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Federal Tax Amended Return

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Federal Tax Amended Return

Federal tax amended return Publication 559 - Additional Material Prev  Up  Next   Home   More Online Publications
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Procurement Small Business Program Office

Our Purpose:

The Internal Revenue Service (IRS) Small Business Program Office was established to (1) assist small, HUBZone small, small disadvantaged, women-owned small, veteran-owned small, and service disabled veteran-owned small businesses, to develop, grow, and ensure their long-term success; (2) continually foster an environment where small, HUBZone small, small disadvantaged, women-owned small, veteran-owned small, and service disabled veteran-owned small businesses can compete successfully for a fair share of IRS's procurements on their own merits; and (3) assist large businesses to increase subcontracting opportunities for small, HUBZone small, small disadvantaged, women-owned small, veteran-owned small, and service disabled veteran-owned small businesses.

The IRS small business goals for FY 2014 are as follows:

 

IRS FY 2014 SMALL BUSINESS GOALS

Small Business (SB)

35.07%

Small Disadvantaged Business (SDB)

5.0%

Woman-Owned Small Business (WOSB)

5.0%

HUBZone Small Business (HUBZone)

3.0%

Service-Disabled Veteran-Owned Small Business (SDVOSB)

3.0%

Veteran-Owned Small Business (VOSB)

No Goal



 

IRS FY 2014 SUB-CONTRACTING GOALS

Small Business (SB)

35%

Small Disadvantaged Business (SDB)

5.0%

Woman-Owned Small Business (WOSB)

5.0%

HUBZone Small Business (HUBZone)

3.0%

Service-Disabled Veteran-Owned Small Business (SDVOSB)

3.0%


 

Points of Contact:

Please Note: This office does not have the expertise to answer tax questions. Please search the website under the Search Function for answers to tax questions or call the toll-free tax assistance line at 1-800-829-1040 for individual tax questions and 1-800-829-4933 for business tax questions. The IRS has no loan program. The IRS does have a small E-Grants Program for Low Income Taxpayer Clinics and Tax Counseling for Elderly (TCE) services. For further information on financing your business, please visit the Small Business Administrations (SBA's) web site.

 

For Small Business Concerns: Prior to contacting the Small Business Program Office, please review the information contained in this section as well as the Treasury Forecast of Procurement Opportunities to determine if the IRS actually purchases the products/services you are interested in selling to the IRS. Upon completion of the review, please feel free to contact the Small Business Program Office for further assistance in doing business with the IRS.

LaTonya Richardson - Small Business Specialist
Mary McKinzie - Procurement Analyst
Phone: 240-613-8600
Fax:  240-613-8552
Email: IRS Small Business Program

 


Office of Procurement - The Office of Procurement organization is located in Oxon Hill, Maryland, and handles nationwide IRS procurements, requirements for the Martinsburg, WV and Detroit, MI Computing Centers, and all local requirements for the IRS headquarters offices in the Washington, DC metropolitan area. In addition, there are four area procurement offices located in New York, NY, Atlanta, GA, Dallas, TX and Oakland, CA.

Purchase Card Program (Micropurchases) - The Internal Revenue Service currently spends approximately $4 million per month through individual purchase card transactions. Approximately 4,300 IRS field employees use the purchase cards to make purchases up to $3,000. These purchases, made throughout all IRS offices within the United States, cover a myriad of services, supplies, and equipment.

8(a) At-a-Glance Listing - The IRS' 8(a) At-A-Glance Listing contains information on the approximately 500 8(a) firms who are actively marketing the IRS at any given time. The listing contains each 8(a) firm's company name, address, phone number, graduation date, and a brief description of the products and/or services offered. The listing was developed to assist procurement and program personnel in selecting 8(a) firms for IRS contract opportunities. The listing is updated periodically to add new 8(a) firms and to delete graduated 8(a) firms.

HUBZone At-a-Glance Listing- The IRS’ HUBZone At-a-Glance Listing contains information on the HUBZone firms who are actively marketing the IRS. The listing contains each HUBZone firm’s company name, address, phone number, and a brief description of the products and/or services offered. The listing was developed to assist procurement and program personnel in selecting HUBZone firms for IRS contract opportunities. The listing is updated periodically to add new HUBZone firms.

Service Disabled Veteran-Owned Small Business (SDVOSB) At-a-Glance Listing- The IRS’ SDVOSB At-a-Glance Listing contains information on the SDVOSB firms who are actively marketing the IRS. The listing contains each SDVOSB firm’s company name, address, phone number, and a brief description of the products and/or services offered. The listing was developed to assist procurement and program personnel in selecting SDVOSB firms for IRS contract opportunities. The listing is updated periodically to add new SDVOSB firms.

Women Owned Small Business At-a-Glance Listing- The IRS' Women Owned Small Business At-a-Glance Listing contains information on the Women Owned Small Business (WOSB) firms who are actively marketing the IRS.  The listing contains each WOSB firm's company name, address, phone number, and a brief description of the products and/or services offered.  The listing was developed to assist procurement and program personnel in selecting WOSB firms for IRS contract opportunities.  The listing is updated periodically to add new WOSB firms.  

Freedom of Information Act (FOIA)- provides public access to agency records unless protected from disclosure by one of the FOIA’s nine exemptions or three exclusions.

Outreach Information - The Small Business Program Office is available to meet with small, (8a), HUBZone small, small disadvantaged, women-owned small, veteran-owned small, and service disabled veteran-owned small businesses to discuss a company's capabilities provide information on future procurement opportunities, and give advice on procurement questions. Individual appointments are available by phone or in person by calling 240-613-8600 or by sending an e-mail to AWSS.SBRO@IRS.GOV  .

The Small Business Program Office periodically hosts small business outreach events to target 8(a), HUBZone, Service Disabled Veteran Owned and Women Owned Small Businesses. Notice of the events are posted on Federal Business Opportunities when scheduled and are posted on our Internet page under Outreach Events.

Forecast of Procurement Opportunities - The IRS Forecast of Procurement Opportunities is available under the Treasury Web Site. There are two sections to the IRS Forecast: existing contracts, and new opportunities. The existing contracts section contains a list of active IRS contracts including NAICS code, contract description, dollar value, final year of contract, procurement contact and phone number, contract number, and contractor name. The new opportunities section contains a list of future contract opportunities including NAICS code, project description, dollar value (estimated), quarter and fiscal year of release date of the RFP, set-aside information, procurement contact and phone number.

Bidders List Information - In order to receive an award from any Treasury bureau, it is now required that your company register in the System for Award Management (SAM) database. The SAM serves as the primary Government repository for contractor information required for the conduct of business with the Government. 

Links to Other Small Business Sites

Success Stories - In Fiscal Year 2012, the IRS awarded approximately $656 Million Dollars in contracts to small business concerns. There are many success stories regarding small business concerns who provide much needed products and services to the IRS.

 


Questions about the Procurement information on this site, please contact the webmaster.
Contact the Office of Procurement for other Procurement related questions.

Page Last Reviewed or Updated: 04-Feb-2014

The Federal Tax Amended Return

Federal tax amended return 1. Federal tax amended return   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. Federal tax amended return General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. Federal tax amended return There are exceptions to this rule, discussed under Exceptions , later. Federal tax amended return Generally, you must include the canceled debt in your income. Federal tax amended return However, you may be able to exclude the canceled debt. Federal tax amended return See Exclusions , later. Federal tax amended return Example. Federal tax amended return John owed $1,000 to Mary. Federal tax amended return Mary agreed to accept and John paid $400 in satisfaction of the entire debt. Federal tax amended return John has canceled debt of $600. Federal tax amended return Example. Federal tax amended return Margaret owed $1,000 to Henry. Federal tax amended return Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. Federal tax amended return Margaret does not have canceled debt. Federal tax amended return Instead, she has income from services. Federal tax amended return A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. Federal tax amended return Debt for which you are personally liable is recourse debt. Federal tax amended return All other debt is nonrecourse debt. Federal tax amended return If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. Federal tax amended return See Discounts and loan modifications , later. Federal tax amended return However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. Federal tax amended return As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. Federal tax amended return For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. Federal tax amended return There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. Federal tax amended return See Exceptions and Exclusions, later. Federal tax amended return You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. Federal tax amended return Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. Federal tax amended return The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. Federal tax amended return For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. Federal tax amended return Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. Federal tax amended return An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. Federal tax amended return Identifiable event codes. Federal tax amended return    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. Federal tax amended return The codes shown in box 6 are explained below. Federal tax amended return Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. Federal tax amended return Note. Federal tax amended return Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. Federal tax amended return However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. Federal tax amended return Code A — Bankruptcy. Federal tax amended return Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. Federal tax amended return See Bankruptcy , later. Federal tax amended return Code B — Other judicial debt relief. Federal tax amended return Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. Federal tax amended return Code C — Statute of limitations or expiration of deficiency period. Federal tax amended return Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. Federal tax amended return In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. Federal tax amended return Code D — Foreclosure election. Federal tax amended return Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. Federal tax amended return This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. Federal tax amended return Code E — Debt relief from probate or similar proceeding. Federal tax amended return Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Federal tax amended return Code F — By agreement. Federal tax amended return Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. Federal tax amended return Code G — Decision or policy to discontinue collection. Federal tax amended return Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. Federal tax amended return For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. Federal tax amended return Code H — Expiration of nonpayment testing period. Federal tax amended return Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. Federal tax amended return The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. Federal tax amended return This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. Federal tax amended return Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. Federal tax amended return Code I — Other actual discharge before identifiable event. Federal tax amended return Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. Federal tax amended return Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Federal tax amended return Amount of canceled debt. Federal tax amended return    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. Federal tax amended return The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). Federal tax amended return Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. Federal tax amended return Interest included in canceled debt. Federal tax amended return    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. Federal tax amended return Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. Federal tax amended return See Deductible Debt under Exceptions, later. Federal tax amended return Persons who each receive a Form 1099-C showing the full amount of debt. Federal tax amended return    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Federal tax amended return However, you may not have to report that entire amount as income. Federal tax amended return The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. Federal tax amended return See Example 3 under Insolvency, later. Federal tax amended return Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. Federal tax amended return However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. Federal tax amended return The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. Federal tax amended return For more details, see Exceptions and Exclusions, later. Federal tax amended return Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. Federal tax amended return   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. Federal tax amended return The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. Federal tax amended return The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. Federal tax amended return If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. Federal tax amended return The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. Federal tax amended return For more details, see Exceptions and Exclusions, later. Federal tax amended return Nonrecourse debt. Federal tax amended return   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. Federal tax amended return The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. Federal tax amended return The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. Federal tax amended return The character of the gain or loss is determined by the character of the property. Federal tax amended return More information. Federal tax amended return    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. Federal tax amended return Abandonments Recourse debt. Federal tax amended return   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. Federal tax amended return You must report this income on your tax return unless one of the exceptions or exclusions described later applies. Federal tax amended return For more details, see Exceptions and Exclusions, later. Federal tax amended return This income is separate from any amount realized from the abandonment of the property. Federal tax amended return For more details, see chapter 3. Federal tax amended return Nonrecourse debt. Federal tax amended return   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. Federal tax amended return Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. Federal tax amended return For more information, see Publication 542, Corporations. Federal tax amended return Prev  Up  Next   Home   More Online Publications