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 ...

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

If it’s been a rough couple of years for you, you’re not alone. Maybe your income was cut, you lost your job, or you had large expenses like medical bills. You may have fallen behind on bills, fielded ...

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 ...

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 ...

As a small-business owner you may need to extend credit to your customers or clients. While most carefully vetted clients will repay their debts in a timely manner, life changes, economic downturns or ...

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 ...