Answer:
Perhaps no IRS form is more misunderstood that the 1099-C for the cancellation of debt. Originally designed to notify the IRS of an opportunity to levy taxes against forgiven debts, the form has morphed into an opportunity to close out cold collection accounts with one final demand. You need to understand the what’s, when’s and how’s of this important form.
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Learn more about David Reed’s webinar
IRS Reporting Requirements: 1098s, 1099s, TINs and Backup Withholding
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