IRS Issues Guidance on Loan Modifications

New IRS Rule Allows Commercial Loan Modifications Before Default. 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.

Guidance exists indicating that would be a modification, although held not to be significant since the assets, liabilities, and other terms of the debt remained unchanged.

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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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The recent IRS guidance clarifies that loan servicers can implement modifications, such as interest rate changes, principal forgiveness and maturity extensions, at anytime without tax consequences if "based on all the facts and circumstances, the holder or servicer reasonably believes that there is a significant risk of default" upon maturity.

2 See ASC 310-20-35-9 through 11 for guidance on when a loan modification (one that does not qualify as a TDR) should be considered the pay-off of one loan and the issuance of a new loan. These modifications, as well as loan renewals, can change vintage information and, as a result, the expectations of past due levels by vintage. ABA

mortgage modification with capital – ized interest, and the Tax Court ruled that there was no wholesale mortgage interest deduction due to the modifi – cation.9 IRS PROVIDES CLEAR GUIDANCE ON CAPITALIZED INTEREST: STUDENT LOANS While Copeland provides clear guid – ance on how not to treat capitalized interest, in the instance of student loans, the IRS provides guidance on

If the spouse will not retroactively consent to the loan, then the correction must be effected through negotiation with the IRS in a VCP filing (or in the context of an IRS audit). A final change deals with operational defects that occur as a result of permitting a participant to obtain a number of plan loans that exceeds the number permitted by the plan’s terms.

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So that has sent towns and counties scrambling to make the tax bills available for those who want to pay early. That hasn’t always worked out in some counties. Westchester, for example, typically.

Full text: S&P downgrades the U.S. debt rating Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.