Daily Tax Update - November 9, 2016: IRS Eliminates 36-Month Non-Payment Testing Rule

Join us!  Please join members of Steptoe’s Government Affairs & Public Policy Group tomorrow, November 10, for a complimentary webinar as we break down the election and offer our analysis on what it means for you and your industry.  Please click here for more information and to register.

IRS Eliminates 36-Month Non-Payment Testing Rule:  The IRS issued final regulations eliminating the rule in regulations under section 6050P that the expiration of the 36-month non-payment testing period is an identifiable event triggering an information reporting obligation on Form 1099-C for discharge of indebtedness by certain entities.  The regulations finalize proposed regulations issued in October 2014.