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Newbie < 60 Days 1099-C Form received


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Hi CBs,

I'm a newbie and after reading all the newbie forums I hope I'm doing this right. This is my first post.


I just received a Notice of Intention To File An IRS 1099 -C Form from a CA - Offices of Taylor and Associates.

The notice says that they are the legal owners of the account referenced in the box below. The box includes the OC name (Bank of America), and account #, the CA name, charge-off balance $1719.21, Interest $2751.68, Total amount owed $4470.89, charge-off date 3/3/2004, and client claim number.


Then the CA offers me two settlement options lower than what would be paid to the IRS. It's a one-time offer and apparently their last attempt (first I received) to settle this account before submitting the 1099-C to the IRS. I can make a one time payment of $670.63 or 6 monthly payments of $140.43. If no settlement is agreeable I am to detach the form below (1099-C form) and file it with my 2020 taxes.


Some interesting facts about the notice:

My first name used is a variation of my legal name but not my legal name.

My last name used is my maiden name and I was married in 2004 (at the time this was apparently C/O).


I pulled my credit reports and this does not show on any report. I don't even remember having a BOA account in 2004. 


So do I send a DV (CRRR of course)? I'm sorry if this is too long.

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You're about 15 years after any DV. Did you have an account with FIA Card Services or Elan Financial at that time? It could have been a store card. You're past almost any state's SoL for being sued, so this is the last gasp effort to collect. Also, the CA should have 1099'd you about 10 years ago if they didn't get any judgements on the balance.


What you would owe is income tax on the total amount, and many on here have reported using the Insolvency worksheet to remove the tax liability. On the 1099 do they have your social security number correct? Is the CA's EIN included?


Make sure it is a legitimate 1099. It won't be the first scumbag CA to use a phony 1099 to claim the IRS is about to collect on a debt or use threat of IRS enforcement action to collect a debt.

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2004 may be the period where Fleet accounts were acquired by BofA.  They also had picked up NCNB somewhere in that period as I recall...


The 'notice of intent' is NOT an official filing.  No such notice is required to prepare and submit a 1099-C.  It does give you notice that you may be having to deal with it on next year's taxes, but it is NOT a concern at this juncture. 

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If this was C/O'd in 2004 it is almost certainly Bad Paper.  Really, really Bad Paper.  No telling how many times it has changed hands, and it was C/O'd at a time a lot of creditors were really bad at maintaining their own records.  


T&A almost certainly has no real documentation to prove that you owe the debt, that they own the debt and have the right to attempt to collect or file a 1099-C, that the amount of the debt claimed is accurate and true, that they didn't charge interest on top of interest, etc., etc. etc.  Probably all they have on you is a line in a spreadsheet containing  sketchy info including your name, account number, amount, etc., almost none of which is accurate and true.  And I guarantee that the OC did not provide any sort of representations or warranties on the accuracy of the data on the account; in fact they probably explicitly stated the opposite -- that they do NOT guarantee the validity or accuracy of any of the information on the account that was sold.


For less than their settlement offer you could hire a good consumer law attorney to send a letter threatening legal action if they continue to pursue this matter or file a fraudulent 1099-C with the IRS.  Or you could make a counter-offer of $100 or so just to make them go away -- but be careful: in some jurisdictions you can reset the SOL by acknowledging you owe the debt so you have to word your counteroffer carefully.


For more info see the link below.  You're not facing a lawsuit, but a lot of the background info in this article might be helpful to you.



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Hi IndyPoolPlayer, thank you for your response. No accounts that I can remember with FIA Card Services or Elan Financial at that time.The 1099does not have my social security number or the CA's EIN. Does that mean it's not a legitimate 1099? What's my next move?  

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5 hours ago, SSailor54 said:

Hi Burdell, thank you for your response and the links. I just skimmed them and it made me feel better and that it might be a scam. I will read everything later today. Again thank you for your research.

There's no "might be" about it. It's a scam, end of story.


1099-Cs are issued only after a debt meets one of the several "cancelation" criteria and are sent to both the consumer and IRS. The notion that if you don't pay them you should attach their "1099-C" is proof it's bogus. There is no such thing as a "Notice of Intent to Send a 1099-C"  The scammy design is to imply something official is going on and scare the crap out of people.

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