Why Improbable Be The Tax Preparer: Difference between revisions

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Latest revision as of 14:32, 11 November 2024

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I've had clients ask me to try to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) has the ability to do such what. Just like your employer ought to be needed to send a W-2 to you every year, a lender is required to send 1099 forms to every borrowers who have debt understood. That said, just because lenders will be required to send 1099s doesn't imply that you personally automatically will get hit along with a huge government tax bill. Why? In most cases, the borrower is a corporate entity, and the just an individual guarantor. I understand that some lenders only send 1099s to the borrower. The impact of the 1099 dealing with your personal situation will vary depending precisely what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be capable of to explain how a 1099 would manifest itself.

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