
This is the third tip in our series 7 Things You Should Know About the Tax Consequences of Debt Forgiveness which is also available as a free eBook from your Fort Myers Accounting Firm.
The Emergency Economic Stabilization Act of 2008, is most commonly referred to as “the bailout” of the U.S. financial system. As most people are aware, it provided up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that were clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit.
However, there were other components of this Act that you, as a taxpayer, should be aware of. Basically, the Emergency Economic Stabilization Act of 2008 focused on these 3 components:
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