Have you or do you plan to file for debt forgiveness? We are here to help! We hoped Congress would remove loan forgiveness application requirement for small loans (less than $50,000.) As of today, this has not happened. So, we recommend that you go ahead and apply for forgiveness. We will need authorization to process for you. We are available until December 31, 2020 to apply for these and then again after April 15, 2021.
Debt forgiveness creates taxable income in the year forgiven normally. The current law is allowing the taxpayer to claim as income in the year received or the year forgiven. The year to claim as income is determined by the taxpayer. We can help you make an informed decision based on the current information.
Let us know if you need help!
