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anjing I've had clients ask me to attempt to negotiate the taxability of debt forgiveness. Unfortunately, no lender (including the SBA) is able to do such what. Just like your employer is usually recommended to send a W-2 to you every year, a lender is instructed to send 1099 forms to every borrowers in which have debt forgiven. That said, just because lenders will need to send 1099s doesn't mean that you personally automatically will get hit with a huge goverment tax bill.
Why? In most cases, the borrower can be a corporate entity, and you are just a personal guarantor. I am aware that some lenders only send 1099s to the borrower. Effect of the 1099 in your own personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc). Most CPAs will possess the ability to to explain how a 1099 would manifest itself. Owners of trucking companies have been known to receive prison sentences, bokep home confinement, and memek large fines beyond what they pay for simply being late.
Even states could be punished for not complying with regulation?