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Revision as of 23:16, 21 September 2026
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Unfortunately, no lender (including the SBA) is able to do such a thing. Just like your employer is to send a W-2 to you every year, a lender is needs to send 1099 forms for all borrowers which debt forgiven. That said, just because lenders need to send 1099s doesn't imply that you personally automatically will get hit by using a huge goverment tax bill. Why? In most cases, the borrower is really a corporate entity, and you just a personal guarantor.
I realize that some lenders only send 1099s to the borrower. The impact of the 1099 on personal situation will vary depending precisely what transfer pricing kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will be given the option to explain how a 1099 would manifest itself. We hear a lot about income taxes, but a majority of people am not aware of just the amount income-related taxes they're getting to pay.
We're taxed by both our federal government and our state. Since the federal government takes the lion's share, I'll pay its free stuff. Any politician who attacks small business should be thrown from his ears, we employ over two-thirds of all Americans. Dah?