgiveness of debt. Now let’s get our terms correct. You owe $500,000, sell it short for $250,000–you have “Debt Relief” of $250,000. We are NOT talking  if the bank  modifies your loan and lowers your loan amount by $250,000. NO–this is an IRS TERM which you better understand! That debt relief can be taxed at “Ordinary Income” during the year of your short-sale! You earn $65,000 a year? Then ADD $250,000 to that!! In other words you’ll owe the IRS BIG MONEY on your tax return! Christine touches upon this subject and how you can avoid it via insolvency, BK, etc. This topic makes  for a very lively discussion between Alli, myself and Christine. Have fun listening.  Next week we’ll be back with Sonoma County Fair information from the President of the Fair Board–Ross Liscum. Mike Trienen also talking about septic systems.

Christine Cromwell, EA    “Big Firm Sophistication, with Small Firm Personal Attention”

Cromwell Tax and Bookkeeping
1516 Fourth Street
Santa Rosa, CA 95404
www.cromwelltaxandbookkeeping.com

 Phone: (707) 544-0606
Fax: (707) 544-5706
Offering personalized, innovative, and complete financial services in Sonoma County including:

  • custom-designed service packages tailored to meet each client’s needs
  • client billing, assistance with collectibles, bill paying, payroll preparation
  • creative tax planning and preparation solutions to help reduce taxes and create proactive tax savings before the end of the year
  • income tax audit representation before the IRS
  • QuickBooks training for those who prefer to do their own bookkeeping
  • Review and analysis of business systems and functions resulting in stronger profits, reduced expenses and improved management
  • Forensic analysis and reconstruction of payroll being scrutinized as evidence in legal cases.

Over 30 years of experience in the income tax and bookkeeping industry allow us to advocate for our clients by protecting them from financial pitfalls, assisting them to thrive in business, reduce taxes and increase profits wherever possible. We can work for you in your office, in our office, or via a secure internet connection.

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