You will receive a 1099-C Cancellation of Debt form if a lender forgives more than $600 of taxable debt. You must include the amount of canceled debt on your federal tax return as a part of your ...

Are your accounts receivables piling up? With so many people out of work, many businesses are experiencing slow payers and (gulp) non-payers. If you're not sure about the practical and tax aspects of ...

At this time of year, creditors sometimes send out what is called a Form 1099-C. They email it to the Internal Revenue Service (IRS) and copy the person who owes them debt. The form tells the IRS that ...

A classically trained French hornist by education, Nick Wolny is a managing editor at CNET Group, where he oversees the Perspectives franchise and written branded content across CNET Group's ...

Knowing when to issue which kind of 1099 form to someone you paid money to can be a mystery to small business owners, but ...

A 1099 is a tax document reporting nonemployment income to the IRS. There are several types of 1099 forms, depending on the income you receive — but all are designed to report payments you received to ...

Tax season is well underway, and that means you should have received one or more income statements from employers or any other entities that paid you income in 2024. IRS rules state that all tax ...

Under the new law, reporting thresholds for Form 1099-K (for payment card and third-party network transactions), Form 1099-MISC (for payments not covered by other 1099 forms), and Form 1099-NEC (for ...

You won't owe the IRS money on your forgiven balance, but a handful of states tax canceled debt as income. Dashia is the consumer insights editor for CNET. She specializes in data-driven analysis and ...