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Reporting 1099-Cs for Business & Personal Returns On-Demand Webinar

Summary

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.

Objectives

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.

Course Details

This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Attendee Top Questions. CPE is issued after exam is successfully completed.






   

Presented by: Betty Stehman, CPA, CIA

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