In an announcement, the IRS stated that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act shouldn’t file Form 1099-C, “Cancellation of Debt” with the IRS or provide a payee statement to the eligible recipient as a result of the qualifying forgiveness. Filing such information returns with the IRS could result in the issuance of under-reporter notices (IRS Letter CP2000) to eligible recipients, and the furnishing of such payee statements to eligible recipients could cause confusion. For additional information, see Announcement 2020-12: https://bit.ly/33PTUJG Call or visit our website for more information! www.mjscpa.com/
