Re: Charge Offs and IRS

Posted by Why Chat (209.240.222.130) on July 15, 2002 at 17:21:14:

In Reply to: Charge Offs and IRS posted by Victoria on July 15, 2002 at 14:05:35:

This is a no-brainer- Simply reply and say, I am in receipt of your letter of July 2, I understand my obligation to pay taxes on any verifiable amount of unpaid monies. Please be advised that under Federal TILA guidelines , and IRS directives you are obliged to furnish me with complete documentation of any account referenced in any such transmittal, together with any and all monies paid, charges of interest prior to the chargeoff date in 1995, and any disallowed charges or interest accrued after chargeoff. Absent any such complete and accurate accounting, I will file a request for audit of your process with the IRS and the Federal and Michigan Banking Regulatory Authorities.
IF they DO send you any 1099, it is only taxable income for the year received.
By the way if they haven't yet removed the "re-aged" report , you can advise them that you will also report their violations of the FCRA to all the proper authorities.

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