Form 1099-C Check

Coming soon. Settled or wrote off a debt? Know whether a Form 1099-C is required, who files it, for how much and by when.

Checks each settlement, write-off or discharge against the IRS cancellation-of-debt rules (26 U.S.C. 6050P, 26 CFR 1.6050P-1): whether an identifiable event happened (a completed settlement, a bankruptcy discharge with the consumer-debt exception, a policy to stop collecting, a limitations defense upheld in court, probate and others; not a charge-off, and not 36 months without payment after 2016), the $600 principal threshold (interest and fees optional), who files (banks, credit unions, federal agencies and significant lenders; agencies don't, debt buyers depend on the entity test), forms for joint debtors, and the debtor and IRS due dates. Also flags settlement letters that say the forgiven amount will be reported when it won't (FDCPA 1692e). Up to 5,000 accounts per call; facts and dollars only. Early access pending tax and legal review. Not tax or legal advice.

Status: Coming soon. Pricing is set at launch.

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