What is the name of your state? New York
I am an owner of a New York State S-Corporation. We had several credit cards settled through a debt relief agency and I got 3 1099-C forms in the mail. My question is this....since it was a corporate ccard shouldn't this income be included in the S-Corporations taxes? The 1099-C forms I got have my name and social security number on them which makes me think I need to apply these to my personal taxes. We have already filed our corporate taxes and the income from the 3 debt discharges is included in the final income stated in the corporation's filings, but not specifically stated as a 1099-C form.
Can I just keep these forms with my tax records and not report this on my personal taxes since the income was reported on the business taxes?What is the name of your state?
I am an owner of a New York State S-Corporation. We had several credit cards settled through a debt relief agency and I got 3 1099-C forms in the mail. My question is this....since it was a corporate ccard shouldn't this income be included in the S-Corporations taxes? The 1099-C forms I got have my name and social security number on them which makes me think I need to apply these to my personal taxes. We have already filed our corporate taxes and the income from the 3 debt discharges is included in the final income stated in the corporation's filings, but not specifically stated as a 1099-C form.
Can I just keep these forms with my tax records and not report this on my personal taxes since the income was reported on the business taxes?What is the name of your state?