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IRS Rules Covering Recession Are Music to Accountant Ears: Taxes

For some companies that got a temporary reprieve from the IRS in the height of the recession, the payback isn’t going to be as bad as they expected.

Congress let some firms that are organized as partnerships defer income from forgiven debts in 2009 and 2010, and the final rules just came out for paying those taxes starting next year, Bloomberg BNA reported. The tax amounts stay the same and the accounting isn’t going to be as complicated as previously anticipated, lawyers said.