Client Alert

On October 15th, the IRS proposed a change to the regulations which would eliminate the requirement of a creditor to report cancellation of debt income on Form 1099-C after not receiving payment for 36 months. Under Section 6050P(a) of the Code, applicable entities that discharge the indebtedness of any person during any calendar year in an amount of $600 or more shall make a return of certain information, including the name and address and Tax Identification Number of the person whose indebtedness was discharged and the date of the discharge.

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We have always been focused on finance.

  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
  • 22
    Diverse financial practices serving regional, national, and global clients
  • 6
    Offices across the country and in key US financial centers

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