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acknowledgement the state or quality of being recognized or acknowledged
What else can I help you with?
When a credit card company charges off the debt do you have to pay them back?
Writing or charging off a debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable. Again, it is only a required accounting entry - it does not effect your debt to them, discharge it or reduce it in any way. You still owe. And they will...in fact must (to satisfy those same investors and regulators that read those financials), try and collect it or get some value for it.
Do you pay taxes on charge offs?
Writing off or charging off a debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable. Again, it is a required accounting entry - it does not effect your debt to them, discharge it or reduce it in any way. You still owe. And they will...in fact must (to satisfy those same investors and regulators that read those financials), try and collect it or get some value for it. It doesn't effect the taxability. However, IF a company discharges or dismisses the debt, then the amount of debt discharged IS taxable income to you. You should receive a 1099-C reflecting it.
What should you do if you got a 1099C from a creditor even though you paid them off in full in August and they didn't write anything off?
Call first of course, but send them by certified mail, a copy of your payoff info and request they correct their records and acknowlege doing so by sending an Amended 1099C, (it may actually have a form number like 1099C-AMD). They aren't going to like doing so, because making amended filings for them is always a time consuming and expensive process, but they would have to. If they respond with any reasons they believe the 1099C you received is required, you can deal with that. If they don't respond or send the amended, the documentation you have should become part of your tax records and would appear to be sufficent to show your acting properly in not reporting the income.
After a charge off is removed from your credit history do you still have to pay the debt?
The debt doesn't go away. It will eventually pass the statute of limitations, which varies by state, and then the creditor can no longer to take legal action (judgement, lein, garnishment) to collect it, Additionally, if it was removed from your credit report because 7 years has passed with noe payment activity, then it can not legally be placed back on your credit report for any reason. In most states, after 7 years, the statute of limitations would have already absolved you of any legal responsibility as well. You should probably confirm the SOL in your state becasue in some states (Ohio, for instance)you can still be held legally responsible AFTER it has been removed from your credit report. As noteed in the first answer, the SOL is oly how long the creditor can use the COURTS to collect the debt...they may still use any other method and a debt remains valid. And, writing off debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable. Again, it is a required accounting entry - it does not effect your debt to them, discharge it or reduce it in any way. You still owe. And they will...in fact must (to satisfy those same investors and regulators that read those financials), try and collect it or get some value for it.
Do you still have to pay a charge off account?
Charge Off is an accounting entry by the lender to acknowlege he lost money. It is not a Forgiveness of Debt. DON'T BE CONFUSED - THE ONE YOU OWE MONEY TO "Charging it off" IS ONLY THEM RECORDING THAT THE DEBT THEY ARE OWED IS NOT EXPECTED TO BE PAID. It does NOT relieve your obligation to pay it, nor his right, even obligation (to investors, partners, etc) to continue to try and collect as much of it as they can. They would record whatever they do get as income, just like they recorded whatever the original deal was that you were so supposed to pay and they had to reverse by "charging it off". The below is a full discussion, which was originally written in response to a tax question - Explanation Charge Offs & Forgiven Debt If what your asking is really when a company charges off an account does it get a tax benefit, below is more than everything you ever wanted to know, but feel free to ask more or challenge any of my answer. Lets limit this to business charging off a debt that is owed to them through some type of transaction, as non business taxes are an entirely different area. And of course, like anything to do with taxes, everything is prefaced with a �generally or normally� as there are always special circumstances and exceptions. A charge off (or write off) is the accounting process where a business acknowledges a receivable (an asset) it believes is uncollectable effectively does not exist. It is taking the cost of not collecting that receivable as a charge against current earnings. Hence the companies net current earnings is lower than they would have been and subsequently, the amount of income taxes they pay is also lower. IMPORTANT: It does not mean the debt is forgiven, just that they can�t collect it, or some portion of it. (See below). They had an increased expense, made less money, they pay less taxes. It�s fair to say given a choice they would have preferred to have made the less net income by increasing say, salaries, medical benefits, advertising, new machinery, etc. than essentially giving away their assets/earnings to someone else for free. Taking a $100 sale on credit, the company shows the $100 as income on its income statement when the sale is made and, as no cash was received, reflects it by establishing a $100 asset (due from customer) on its balance sheet. If the transaction is completed, as the customer pays, the balance sheet cash account is increased by the $100, and the due from customer account is decreased � no income effect (as that was recognized with the original posting). So, say a company sold $100 in year 1, reported the income (through the income statement) and paid taxes on it and establishes an asset for the receivable. Then in year 2 finds that customer isn�t going to pay, it will have a charge of -$100 in year 2 (reducing the balance sheet asset account, with offset to the income statement), effectively lowering income and recovering the taxes it paid in year 1. While this seems fair there are, not suprisingly, a number of accounting, especially IRS tax accounting rules, that complicate it and it is not unusual at all for a company to not receive a complete or timely benefit for all of it�s charge offs. (The tax rules for when an asset can be charged off are stricter than accounting). And for there to really be any benefit, the company must actually be making enough money on a tax basis in all those years. It must have taxable income and a tax it would have had to pay. If it was already losing money, paying little or no tax, losing more doesn�t get it more! But also at the State level where, the taxable income need is even greater, but another tax is frequently encountered. If that $100 also had say $6 sales tax collected and paid over to the State, the state makes recovering that $6 that was in reality never collected, very difficult, near impossible. (Note that the $6 is normally NOT part of the company�s income or sales but a collection in trust for the State and paid over on behalf of the customer). I think you would be hard pressed to call the above a benefit! The one not paying (who still owes and will forever owe the money), actually receives all the benefit, by basically enriching themselves through a theft. (Walking out and agreeing to pay, then not doing so is really very similar to simply walking out with out paying...it's theft by deception). However, there is another consideration: What happens if the debt (or some portion) is forgiven? Lets start with a basic tax concept: If you receive something of value (remember we�re talking in business, so from someone other than family), you have received a taxable income. (The one giving it rightfully has an expense). For example, remember the Oprah Winfrey thing where the audience got cars�and then found out they owed taxes on the value of the cars. In fact, when Oprah stepped up to pay the tax for them, she had to actually pay more than the tax on the car, as the money she gave them to pay the tax is also taxable - that's called a gross up. Hand in hand with that, and the example above, if you get a loan, it is NOT taxable income. The money was exchanged for the equally valued promise to repay. So taking the example above, if a buyer receives the $100 merchandise and gives $100 value for it, obviously nothing income taxable to the buyer. But in this case the buyer receives the $100 of value and say makes a deal in year 2 that if the $100 promise it gave is forgiven for a payment of $75 sent today (frequently offered with words like ��because it�s all I have and otherwise you ain�t getting nothing�.�), then the $25 is considered a cancellation of indebtedness. COD income is taxable to the recipient. It isn�t a loan/exchange of value anymore, it�s a gift of value, and value, as in Oprah is taxable. While no one likes to pay tax, it is the correct outcome. The advantage is the debtor doesn�t owe anything anymore�other than tax on the gift. This COD is a very big issue in major corporation financial reorganizations. When these companies financially restructure (Chapter 11 Bankruptcy), and creditors, generally Bondholders, agree to take less than the bond was issued for�and we are talking billions of dollars here frequently, the company has COD income of the amount forgiven.
What is another word for acknowlege?
approve, recognize
Which religions acknowlege Abraham as the father of their faith?
Judaism, Christianity, and Islam.
Should you and your ex go back out?
No, you broke up for a reason. Acknowlege it and move on.
Do Jehovah's Witnesses acknowlege their age?
Yes. If they are female and over forty... sometimes.
Provide an example of what you consider to be Premium Customer Service?
smile - acknowlege - make eye contact
Benefit of communication?
Avoid miscommunication, acknowlege intensions, clarify intensions, trigger preparation to act or dont act, save money, increase productivity, and legally binding where needed.
How do you apologize?
The first step to apologizing to someone is to acknowlege that you were wrong. Then all you have to do is look in that person face and say, " I'm sorry for things i said that upset you" i will try my very best to not make that mistake again. can you fine it in your heart to forgive me.AnswerThe first step to apologizing to someone is to acknowlege that you were wrong. Then all you have to do is look in that person face and say, " I'm sorry for things i said that upset you" i will try my very best to not make that mistake again. can you fine it in your heart to forgive me. Just say sorry.
What Judeo-Christian code emphasized morality and ethics more than politics?
Most Jews do not acknowlege the concept of "Judeo-Christian" since the two faiths have very little in common; however, the first Jewish code was the Torah.
What is a Baldwin M2 Baby Grand?
it is a piano. Yes, someone indicated it is a piano. My question is Why does the Baldwin official website not acknowlege the existence of the M2 model? They only list the M1. Either way, the M model is the smallest grand, at 5'2".
What is an example sentence with the word acknowlege?
He acknowledged the son he had by his mistress.Larry acknowledged he needed help to paint the high ceilings.The police acknowledged the help of the public to find the killer.
What does intellectual humility mean?
It means being aware that you don't know everything, that you are probably wrong as often as you are right, and that others have as much opportunity to be right if they apply themselves as you do. It also means not fearing to be wrong, but instead viewing it as an opportunity to be right later.
Loan write off?
Writing off debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable. Again, it is a required accounting entry - it does not effect your debt to them, discharge it or reduce it in any way. You still owe. And they will...in fact must (to satisfy those same investors and regulators that read those financials), try and collect it or get some value for it.
