The IRS has released a revised Form 1099-C and instructions. The revision is to a continual use form, designed to minimize future revisions by removing year-specific text on the form.
There are no changes to the form nor the instructions that affect filing directions.
The revised form removes the reference to specific years in the header, footer, and sidebar of the form. There are also some minor changes to the instructions for the debtor and creditor included with the form, but these changes do not affect filing requirements.
The Instructions for Form 1099-C also reflect the change to continual use. There is also an additional paragraph notifying creditors of student loans to be attentive to IRS Revenue Procedure 2020-11.
To review Form 1099-C, please follow this link.
To review the Instructions for Form 1099-C, please follow this link.
