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Handling Forms 1099-A & 1099-C

 
Duration: 100 minutes
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 2 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: $52 for Members and $64 for Nonmembers
 
Summary
In recent years, more and more taxpayers have been experiencing financial hardships. These financial hardships have caused many taxpayers to abandon properties, have their properties foreclosed upon, file bankruptcy and restructure debt. As a result, the liabilities attached to these properties have been cancelled by the bank or the taxpayers remain liable. With these happenings, tax professionals have seen more and more Forms 1099-A and 1099-C included in taxpayers’ year-end information. Tax professionals must be able to determine the proper handling of these forms. This on-demand webinar helps tax professionals become comfortable with proper reporting of Forms 1099-A and 1099-C.

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

  • Distinguish between Forms 1099-A, Acquisition or Abandonment of Secured Property, and 1099-C, Cancellation of Debt.
  • Determine proper treatment of an incorrectly reported Form 1099-A or Form 1099-C.
  • Determine whether there is taxable income to report.
  • Explain the reduction of tax attributes and the proper order.
  • Complete Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

Presenter: Jaye Tritz, EA, CFP®

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