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Debt Cancellation (Form 982)

 
Duration: 50 minutes
Course Level: Intermediate
Prerequisite: Basic knowledge of income taxation
Advanced Preparation: None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS * 1 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 1 CRTP Federal Tax Law Topic
CFP Board 1 CFP® Income Tax Planning

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $25 for Members and $30 for Nonmembers
 
Summary
Now more than ever your clients are likely feeling effects of the down economy. Property in the U.S. is being foreclosed at an alarming rate. Companies writing off bad debts is commonplace. When a bad debt is written off, conversely the debtor has to include the forgiven debt in income. However, it’s more complicated than that. Congress has written relief provisions and income recognition exceptions into the Internal Revenue Code. Watch this on-demand webinar and learn how to determine if your clients qualify for relief and properly file a return that includes debt cancellation. If your client base if suffering financially because of the economy, this on- demand webinar is for you!

Objectives
Upon completion of this on-demand webinar, you will be able to:

  • Determine insolvency
  • Identify the tax ramifications of the expiration of the personal residence exemption
  • Complete Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness

Presenter: Steven (Steve) O'Rourke, EA

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