1099- C Cancellation of Debt & Debt Settlement

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Chapters
(00:01) Introduction and overview of the video topic: 1099-C Cancellation of Debt & Debt Settlement.
(00:49) Focus on 1099-C specifically related to credit cards, explanation of charge-offs, and receiving the form in the mail.
(01:37) Discussion about debt settlement and getting debt-free, emphasizing the importance of disclaimers and individual choices.
(02:12) Explanation of credit card companies issuing 1099-C for charged-off debts prior to 2016.
(03:40) Clarification on the confusion between debt cancellation and forgiveness, and the impact on consumers.
(04:21) Discussion on debt settlement and the potential issuance of a 1099-C when agreeing on a settlement amount.
(05:41) Warning about consumers agreeing to settlements and potential tax implications with 1099-C.
(06:20) Addressing the possibility of receiving a 1099-C in error and the importance of consulting with a tax professional.
(07:49) Highlighting the income tax implications of canceled debt and the need for proper filing with tax professionals.
(08:34) Explanation of the change in the law in 2016 regarding the 36-month rule and the treatment of charged-off debts.
(09:16) Reiteration of the importance of understanding the law, potential rescinding of 1099-C, and the role of tax professionals.
(10:36) Personal anecdote about receiving a 1099-C and subsequent communication from the credit card company.
(11:51) Encouragement for consumers to exercise their rights if they believe the 1099-C was sent in error.
(12:37) Mentioning IRS Bulletin 2016-48 as a resource for further information on the law change in 2016.
(13:17) Emphasizing the role of tax professionals in providing detailed information and acting as liaisons for clients.
(13:55) Brief discussion on credit settlement and the need for clarity before proceeding.
(14:51) Expressing concern about the dilution of information in the credit landscape and offering clear information.
(15:31) Closing remarks, mentioning credit dispute software and weekly classes on related information.

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