Posted by Administrator Account on 5/7/2015 10:12 AM

chapter 11 bankruptcyIt is unfortunate when individuals and organizations wind up filing for Chapter 11 bankruptcy. Even more so, some of their names will likely appear on your accounts receivable list.


Depending on the details, if you act fast, you may be able to recoup your shipment of goods, or at least part of the money your company is owed. How much can you collect? If you're a secured creditor, the average is 77 cents on the dollar. Unfortunately, unsecured creditors often collect only two cents on the dollar, so whether or not you decide to take action obviously depends on the size of the receivable. Assuming it's enough to pursue, here's what you need to do.

Posted by Administrator Account on 9/8/2011 12:57 PM
Make sure you have the latest information on debt related tax issues that involve bankruptcy, cancellation of debt, foreclosure, and short sales.

Please call your Dalby, Wendland tax adviser for more information and the latest tax updates.
Posted by Administrator Account on 3/24/2011 7:17 AM
Christopher L. West, CPA and Greg A. Keller, CPA, CITP, PFS of Dalby, Wendland & Co., P.C. collaborated on this article that ran in the Business Times on March 23, 2011.

In these troubled economic times, many financially distressed borrowers have had debt cancelled or forgiven by their lender. Forgiveness of debt can take on many different forms, including a “short sale;” the foreclosure of a home, business or investment property; the adjustment of a debt outside of foreclosure; or even the forgiveness of amounts owed to a credit card company.

While debt relief was no doubt welcome news to the people who received it, they might not realize the amount of the forgiven debt could have to be included in income when it comes time to file their income tax returns.The...
Dalby, Wendland & Co., P.C. is a Certified Public Accounting and Consulting firm in Western Colorado that provides professional accounting, audit, tax and business services to individuals and businesses of all sizes.  Dalby, Wendland & Co., P.C. has established offices in Grand Junction, Glenwood Springs, Montrose, Aspen, Rifle, and Telluride that allows us the flexibility to serve thousands of clients all over Western Colorado.  As Western Colorado's oldest and largest accounting firm headquartered in Colorado, we have had the opportunity to build strong relationships with our people, our clients, and our communities.

The information provided on this website is for informational purposes and does not constitute an accountant-client relationship. We assume no liability or responsibility for any errors or omissions in the content of this website. Any U.S. federal tax advice contained in this website is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law. We recommend you call our firm before implementing any tax techniques discussed in this letter, or if further accounting, tax, or financial advice from a professional accounting firm is required.

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