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The IRS issued guidance clarifying that lenders should not file information returns or furnish payee statements to report the amount of qualifying forgiveness on Paycheck Protection Program loans.
The tax code generally requires lenders that discharge at least $600 of a borrower’s indebtedness to file a Form 1099-C, Cancellation of Debt, with the IRS and to furnish a payee statement to the borrower.
However, lenders should not do so when all or a portion of PPP principal amounts are forgiven in accordance with forgiveness requirements under the CARES Act, the IRS said.
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