Most people are in for a surprise when they receive a 1099-C, never realizing that canceled debt is often treated just like any other dollar of ordinary income. Creditors record canceled debts on a ...

If you have debt that is canceled by a lender, you may receive IRS Form 1099-C. Although you are no longer liable to repay the debt, you can’t simply forget about it. The IRS may consider the forgiven ...

IRS Announcement 2020-12 notifies lenders that they should not file IRS Form 1099-C with the IRS or furnish it to borrowers to report the amount of qualifying forgiveness with respect to covered loans ...

Once again, a borrower who argued his debt was cancelled when he received an IRS Form 1099-C was told by the court that it was merely discharged. The court says “discharge” is not “actual discharge.” ...

Acting to clarify the practical impact of a COVID relief provision enacted earlier this year, the IRS has announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue ...

It's tax season, and if you've received an unfamiliar income form this year, it might be a 1099 tax form. A 1099 form is used to document income received outside of a permanent salaried job. This ...

WASHINGTON, DC - MAY 19: Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service speaks at a Senate Appropriations Subcommittee hearing on Capitol Hill May 19, 2021 in Washington, ...

If you regularly work with independent contractors or vendors, you’ll probably need to send them Form 1099 at the beginning of the year. There are over 20 types of 1099 forms, but fortunately, most ...

You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a part of your ...