1099 C Software : File 1099 Cancellation of Debt IRS Forms
If you are a domestic bank, trust company, building and loan association, credit union, resolution trust corporation, national credit union administration or some other US financial institution you might be required by the IRS (Internal Revenue Service) to file Form 1099-C, Cancellation of Debt.You are required by law to file form 1099 cancellation of debt, for each debtor for whom a debt of $600 or more is cancelled. The debtor may be a company, corporation, individual, partnership or association. Form 1099-C must be filed regardless of whether the debtor is required to report the debt as income or not.
W2 Mate is a powerful W2 / 1099 / 1098 software that supports a number of IRS Tax forms other than 1099-C. This page is dedicated to form 1099C, to read about the full capabilities of W2 Mate click here .
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Our 1099 C Software prints the following copies on blank paper with black ink:
Copy B of Form 1099-C : For Debtor.
Copy C of Form 1099-C : For Creditor.
Our 1099C Software prints ON the following official IRS laser forms:
Laser Copy A of form 1099 Cancellation of Debt: For Internal Revenue Service Center.
Laser 1096 form : Annual Summary and Transmittal of U.S. Information Returns.
Below is a screenshot of our 1099-C Cancellation of Debt Software:
1099-C QuickBooks | 1099 Cancellation of Debt and QuickBooks
The different versions of Intuit QuickBooks including QuickBooks Pro, QuickBooks Enterprise and QuickBooks Premier only supports IRS 1099 MISC (Miscellaneous Income) forms. Our 1099-C software allows QuickBooks users import 1099 data and then map it into 1099-C forms with the ability to specify which box the money amount goes to. For example the user can remap QuickBooks 1099-MISC amounts stored under QuickBooks 1099-MISC Box 1 (Rents) into 1099-C Box 2 Amount of debt canceled. Banks, credit unions, financial institutions , accountants and other tax professionals who use QuickBooks to track 1099C payments can also use W2 Mate software to file 1099-C forms, print 1099-C Debtor copies(Copy B), IRS copies (Copy A), e-file through IRS FIRE System and much more.
Dynamics GP 1099C | Great Plains Form 1099-C
Many financial institutions including trust companies, loan associations, domestic banks and credit unions use Microsoft Dynamics GP or SL (formerly Great Plains) to track form 1099-C information including the date debt was canceled, amount of debt canceled, interest, debt description, bankruptcy indicator, etc. Since Microsoft Dynamics does not support processing, printing and/or E-filing 1099C forms, our W2 Mate software can import data from Dynamics (GP or SL) and then allow the user to print debtor copies on standard white paper, Internal Revenue Service Center federal copy A on pre-printed forms and if required generate 1099-C electronic filing submission for reporting electronically through IRS FIRE system at FIRE.IRS.GOV.