http://www.creditinfocenter.com/wordpress/2009/07/13/can-a-collection-agency-issue-a-1099-c-for-settled-debt/ For the Up To Date News Fri, 20 Nov 2009 15:08:53 -0700 http://wordpress.org/?v=abc hourly 1 http://www.creditinfocenter.com/wordpress/2009/07/13/can-a-collection-agency-issue-a-1099-c-for-settled-debt/comment-page-1/#comment-2173 Kristy Mon, 13 Jul 2009 15:55:03 +0000 http://www.creditinfocenter.com/wordpress/?p=2266#comment-2173 If the debt buyer is erroneously or maliciously issuing a 1099-C, this could have a serious tax hit to the person who was settling the debt. There are many people who pay debts that aren't theirs, they just want to end the hassle. If the debt buyer is erroneously or maliciously issuing a 1099-C, this could have a serious tax hit to the person who was settling the debt. There are many people who pay debts that aren’t theirs, they just want to end the hassle.

]]> http://www.creditinfocenter.com/wordpress/2009/07/13/can-a-collection-agency-issue-a-1099-c-for-settled-debt/comment-page-1/#comment-2172 Judy Mon, 13 Jul 2009 15:35:19 +0000 http://www.creditinfocenter.com/wordpress/?p=2266#comment-2172 The 1099-C requirement was imposed on debt buyers by the Internal Revenue Service, so your issue is with the IRS - not the debt buyers. The relevant regulations are in 26 C.F.R. Section 1.6050P-1. The 1099-C requirement was imposed on debt buyers by the Internal Revenue Service, so your issue is with the IRS – not the debt buyers. The relevant regulations are in 26 C.F.R. Section 1.6050P-1.

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