Jim Chad Posted March 2, 2007 Posted March 2, 2007 Owner is wrapping up a businiss and is the only one left, so there is no payroll department. He took out a $50,000 loan in April and only made 2 payments last year. The payments from 3rd quarter were not put in by the end of the 4th quarter so it should be "deemed" Questions: Is there any option to correct in EPCRS or any other voluntary correction program? Is it taxable in 2006 or 2007?
Tom Poje Posted March 2, 2007 Posted March 2, 2007 section 6.07 of EPCRS says only available for failure corrected through VCP by either 1. lump sum payment plus interest for missed payments 2. reamort loan over remaining period 3. comination of the two
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