Form 1099-C and COD Income: Key Timing Issues Reviewed by Momizat on . When to Report COD Income Because Form 1099-C, Cancellation of Debt, is often issued either before or after the debt was discharged for tax purposes, practition When to Report COD Income Because Form 1099-C, Cancellation of Debt, is often issued either before or after the debt was discharged for tax purposes, practition Rating: 0
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Form 1099-C and COD Income: Key Timing Issues

debt_cancellationWhen to Report COD Income

Because Form 1099-C, Cancellation of Debt, is often issued either before or after the debt was discharged for tax purposes, practitioners need to understand the recognition rules to be able to advise clients when and if to report the COD income.  Victoria R. Bartlett, shareholder with Gregory, Sharer & Stuart CPAs, explains that issuance of Form 1099-C does not necessarily require income inclusion in the same year.

To read the full article in the Journal of Accountancy, click: Form 1099-C and COD Income: Key Timing Issues.

The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention, by training and certifying financial professionals in these disciplines.

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