History With The Federal Taxes: Difference between revisions
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Latest revision as of 07:56, 8 January 2025
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This isn't to say, don't settle. The point is there are consequences and factors did you know have fully thought about, especially people who might go the bankruptcy route. Therefore, it is a good idea talk about any potential settlement using attorney and/or accountant, before agreeing to anything and sending check.
I've had clients ask me to try to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) to improve to do such one thing. Just like your employer is needed to send a W-2 to you every year, a lender is required to send 1099 forms to every one of borrowers that debt understood. That said, just because lenders are anticipated to send 1099s does not imply that you personally automatically will get hit by using a huge government tax bill. Why? In most cases, the borrower is often a corporate entity, and an individual might be just an individual guarantor. I realize that some lenders only send 1099s to the borrower. Effect of the 1099 dealing with your personal situation will vary depending on kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the capacity to let you know that a 1099 would manifest itself.
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