(there have been several not so wonderful moments lately) -
I have received a letter from the Internal Revenue Service telling me that I owe them money! (what joy, huh?) It seems that in 2007 a company forgave a debt that I owed and that counts as income. That company reported it to the IRS and I owed tax - who knew? Anyway, this is the first I realized this. I'm really not a tax cheat. Problem is, I have to pay the tax with interest within 30 days or I will also have a penalty to pay! What other bad news is going to come my way?
If a company ever forgives a debt for you, know this: you are still going to pay!