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Internal Revenue Service › Borrowers › Cancellation of Debt (COD)

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Rivkin Radler LLP

Writing Off A Loan – Simultaneous COD Income and Bad Debt Deduction? Not Necessarily

Rivkin Radler LLP on

If you’ve been around closely held businesses long enough, you know that a transfer of money between a business and its owner, or between two related businesses, is sometimes characterized by the parties as a loan (“related...more

McGlinchey Stafford

When Is Form 1099-C Required of Lenders? [More with McGlinchey, Ep. 16]

McGlinchey Stafford on

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...more

White and Williams LLP

Debt Forbearance/Settlement Agreements: One of the Most Important and Often Overlooked Clauses

White and Williams LLP on

The economic impact of the global COVID-19 pandemic will likely result in a considerable number of borrower defaults, workouts and debt restructurings. An often overlooked but significant consequence of debt modifications or...more

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