Up FAQ #4: I received a collection letter with the heading "IRS Statutory Notification Letter - Publication 908." and it referenced IRS Form 1099 - is this legal?

According to the FTC's interpretation, this clearly violates section 807(5) False threats of legal action A typical scenario: You receive an official looking letter that reminds you of a debt you have not paid. It then refers to the creditor's "right to forgive this debt and submit a Form 1099 to the Internal Revenue Service on all bad debt accounts." The last sentence usually reassures you that the creditor does not intend to take such an action at this time, and then urges you to remit payment to "avoid any additional collection activity."

In general, Form 1099 is used to report additional income. Let's say you owe a creditor $10,000 and the creditor files a Form 1099. This would mean that you, in theory, must report the $10,000 as income on your federal tax return.

The IRS does not require creditors who discharge debts to file a Form 1099, no matter how much the debt is worth. Second, although implied, creditor rarely file Form 1099 even when the debt remains unpaid. Thus, the ... more.

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