Reporting 1099-Cs for Business & Personal Returns Webinar
Your client hands you a 1099-C, Cancellation of Debt (COD)... now what? Is it taxable, is it non-taxable? Is it even reportable? To determine these and other tax consequences, tax preparers need to assess a variety of issues beginning with the taxpayer’s solvency. Next, the tax preparer will need to determine whether the COD is personal or business and whether the debt is recourse or nonrecourse. This webinar addresses what you as a tax professional need to know to determine the proper tax reporting for cancelled debt, for individuals, partnerships and partners, S corporations and shareholders, and C corporations and shareholders.
Upon completion of this course, you will be able to:
- Identify cancellation of debt income for individual taxpayers.
- Identify cancellation of debt income for business taxpayers.
- Correctly report cancellation of debt.
- Correctly calculate cancellation of debt income.
- Complete tax returns for businesses and individuals with cancellation of debt income.
Our researchers will answer your questions during the presentation. This webinar includes the presentation slides, Q&A transcript and access to the webinar recording.
Betty Stehman, CPA, CIA