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Deductions & credits
Our by-laws state that Board members cannot be compensated. Some argue that waiving fees is not compensation. Is it compensation and taxable income? It is not enough to trigger a 1099 or 1099c.
Is there a definite answer, I have been unable to find it in the IRS code. Does it fall under either misc income or cancelled debt.?
Thanks so much for your help.
‎January 26, 2023
11:59 AM