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Reporting of lien payments paid to a third-party creditor
November 19, 2024
Q. We just received a letter from a company letting us know that they have become the power of attorney to one of our vendors. They have gotten into an agreement to lend our vendor funds against a percentage of their receivables. It looks like the latter didn't satisfy their obligation, so now the lending company asks us to pay them directly what we owe our vendor up to a certain amount (above $600). This is the first time we get into a situation like this, and we need some assistance…
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