Difference between revisions of "Why Restrict Be Your Own Tax Preparer"

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Revision as of 16:10, 5 August 2026


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I've had clients ask me to test to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) transfer pricing to enhance to do such a product. Just like your employer is important to send a W-2 to you every year, a lender is needs to send 1099 forms to every borrowers in which have debt forgiven. That said, just because lenders must be present to send 1099s does not imply that you personally automatically will get hit having a huge goverment tax bill. Why? In most cases, the borrower can be a corporate entity, and you just a personal guarantor. I am aware 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 be given the option to let you know that a 1099 would manifest itself.

Structured Entity Tax Credit - The government is attacking an inventive scheme involving state conservation tax credits. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually burnt up and a K-1 is distributed to the partners who then take the credits about the personal head back. The IRS is arguing that there isn't legitimate business purpose for your partnership, so that the strategy fraudulent.

Copyright 2010 by RioneX IP Group LLC. All rights reserved. This material may be freely copied and distributed subject to inclusion of such a copyright notice, author information and all the hyperlinks are kept in one piece.

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