S Corp Line of Credit Backed by SBA Resulted in 1099-C From Chase. – Amanda

“Dear Jim, This is apparently yet another 1099C question 🙂 For my S-corp business, I had a line of credit with a bank that changed loan terms after three years into a fixed loan. This loan was backed by SBA. I was unable to pay the new terms (and didnt actually understand that it was …

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My Girlfriend Did Not File Her Taxes for Many Years. The IRS is Not Happy. – Brian

“Dear Jim, My girlfriend has not filed taxes for 2004-2011. When she filed for 2012, the IRS seized her refund and sent her a letter stating it was applied to previous tax debt. She has spoken to the IRS and they have determined she owes $80,000 for 2004-2007 but have given her 30 days to …

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