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15 seconds

Follow up on 1099-c

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  • 5:52 min mark: Important point re 1099C – under the heading of Exceptions IN THE IRS Instructions for Forms 1088-A and 1099-C (AS OF 01/2022)- #4 foreign debtors; when Chris reads this from the 2019 instructions he says “by its foreign branch or foreign office OR a foreign debtor” BUT IN FACT as of 01/2022 it says "for a foreign debtor" See: IRS Instructions for Forms 1099-A and 1099-C (01/2022) https://www.irs.gov/instructions/i1099ac 1. Foreign debtors. Until further guidance is issued, no penalty will apply if a financial institution does not file Form 1099-C for a debt canceled by its foreign branch or foreign office for a foreign debtor, provided all the following apply. Did the IRS change it because too many were using this wording against them or did Chris misread it?

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