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Surprise! New Rules Require Reporting of Debt Modifications

Lee Zimet, CPA, J.D., LL.M. 06.08.2015 | Tax Notes

Berdon tax principal Lee Zimet provides an in-depth analysis of new information reporting rules under section 6045B that require issuers to disclose debt modifications and other debt transactions on Form 8937. The new rules have received little public notice and the IRS has yet to issue any guidance on how section 6045B will apply to debt instruments.  Adding to the confusion, Form 8937 instructions have not been updated to account for the increased number of transactions subject to the new filing requirements.  

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