Generally, the Internal Revenue Code and implementing regulations require a lender that discharges or forgives at least $600 of a borrower’s indebtedness to file a Form 1099-C, Cancellation of Debt, with the Internal Revenue Service and furnish a payee statement to the borrower. On September 22, 2020, the Internal Revenue Service (IRS) issued Announcement 2020-12 instructing lenders that make Paycheck Protection Program (PPP) loans to not file information returns or furnish payee statements to report the amount of qualifying forgiveness on such PPP loans. Continue reading >