Year end is fast approaching. It is imperative that you take a realistic look at your receivables.
If you want to take advantage of write-offs for monies not realized, you must act now. Your collection attorney can help you determine if the aged receivables are collectable. If deemed uncollectable, you may be eligible to issue a 1099-A or 1099-C. The link to the IRS’s guidelines for issuing a 1099-A and 1099-C is: http://www.irs.gov/pub/irs-pdf/i1099ac.pdf.
For further assistance, please contact FFGN.