It was kind of weird: a visitor to an Asian grocery/sandwich shop had an envelope in his hand that he would only give to the store’s owner. When the owner’s son hesitated, the mystery courier set the envelope down on the counter and left. The envelope contained $400 and a note, which confessed to an armed robbery of the shop a dozen years ago. [More]
General Motors took out an advertisement apologizing for “disappointing” consumers on Monday, asking your forgiveness for years of incompetance. Do you forgive them?
It seems that some bottom-feeding debt collection companies—the ones who buy old debts that are frequently beyond the point where you can be sued for collection (what the FTC calls “time-barred debts”)—purchase old debts, mark them up with incredibly high penalties and fees, then “forgive” them and write them off as tax losses and send the debtors 1099-C forms—which means you have to pay taxes on the forgiven amount. If this happens to you, here are a few things you should consider first.