Americredit Financial Services, Inc. AmeriCredit, Americredit financial services for General Motors Fraudulent 1099c, Fake 1099c, 1099c for $7545.08, turned in as income for 2010, Never worked for this co. IRS stated it was a civil suit, could not help me. Fort Worth, Texas

The IRS didn't help me at all with this company and took me to tax court over it. Apparently, it is legal what they did and the IRS won. In fact, a financial institution has an UNLIMITED time to file these 1099-C forms after they cancel the debt on you. I was at 12 years with this company when they filed on me in 2010. Please see my last posting at Ripoff Report #845029.

Everyone out there that has been ripped off by Americredit, heres the solution to the 1099c fraud. They can do this but, Robert-Irvine is right, it is unearned income, therefore it is not taxable, you do have to include it in your tax returns but you include Form 982 which excludes the 1099c as taxable income, but the IRS did state that my direct inquiry to them will initiate a Federal investigation into Americredit's off center,shady past, present, & future. I feel soooo, vindicated, & I also told the IRS that I would be willing to testify against Americredit, I will stop this company one way or another, like the statement goes, theres not a company, man, or entity big enough, strong enough, or tall enough that can't be brought to their knees!!!!! Americredit can not wait 17 years to write off a debt especially when its included in a 1994 bankruptcy, they have a time limit on writing off debts especially when their included in bankruptcies. Call the IRS, if you need help, they were very helpful to me & super nice.

In any legal dispute, stay off the phone!! Phone calls never protect your legal rights.

Communicate only in writing, and by certified mail, return reciept requested. Be sure to put the certified# in the body of the letter itself, and keep a copy for your records, as this now proves exactly what you sent.

Now, the first thing you need to do is go to the IRS website and get the IRS form to report tax fraud. I don't remember the form number, but it is easy to find. This report will be against the entity that sent you the bogus 1099C. Keep a copy of this completed report for your records.

Now, in a separate mailing, make a copy of that 1099C and prepare a letter to the IRS office of the taxpayer advocate, also on the IRS website.

Prepare a very short letter and say that you never earned or recieved any compensation from the entity who sent the 1099C for that tax year, and identify it as fraudulent. Do not elaborate with other details, as you may complicate the issue. Now, the burden of proof is on them to prove that you did recieve the income. If they cannot prove it, now tax fraud charges can be initiated.

Be sure to mail any correspondence by the means described above.

Also, go to the FTC website and file a complaint there too.

When you file your taxes, file as you normally do, and do not include that 1099C.

The 1099C can only be issued for the tax year in which a creditor first wrote off the debt, which would be the year you allegedly saw the financial "gain" for the "debt forgiveness" which is considered income.

There is widespread abuse of this 1099C thing and I see some widespread criminal enforcement being brought if enough people file complaints.

First of all a 1099-C is a "Cancellation of Debt". This means that the company wrote off the debt and with every minus there has to be a plus. So when they write-off debt by law they are required to notify the IRS what the write-off was for. Thus they issue you a 1099-C which is treated as UNEARNED income, and the same information they send the IRS. So a 1099-C in itself is NOT fraud and is used legitimatly by many businesses.

Now, there are regulations as to the issuing of a 1099-C and if the write-off was in relation to the truck that was included in Bankruptcy they may have violated a few regulations. The best thing to do is talk to a Bankruptcy Attorney, they should give you a short consultaton for free or a very low amount. If in fact they have violated some regulations the attorney could advise you as to how to proceed.