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1099-C form IRS
Hello
About 2 years ago I was approached by a person regarding a business loan. I accepted a loan form this person in the amount of 67K by a check. This was made out to my LLC and deposited into my business checking account. I waited the required amount of time set by the bank before the fund were accessed. 3o days later it turns out that the check was stolen and forged. I filed a police report and it turns out that the check was stolen out of Canada. Because the bank cannot do anything legally to me and I was a victim of fraud they have sent me a 1099-C form. What am I expected to do now ? |
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Challenge the Form 1099-C with the IRS; it is NOT a valid use of the Form 1099-C. Call the IRS Fraud and Abuse Hotline.
The bank is being vindictive and stupid; the IRS takes a dim view of such abuses, however, and they should get the problem resolved. |
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