If you use independent contractors for your business, you must complete an IRS 1099 form for each one that states the amount of money you paid for services rendered during the tax year. QuickBooks can ...

Here's what you should know about the form 1099-C, Cancellation of Debt: A form 1099-C, Cancellation of Debt, is issued by a creditor when a debt is discharged for less than the full amount you owe ...

Form 1099-C often comes as a concerning surprise at tax time. Here's what you need to know about reporting forgiven debt as income. Most people are in for a surprise when they receive a 1099-C, never ...

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 ...

Form 1099-C reports canceled debt to the IRS when a creditor has forgiven or erased a balance owed so a taxpayer no longer has to pay it. What Is Form 1099-C: Cancellation of Debt? Lenders must submit ...

A variety of 1099 Forms are used to report income to the IRS Forms 1099 report a wide range of taxable income to the Internal Revenue Service (IRS). Issuers of these payments are obligated to notify ...

A tax adviser faces a challenge when advising a client about the taxability of a canceled debt. In addition to breaking the news that the transaction is possibly a taxable event under Sec. 61(a)(12), ...