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	<title>Creditinfocenter Blog &#187; cancellation of debts</title>
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		<title>Can a Collection Agency Issue a 1099-C for Settled Debt?</title>
		<link>http://www.creditinfocenter.com/wordpress/2009/07/13/can-a-collection-agency-issue-a-1099-c-for-settled-debt/</link>
		<comments>http://www.creditinfocenter.com/wordpress/2009/07/13/can-a-collection-agency-issue-a-1099-c-for-settled-debt/#comments</comments>
		<pubDate>Mon, 13 Jul 2009 14:34:06 +0000</pubDate>
		<dc:creator>Kristy Welsh</dc:creator>
				<category><![CDATA[Collection Agencies]]></category>
		<category><![CDATA[1009-C]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[cancellation of debts]]></category>
		<category><![CDATA[collection agency]]></category>
		<category><![CDATA[Debt Settlement]]></category>
		<category><![CDATA[Forgiven Debt]]></category>
		<category><![CDATA[Identity Theft]]></category>
		<category><![CDATA[IRS]]></category>
		<category><![CDATA[Original Creditor]]></category>
		<category><![CDATA[State Attorney General]]></category>
		<category><![CDATA[time barred debt]]></category>

		<guid isPermaLink="false">http://www.creditinfocenter.com/wordpress/?p=2266</guid>
		<description><![CDATA[Under current Office of the Comptroller of the Currency (OCC) rules, when principal balances on debts are forgiven, the banks must write off the amounts forgiven and report it to the IRS. For debtors, that means they may be hit with the double whammy of a tax burden while they are still trying to pay [...]]]></description>
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