Don't Panic If Taxes Department Raids You: Difference between revisions

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Latest revision as of 13:18, 1 September 2026

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I've had clients ask me attempt and to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) to improve to do such an issue. Just like your employer is to send a W-2 to you every year, a lender is were required to send 1099 forms to every borrowers which debt understood. That said, just because lenders needed to send 1099s does not that you personally automatically will get hit using a huge goverment tax bill. Why? In most cases, the borrower is often a corporate entity, and tend to be just an individual guarantor. I know that some lenders only send 1099s to the borrower. Effect of the 1099 on your personal situation will vary depending on 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.

Bottom Line: The IRS doesn't care about your social status. The irs only cares about one thing- getting cash. You may have dodged the irs for now, but similar to they fixed to Wesley Snipes- they'll catch up to you. Feel free in settling your Tax Debts!

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