August 2 2025

IRS Proposes to Eliminate the 36-Month Non-Payment Testing Period as a Cancellation of Debt Trigger

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The IRS posted a proposal in today’s Federal Register that would eliminate the 36-month non-payment testing period as a trigger for the filing of the 1099-C Cancellation of Debt form. The IRS claims that the existing rule is confusing to taxpayers, doesn’t create tax compliance on the part of debtors and doesn’t provide the IRS with useful third party information that it can use to compel taxpayer compliance. [10/15/14]

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