Cancellation of Debt
- Download the E-File Magic 1099-C Software
Easy Software - No software licensing fees. Easy to use. Take advantage of our database level recipient encryption and TIN Masking to keep your data safe while stored on your PC.
Easy Imports - Imports from Quickbooks, Microsoft Excel, or a standard CSV file. Importing from Quickbooks takes seconds with the click of a button.
Optional Services - Choose optional services such as Bulk-TIN Matching and Print and Mail.
- Learn More about our E-File By Excel Service
No Software to Learn - Enter your recipient information in our Easy to Use Excel Template and securely upload it to us. We do the rest.
PDF Copies - Once we have processed your data, we will securely send you a copy of your recipients forms in PDF format.
Optional Services - Want a complete outsourcing solution? Choose optional services such as Bulk-TIN Matching, Print and Mailing, and data formatting/correction.
Filing your 1099-C Forms is Quick and Easy!
Download E-File Magic Software. Enter your information.
Enter your data into our Custom Microsoft Excel Template.
We'll review your file and process your data.
Your Forms are Printed and Mailed to their recipients
Your Forms are E-Filed with the IRS
IRS Form 1099-C
Using the E-File Magic 1099-C software you can print, mail, and e-File your 1099-C forms with ease. We support all 1099-C form copies, except for Copy A (the e-File transmittal takes the place of copy A), including:
- 1099-C Form Copy B - For Debtor
- 1099-C Form Copy C - For Creditor
You pay only for e-File Services(required), and optionally print and mail services. This makes your year end reporting requirements even simpler than ever. Just import or manually enter your data into our software program, validate, and transmit your data for processing. We do the rest and notify you of our progress every step of the way. We hope you enjoy using E-File Magic for filing your 1099-C forms!
(according the the IRS)
File Form 1099-C, Cancellation of Debt, for each debtor for whom you canceled a debt owed to you of $600 or more only if:
- 1. You are an entity described under Who Must File on this page and
- 2. An identifiable event has occurred. It does not matter whether the actual cancellation is on or before the date of the identifiable event. See When Is a Debt Canceled on page 3.
The debtor may be an individual, corporation, partnership, trust, estate, association, or company.
Do not combine multiple cancellations of a debt to determine whether you meet the $600 reporting requirement unless the separate cancellations are under a plan to evade the Form 1099-C requirements.
1099-C Software Features Include:
- Print forms to blank paper!
- No software licensing fees for using our software. You pay only for the services we provide!
- Database level encryption support: Protect your sensitive recipient information using the Department of Defense approved AES256 algorithm!
- Support for ALL 1097-BTC, 1098, 1099, 5498, 3921, 3922, and W-2G forms
- Print and Mail Services Available
- IRS Copy A and 1096 Not Required
- Requires E-Filing with Our Service Bureau
- No need to apply for TCC number using our system
- Import E-File Magic 2010 Recipients to avoid reentry!
- Multi-User support for operating in an Active Directory or workgroup environment.
- Supports filing years 2007, 2008, 2009, 2010, 2011 & 2012
- Printable forms support industry standard double windowed number 9 and 10 envelopes.
- High quality printable forms, covering all copies B, C, D, 1, and 2 where applicable
- Simplified correction process for processing IRS corrections
- Personalize printable forms using your companies logo.
- Misc. data fields allow you to customize messages, financial breakdowns, payment history information, etc to be printed on your recipient forms
- Preview your forms before you print them
- CPA Friendly: Unlimited Companies/Filers
- XP, Vista and Windows 7 Compatible
- Built-In Help System
- Built-In Form validation module to help you avoid common mistakes
- Built-In reporting for generating form totals, recipient lists, and mailing labels
- Requires E-Filing services to be purchased from and provided by E-File Magic. Visit our price quote page for more information.
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