Difference between revisions of "2006 Report On Tax Scams Released By Irs"

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Latest revision as of 22:15, 7 February 2025

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I've had clients ask me to utilize to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) to improve to do such a thing. Just like your employer is important to send a W-2 to you every year, a lender is necessary send 1099 forms to all or any borrowers in which have debt understood. That said, just because lenders need to send 1099s does not mean that you personally automatically will get hit using a huge tax bill. Why? In most cases, the borrower is often a corporate entity, and tend to be just a personal guarantor. I understand that some lenders only send 1099s to the borrower. The impact of the 1099 in the personal situation will vary depending exactly what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the option to explain how a 1099 would manifest itself.

If one does a bit more research or spend a short time on IRS website, shortly come across with differing kinds of tax deductions and tax snack bars. Don't let ignorance make you spend more than you in order to paying.

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