schirallicpa

I have 2 clients this year that received late in 2007 notices that in 2006 1099C's were filed. (Funny, they forgot to mention that before. I think that people don't realize that the 1099C means something to their taxes. Or perhaps they are in denial.) Anyway - 2006 returns have long been filed, and now the IRS is assessing additional tax and penalty for the 1099C. Can an amended return be filed, submitting a 982? In reviewing the instructions, it looks like you have to within 6 months if you're making said elections. So is that it? Do it within 6 months, or you're out of luck? Now, if the debt is discharged in bankruptcy, it is not income at all....Correct? Just looking for someone elses interpretation on this. I haven't ever filed one of these before. Thanks for any help.

In looking at the IRS website, it isn't exactly obvious that the 8863 nor the 5695 are to be delayed. A few days ago the ATX website said they were expected to be ready Feb 5.

Is the 8863 or the 5695 really that complicated? It is Feb 6, and my clients should be getting refunds already! I can't believe that I am again telling clients that I don't have forms available. This is so frustrating! Do other softwares have such incredible wait times? Does ATX not have enough IT people to take care of the changes? Grumble Mumble.