Who needs it?
A lender is supposed to file a 1099-C form if it “cancels” $600 or more in debt.
- A financial institution described in section 581 or 591(a) (such as a domestic bank, trust company, building and loan or savings and loan association).
- A credit union.
- Any of the following, its successor, or subunit of one of the following:
- Federal Deposit Insurance Corporation
- Resolution Trust Corporation
- National Credit Union Administration
- Any other federal executive agency, including government corporations,
- Any military department
- U.S. Postal Service
- Postal Rate Commission
- A corporation that is a subsidiary of a financial institution or credit union, but only if, because of your affiliation, you are subject to supervision and examination by a federal or state regulatory agency.
- A Federal Government agency including:
- A department
- An agency
- A court or court administrative office
- Any organization whose significant trade or business is the lending of money, such as a finance company or credit card company
When to File it
With Tax1099.com, we automatically schedule your IRS e-File transmission date for the e-File deadline. That allows you to make changes to forms after creating them for your vendors and before sending them to the IRS, without the need to issue corrected forms – all at no additional cost for the e-File update. You may also change the scheduled date to occur earlier than the deadline if you prefer.
Electronically filed 1099-C forms are directly transmitted to the IRS from the Tax1099.com system. IRS e-filed acceptance acknowledgment comes within 3 to 7 business days.