Lenders will not file Form 1099-C for forgiven PPP loans
To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP) (Announcement 2020-12).
Original Article Source Credits: The Tax Adviser , https://www.thetaxadviser.com/
Article Written By: Alistair M. Nevius, J.D.
Original Article Posted on: September 23, 2020
Link to Original Article: https://www.thetaxadviser.com/news/2020/sep/lenders-will-not-file-irs-form-1099-c-for-forgiven-ppp-loans.html?utm_source=mnl:taxinsider&utm_medium=email&utm_campaign=01Oct2020&SubscriberID=111386682&SendID=311924