Once again, a borrower who argued his debt was cancelled when he received an IRS Form 1099-C was told by the court that it was merely discharged. The court says “discharge” is not “actual discharge.” While acknowledging that...more
Join us on Thursday, March 18 for the second installment in our 3-Part webinar series on the Paycheck Protection Program and formulate your game-plan before you apply for forgiveness.
McGlinchey attorneys Richard Aguilar,...more
3/5/2021
/ Borrowers ,
Economic Injury Disaster Loans ,
Employee Retention ,
Lenders ,
Loan Applications ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Small Business ,
Small Business Loans ,
Tax Credits ,
Tax Planning ,
Webinars
When debt is forgiven, as much of the funding lent through the CARES Act’s PPP may be, a lender may be required to file IRS Form 1099-C with the IRS and to furnish a copy to the borrower. As a lender, do I need to file the...more