• New Regulations Repeal Automatic Requirements for Form 1099-C Under No Payment For 36 Months Rule
  • January 12, 2017 | Authors: Edward H. Brown; Joshua A. Ehrenfeld; James M. McCarten; Bruce A. Rawls; Allen Sullivan
  • Law Firms: Burr & Forman LLP - Atlanta Office ; Burr & Forman LLP - Nashville Office ; Burr & Forman LLP - Atlanta Office ; Burr & Forman LLP - Birmingham Office
  • Last month, the IRS issued final regulations repealing its rule requiring that a Form 1099-C be filed whenever a financial institution (or certain other limited taxpayers) fails to receive payment on a debt for 36 consecutive months. Treasury Decision 9793 was issued on November 10 and accompanied the publication of amended regulations issued under Code Section 6050P.