TD 9461: Information Reporting for Discharges of Indebtedness

TD 9461 contains final regulations relating to information returns for cancellation of indebtedness by certain entities under section 6050P of the Internal Revenue Code.  The final regulations will avoid premature information reporting from certain businesses and will reduce the number of information returns required to be filed.  The final regulations will impact certain businesses required to file information returns under the existing regulations.

Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal.