1099 Tax Form Update
CREFC 1099 Reference Sheet and FAQ
CREFC 1099 Contact Sheet “Exhibit A”
(Led by Grace Holst of Strategic Asset Services, Tom Biafore of Kilpatrick Townsend, Marta Howell of Midland Loan Services, Libby Luther of C-III Asset Management, & Kathleen Olin of CWCapital Asset Management)
Recent market conditions have resulted in a significant increase in the volume of IRS information reporting by servicers in regards to Form 1099 A (Acquisition or Abandonment of Secured Property) and Form 1099 C (Cancellation of Debt). This increase also impacts the level of communication required among servicers to ensure filings with both the related borrower and IRS are completed in a timely and accurate manner.
To build on the 1099 Best Practices incorporated into IRP Version 7.0, CREFC is adding a 1099 “Reference Sheet” and a list of Frequently Asked Questions (FAQ) to assist Servicers in putting together 1099 Forms.