Podcasts about 1099c

When debt is forgiven, as much of the funding lent through the CARES Act’s PPP may be, a lender may be required to file IRS Form 1099-C with the IRS and to furnish a copy to the borrower. As a lender, do I need to file the 1099-C when I forgive a PPP loan, or when we finalize a restructuring or settle a case alleging a violation of state or Federal lending law? McGlinchey's Charles Adams (Houston) and Douglas Charnas (Washington, DC) discuss these and more questions about the rules that come into play with cancellation of debt and whether Form 1099-C must be issued.

In this episode, I answer a couple of reader questions with some interesting issues. The first involves what looks like a duplicate 1099-C tax form for forgiven debt. The second is about an old bad debt that is still on the credit report. If you'd like to ask me a question, just visit https://GetOutOfDebt.org and click the ask a question link at the top. --- Support this podcast: https://anchor.fm/get-out-of-debt-guy/support

Von meinem Gujarati-Musikprojekt gibt es einen etwas weihnachtlich klingenden Musiktitel.

On this week's episode, I talk about a recent case: The mortgage lender modified my client's loan and put the arrears at the end of the loan.  Years later, the mortgage lender wrote off the debt and issued my client a 1099-C, Forgiveness of Debt, showing the home owner had phantom income.  Sometime later, the client came to me to file a Chapter 13 bankruptcy. When the lender filed its claim in the bankruptcy case, the lender included the amount of debt previously forgiven! The status of the law is unclear and states differ on the effect of issuing the 1099-C form (Florida hasn't made a decision as far as I know). How did we resolve the issue? If I gave it way in these notes, why would you listen to the episode? If you file bankruptcy and your creditors try to pursue debt previously forgiven by a 1099-C, please contact me at Shawn@YesnerLaw.com or www.YesnerLaw.com.

Welcome to Year 2 of the podcast.  As you have seen from previous episodes, we have re-branded the podcast and it is now The Crushing Debt Podcast, where our goal is to help you eliminate the financial bullies in your life. This week's episode is a review of the different laws that expired at the end of 2016, and some new case law that impacts foreclosure defense in 2017 and going forward, unless or until the Supreme Court makes a conflicting decision. What did we lose?  HAMP which helped with modifications, HARP which helped with refinances, HAFA which helped with short sales, and the Mortgage Debt Relief Act, which made mortgage and foreclosure deficiencies non-taxable. In addition, we discuss the Bartram case, which has a huge impact on foreclosure law here in Florida. We hope you enjoy the content, and we ask that you share this post and episode if you think the content has value! You can reach me at Shawn@YesnerLaw.com or www.YesnerLaw.com

In this week's episode of the Yesner Law Podcast, I discuss the Mortgage Debt Relief Act ("MDRA").  This law provides that forgiveness of debt income, or phantom income, related to the foreclosure or short sale of a primary residence is non-taxable if the loan deficit that is waived is related to a loan used to buy or make improvements to the house. When you complete a short sale or lose a house to foreclosure, the bank may choose to waive the deficit - the difference between the amount owed on the loan and the value of the house. The IRS sees that as a benefit (a debt that is due but does not have to be repaid). The bank reports this by issuing IRS Form 1099-C. Many people misunderstand that the MDRA only excludes the income, the MDRA says nothing about the issuance of the Form 1099-C. What I explain to clients is that they need to file the form 1099-C with their return, AND file the proper forms to show the IRS the deficiency is excluded as income.  Of course, the mechanics of how to do that fall within income tax guidelines and so we refer to a CPA or Tax Attorney at that point. The MDRA is set to expire on December 31, 2016. It is our guess that the law might not be extended into 2017, but that may also be reliant upon the outcome of our upcoming presidential election.  Stay posted to our website (www.yesnerlaw.com) or email me at Shawn@YesnerLaw.com for details on the MDRA as they develop.

The interpretation of certain provisions of the FDCPA by consumer attorneys, Courts and regulators contain a number of "Catch-22" scenarios where a debt collector is potentially subject to lawsuits and regulatory actions regardless of what the collector does. The latest iteration of this conundrum for debt collectors involves the disclosure of the tax consequences to a consumer for settling a collection account for less than the full balance. Debt collectors are required by a number of financial institutions to include these so-called "1099C" disclosures in debt collection communications. Unfortunately, the inclusion of these disclosures regarding tax consequences results in lawsuits against debt collectors. Perhaps most frustrating for debt collectors is that such disclosures are truly intended to assist the consumer, yet are misconstrued as efforts to deceive or confuse. In this episode of the Debt Collection Drill audio blog, Moss & Barnett attorneys John Rossman and Mike Poncin examine the case law regarding "1099C" tax consequence disclosures by debt collectors and provide practical advice for navigating these difficult issues with creditor clients while complying with the law.