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.” ...

The potential tax consequences to a debtor and tax reporting obligations of a creditor can become a contentious issue when settling disputed debts, although the issue often arises as an afterthought ...

Pay attention. This is one of my posts with an important lesson rather than an entertaining story. The lesson comes from a Tax Court decision - TCM 2018-140. You will find out the taxpayer's name if ...

Knowing when to issue which kind of 1099 form to someone you paid money to can be a mystery to small business owners, but ...

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 ...

At this time of year, creditors sometimes send out what is called a Form 1099-C. They email it to the Internal Revenue Service (IRS) and copy the person who owes them debt. The form tells the IRS that ...

To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of ...

A stock photograph of a 1099 Misc tax form. Photographed with the Canon EOS 5DSR at 50mp and the 100mm 2.8 L (IS) lens. Incorrect IRS Forms 1099 are a big tax worry. After all, Forms 1099 generally ...