The IRS web site has a new look designed to be more user friendly. Tabs and topics have been reshuffled for accessibility. There’s a new social media section to view IRS YouTube videos and easily link to IRS podcasts. News items are displayed on the landing page; the old format only had a link to the newsroom. The site also has a multinational gateway for those seeking information in Spanish, Korean, Russian, Chinese, and Vietnamese.
When debts are cancelled in bankruptcy cases, the cancelled amount is excluded from gross income. Tax attributes are certain losses, credits, and property basis that must be reduced to the extent of the exclusion.