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CUNA Regulatory Comment Call
June 2, 2008
Review of IRS Form 1099-C
EXECUTIVE SUMMARY
- As part of its continuing review of its collection of information, the Internal Revenue Service (IRS) is reviewing and soliciting comments on Form 1099-C, Cancellation of Debt (Form 1099- C).
- No changes are being made to the form at this time.
- Credit unions and other financial institutions use Form 1099-C to report the cancellation or forgiveness of a debt of $600 or more.
- Form 1099-C is used to verify that a debtor has included the proper amount of canceled debt in income on his or her income tax return.
- In addition to the credit union’s information, Form 1099-C asks for the debtor’s name, address and taxpayer identification number, the amount of cancelled debt, interest, date of cancellation and fair market value of property. For a copy of the form, click here.
- Comments are due to the IRS by August 18, 2008. Please submit your comments to CUNA by August 4, 2008.
Please feel free to send your comments to CUNA SVP & Deputy General Counsel Mary Dunn at mdunn@cuna.com or to Assistant General Counsel Lilly Thomas at lthomas@cuna.com; or mail them to Lilly c/o CUNA’s Regulatory Advocacy Department, 601 Pennsylvania Avenue, NW, South Building, Suite 600, Washington, D.C. 20004. Click here for a copy of the proposed rule notice and request for comment.
QUESTIONS REGARDING THE FORM
- No changes will be made to the form. Are there any changes you would like to see made?
- Do you think Form 1099-C is necessary for verifying whether an individual properly reported a discharged debt?
_____________________________________________________________ - The IRS estimates that it takes ten minutes to complete the form. Do you think the agency’s estimate is accurate?
- What ways, if any, could Form 1099-C be improved?
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Eric Richard • General Counsel • (202) 508-6742 • erichard@cuna.com Mary Mitchell Dunn • SVP & Deputy General Counsel • (202) 508-6736 • mdunn@cuna.com Jeffrey Bloch • Assistant General Counsel • (202) 508-6732 • jbloch@cuna.com Lilly Thomas • Assistant General Counsel • (202) 508-6733 • lthomas@cuna.com Luke Martone • Senior Regulatory Counsel • (202) 508-6743 • lmartone@cuna.com |
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