What Will Be The Irs Voluntary Disclosure Amnesty: Difference between revisions
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Revision as of 23:49, 11 November 2024
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I've had clients ask me to utilize to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) to enhance to do such a product. Just like your employer is important to send a W-2 to you every year, a lender is necessary send 1099 forms to every borrowers which debt understood. That said, just because lenders will be required to send 1099s does not imply that you personally automatically will get hit with a huge government tax bill. Why? In most cases, the borrower can be a corporate entity, and you are just an individual guarantor. I realize that some lenders only send 1099s to the borrower. Effect of the 1099 relating to your personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will able to to explain how a 1099 would manifest itself.
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