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Consideration of IRS Form 1099-C in the settlement of disputed debts

from by Eamonn N. Sullivan and Donald W. Seeley, Jr.

From May 15: Collection attorneys are in the business of settling disputed debts. Typically, two factors drive these settlements: The settlement figure and the payment schedule. The parties negotiate their settlement, payments are made and the debt is settled. Or is it? In addition to honoring the settlement terms, certain creditors have federally imposed requirements to report settled debt to the IRS. These obligations exist even when the debtor disputes the debt and may result in additional tax consequences for the settling debtor. At the heart of this issue lies IRS Form 1099-C. more

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