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1099-C Tax Form: What to Know
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1099-C Tax Form: What to Know
As audit efforts by the Internal Revenue Service increase, a major focus is being put on 1099-C forms for buy-here, pay-here dealers. The issue for BHPH dealers is that 1099-C requirements are complex, and often result in many unnecessary filings. However, failure to understand and comply with the requirements of 1099-C forms can prove costly for dealers who face fines upwards of $200 per omission. The key to understanding when to file a 1099-C form is whether the dealer collects the receivable or if the dealer has a related finance company servicing the note. In the case that the dealer collects the receivables itself, no 1099-C form is required. For the BHPH dealer with a related finance company, understanding when to file the 1099-C form is necessary to remain in compliance and avoid unwanted fines. The IRS explains that a 1099-C form must be filed for “each debtor for whom you canceled $600 or more of a debt owed to you if you are an applicable financial entity and an identifiable event has occurred.” More precisely, when to file a 1099-C form can be defined by eight triggering events: A discharge of indebtedness under Title 11 of the U.S....
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Our vision is to lead the subprime automotive industry through insightful leadership. Any questions or feedback, please contact us: twitter.com/bhphnews | facebook.com/bhphnews...
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Our mission is to provide valuable information and subprime finance industry news to automotive dealerships and finance companies. Any questions or feedback, please contact us: twitter.com/bhphnews | facebook.com/bhphnews Photo...
BHPH.com
Listening to Your Needs, and the Community’s Our sole purpose is to serve you. Simply put, we believe you have been underserved for too long. Life is difficult enough; finding success in the used-car and subprime automotive industries should not be. That’s why we built BHPH.com – to provide valuable industry news and information to the industry professional at no cost. Philanthropy is at our core because we hope to leave the world better off than we found it. Therefore, we donate a portion of our revenues and time to helping others. Continuous Improvement through Innovation & Feedback Your needs change over time; we promise to remain nimble and poised for whatever challenge or opportunity that lies ahead. We may not be the largest publication in the subprime automotive industry, but we strive to be the best. There is no stagnation, only innovation with a forward-looking lens. As your needs evolve, so will we, and we enjoy the challenge because the line between work and love has long faded. Please continue to share with us feedback and ways to improve. Leading the Industry Since 1983 Our experience helps you, and empowers you. We have provided software solutions...
2014 Leedom Group BHPH World Convention
Leedom Group’s Buy Here Pay Here World Convention has been a major force for 19 years in guiding dealers across the perilous Buy Here Pay Here landscape on a journey to success. Hosted by dealers for dealers. The convention always offers the nation’s top experts in sales, marketing, collections, compliance and training. Buy Here Pay Here World Convention 2014: A Wealth of Information, A World of Difference. For more information, visit bhphworld.com. Any questions or feedback, please contact us: twitter.com/bhphnews | facebook.com/bhphnews Photo...
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BookItOut
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2014 NABD Dealer Academy
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2014 Leedom Group BHPH World Convention
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