US · guidance
BOP Program Statement 8531.12 § 25
REPORTING DEBT TO THE INTERNAL REVENUE SERVICE (IRS). Debts
for amounts owed FPI for principal, interest and penalties,
and/or administrative costs that have been compromised or written
off for any entity, in excess of $600 must be reported to the IRS
on a 1099-C, Cancellation of Debt Form. The form must be
completed in its entirety to include the debtors correct name and
TIN (SSN or EIN) and copy B sent to the debtors last known
addresses by January 31 of the applicable tax year.
In addition, if the form is prepared manually, copy A of the
1099-C must be submitted to the IRS by February 28 of the tax
year and March 31 of the tax year, if the document is submitted
electronically. CAR must also maintain a copy on file for
approximately four years following the due date of the return.
/s/
Harley G. Lappin
Director
History
PS 8531.12 dated 2006-07-07
Provenance
- Source
- bop.gov
- Retrieved
- 2026-09-20
- Edition
- bop-ps-2026-09-20
- Content hash
287c47482b8e892b02f74837c4ec17cbc9c3c38896d83de33bee8bcf071b85dc
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