News & Analysis as of September 22, 2024

Lenders

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

1099-C Discharge Without Debt Cancellation Not Consumer Protection Law Violation

McGlinchey Stafford on 5/10/2021

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

When Is Form 1099-C Required of Lenders? [More with McGlinchey, Ep. 16]

McGlinchey Stafford on 1/22/2021

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

THE WONDER YEARS WEBINAR

Gerald Nowotny - Law Office of Gerald R.... on 10/7/2020

Loan Regime Method of Split Dollar Life Insurance - This webinar covers: What is Split Dollar? Loan Method versus Economic Benefit. Leverage Split Dollar Rollout. Planning examples using Split Dollar....more

Business Resources and Recovery (UPDATED)

Farrell Fritz, P.C. on 4/14/2020

Businesses grappling with the economic impact of the ongoing COVID-19 crisis have the opportunity to apply for financial assistance through a variety of Federal, State and Local programs. ...more

IRS Issues FAQs and Form 7200 for Advance Payment of COVID-19 Employer Tax Credits

Pillsbury Winthrop Shaw Pittman LLP on 4/8/2020

The IRS has issued FAQs regarding the tax credits for the sick and family leave and employee retention tax credits which provide guidance on eligibility and instructions for claiming the credits. The guidance sets forth the...more

IRS Issues Guidance on Employee Retention Credits Under CARES Act

Foley & Lardner LLP on 4/6/2020

On March 31, 2020, the IRS issued guidance on the Employee Retention Credits under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Employee Retention Credits are fully refundable tax credits...more

Decoding the Tax Cuts and Jobs Act – Part V: Changes to IRC §163(j) and the Business Interest Deduction Rules

Foster Garvey PC on 2/7/2018

“Neither a borrower nor a lender be...” or at least, if you insist on borrowing (and we understand the appeal), we are here to help you stay abreast of the new rules on deducting interest. BACKGROUND/PRIOR LAW - Interest...more

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