3 Elements Taxes For Online Advertisers: Difference between revisions

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I've had clients ask me to make use of to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is actually able to do such a thing. Just like your employer is needed to send a W-2 to you every year, a lender is had to send 1099 forms to all borrowers which debt understood. That said, just because lenders are required to send 1099s doesn't mean that you personally automatically will get hit along with a huge government tax bill. Why? In most cases, the borrower is often a corporate entity, and are generally just an individual guarantor. I am aware that some lenders only send 1099s to the borrower. The impact of the 1099 dealing with your personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will have the capacity to explain how a 1099 would manifest itself.

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