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Debtors Tax Deductions

Rivkin Radler LLP

Writing Off A Loan – Simultaneous COD Income and Bad Debt Deduction? Not Necessarily

Rivkin Radler LLP on

If you’ve been around closely held businesses long enough, you know that a transfer of money between a business and its owner, or between two related businesses, is sometimes characterized by the parties as a loan (“related...more

McGlinchey Stafford

Impacts of Cannabis Rescheduling on Bankruptcy

McGlinchey Stafford on

Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the...more

Troutman Pepper Locke

How Can I Claim a Business Bad Debt Deduction? - Creditor's Rights Toolkit

Troutman Pepper Locke on

The Internal Revenue Code permits a business bad debt deduction when a customer fails to pay for the services rendered or the products supplied by your business. However, the ability to claim an ordinary deduction with...more

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