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Revision as of 00:24, 13 May 2026

A disgruntled ex-employed call the state, reported my family's glass business for sales tax evasion. Among the list of local state sales tax auditors called plan some time to pore through our books.

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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 enhance to do such anything. Just like your employer is important to send a W-2 to you every year, a lender is needs to send 1099 forms to all borrowers that debt forgiven. That said, just because lenders are required to send 1099s doesn't suggest that you personally automatically will get hit having a huge government tax bill. Why? In most cases, the borrower is really a corporate entity, and you are just a personal guarantor. I am aware that some lenders only send 1099s to the borrower. Effect of the 1099 dealing with your 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.

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