Difference between revisions of "Tips Believe When Obtaining Tax Lawyer"

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Revision as of 12:44, 21 July 2025


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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) is able to do such an issue. Just like your employer is to send a W-2 to you every year, a lender is had to send 1099 forms to every one of borrowers possess debt pardoned. That said, just because lenders need to send 1099s doesn't mean that you personally automatically will get hit using a huge government tax bill. Why? In most cases, the borrower is a corporate entity, and you just a personal guarantor. I understand that some lenders only send 1099s to the borrower. Effect of the 1099 in the personal situation will vary depending precisely what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will possess the ability to to let you know that a 1099 would manifest itself.

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