Abalos & Associates
Abalos & Associates

Abalos & Associates, PLLC Releases Podcast on Cancellation of Debt and Bankruptcy

Barry Friefield, Partner Of CPA Firm, Discusses IRS Audit Work Involved in Debt and Bankruptcy Cancellation and Other Tax Implications

Phoenix, AZ, April 07, 2012 --(PR.com)-- Sandy Abalos, managing partner of Abalos & Associates, PLLC (http://www.abaloscpa.com), has announced the release of an audio podcast on the topic of debt cancellation and bankruptcy. In the podcast, Barry Friefield, partner at Abalos & Associates, discusses the 1099-C tax form and answers frequently asked questions about the form’s implications. For example, Friefield states precautions that every taxpayer should take when receiving a 1099-C form and discusses whether or not cancellation of debt can be excluded from income filings. He also clarifies the circumstances under which a couple can claim a loss on their tax return after losing money on a home foreclosure, and explains whether an individual will receive a 1099-C form after using a debt management company to settle debt. The podcast is available for download at http://abaloscpa.com/newsworthy/podcasts/cancellation-of-debt-debt-management-and-the-1099-c.

“As more people undergo cancellation of debt and bankruptcy during this turbulent economic period, we hear their concerns about what is involved in finalizing and reconciling these events so they are not penalized financially,” said Abalos. “Barry’s podcast addresses the questions we receive most often about this topic and offers listeners direct answers that they can use to their advantage.”

New Media Content:
Abalos & Associates LinkedIn page:

About Abalos & Associates, PLLC:
Abalos & Associates, PLLC is a full-service, award-winning CPA firm in Phoenix that specializes in the needs of privately held businesses. Established in 1981, the firm employs a custom approach to service each individual client. Among the wide range of services it offers are business and technology consulting, accounting, tax planning, succession planning, estate planning, audit services, business cash flow management and litigation support. Abalos & Associates, PLLC is nationally recognized as a leader in public policy, legislation and privately held business issues, and has been consistently recognized among the top accounting firms in the state by Arizona Business Magazine. For more information, contact (602) 943-1984 or visit the website at http://www.abaloscpa.com.

Jennifer Fair
MMI Public Relations
(919) 233-6600
Abalos & Associates
Patty Briguglio