September 22, 2020

Lenders will not file Form 1099-C for forgiven PPP loans


The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
Source: The Tax Adviser

Tagged:
[mapsmarker marker="1"]

YEAR ROUND ACCOUNTING SERVICES

Big or small, we’ve got a solution when you need it. Our tailored accounting services and outstanding team provide step-by-step support and outstanding customer satisfaction.