will cancel debt of borrowers – The Burns Firm – Advisors of Complex Financial Matters

Tax Implications When Lenders Cancel Debts in the Covid-19 Era

October 27th, 2020|Categories: Accounting, Burns Firm, Coronavirus, Covid-19, Tax, Tax Cuts, Tax Deductions|Tags: cancelling debt during covid-19, Coronavirus, Covid-19, CPA Dallas, debt forgiveness, PPP loan, tax, tax exceptions, tax exceptions when cancelling debt, The Burns Firm, will cancel debt of borrowers|

In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While [...]