IRS Issues Guidance on Loan Modifications

Earlier this week, the IRS issued several highly anticipated guidelines that will allow certain borrowers who are current on their commercial mortgage loan obligations to negotiate and modify their loans without triggering an adverse tax consequence to the holder of the loan. The guidance allows loan servicers to modify these loans regardless of when they mature and whether they are performing if the servicer believes there is a significant risk of future default under the loans.

Contents National pizza day (february 9 Breast cancer awareness month local public safety officials IRS Issues Guidance on Loan Modifications. Continue Reading CoreLogic: Underwater mortgages back above 11 million in 4Q

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On November 14, 2018, the IRS published new proposed regulations relating to hardship distributions from 401(k) plans and 403(b) plans. The proposed regulations primarily respond to issues raised by changes to hardship distributions in the Bipartisan Budget Act of 2018 ("BBA) and the Tax Cuts and Jobs Act of 2017 (TCJA).

Modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or forbearing or reducing your principal balance. If you are offered a loan modification, be sure you know how it will change your monthly payments and the total amount that you will owe in the short-term and the long-term.

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Update on Issues Relating to Financial Institutions Underreporting Mortgage Interest to Millions of Consumers.. The most they could muster was to say that there is no guidance on the issue from the IRS. But this, to my mind anyway is an incomplete argument without taking the second step.

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What is the Mortgage Credit Certificate (MCC) Program?. by the Deficit Reduction Act of 1984 and modified by the Tax Reform Act of 1986.

Home > Structured Finance and Securitization > New Guidance on Loan Modifications: IRS Finalizes Rules on Issuer’s Credit Quality and Provides a Safe Harbor for REITs. New Guidance on Loan Modifications: IRS Finalizes Rules on Issuer’s Credit Quality and Provides a Safe Harbor for REITs By Anna-Liza Harris on January 7, 2011 Posted in Structured Finance and Securitization

IRS Issues Retirement Plan "Operational Compliance" Checklist for 2019 When the IRS "sunset" the ongoing determination letter program to retirement plans (see Revenue Procedure 2016-37), it committed to annually releasing a list to assist sponsors in achieving operational compliance with the Code’s qualification requirements (the.