Thumbnail - Compliance Guide: 1099-c

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1099-c is a form filed when a debt buyer or collection agency effectively cancels more than $600 of debt for a consumer. It removes the debt from the affected agency's books, and creates a tax liability for the consumer. The forms affect debt buyers, creditors, collection agencies, and consumers. And our guide helps walk you through preparation and filing.

Our Compliance Guide offers clarity, insight, and best practices, looking at:

  • Who must file?
  • What does the IRS consider an Identifiable Event?
  • What information is needed in the consumer's file for completing the form?

Product: PDF Download

Pages: 51 pp

Published: 23 June 2014

Table of Contents

  1. Introduction
  2. Who Must File?
  3. Identifiable Events: When is a Debt Canceled?
  4. Filling Out the Form
  5. Forms and Filing: Deadlines to the Debtor
  6. Forms and Filing: To the IRS
  7. Keeping copies
  8. Due dates
  9. When NOT to File a 1099-c
  10. Coordinated Filing
  11. What Happens Once a 1099-c Has Been Issued?
  12. Appendices