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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 7 - Agriculture |
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Subtitle B - Regulations of the Department of Agriculture |
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Chapter VII - Farm Service Agency, Department of Agriculture |
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SubChapter E - Provisions Common to More Than One Program |
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Part 792 - Debt Settlement Policies and Procedures |
§ 792.20 - Reporting discharged debts to IRS.
Latest version.
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§ 792.20 Reporting discharged debts to IRS.
(a) In accordance with IRS regulations, FSA may report to IRS as discharged debts on IRS Form 1099-G the amounts specified in paragraph (b) of this section.
(b) The following discharged debts may be reported to IRS:
(1) The amount of a debt discharged under a compromise agreement between FSA and the debtor, except for compromises made due to doubt about the Government's ability to prove its case in court for the full amount of the debt.
(2) The amount of a debt discharged by the running of the statutory period of limitation for collecting the debt by administrative offset specified in 31 U.S.C. 3716.