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Proposed regs. would eliminate 36-month testing period from COD reporting requirements

Because the IRS believes that requiring the filing of Form 1099-C, Cancellation of Debt, at the expiration of a 36-month nonpayment of debt testing period ‘creates confusion for taxpayers’ and does not increase tax compliance, the Service released proposed regulations to eliminate the

    

Written by

Herman Yiu, CPA - Audit Taxation Advisory (212) 802-1428