ComplianceOnline

Form 1099-C - Cancellation of Debt Income

Instructor: Stuart Sobel
Product ID: 704031
Training Level: Intermediate
  • Duration: 125 Min
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This training program will discuss discharging IRS debt through proper inclusion in a bankruptcy estate, the IRS audit reconsideration process, and the exclusion for discharge of a mortgage on a personal residence.

"Form 1099-C - Cancellation of Debt Income" - This course is approved by NASBA (National Association of State Boards of Accountancy). Attendees of Live Webinar are eligible for 2.5 CPE credit up on full completion of the course.

Why Should You Attend:

When creditors write off a debt, they are required by law to issue the taxpayer/debtor a Form 1099-C, Cancellation of Debt. According to Internal Revenue Code section 61, income is taxable from whatever source it is derived. This includes the discharge of debt. It is unfortunate that many taxpayers and their representatives are unacquainted with IRC section 108 which excludes many of these discharges or cancellations of debt from taxable income. If their discharges or cancellations of debt are properly handled when their returns are filed (or even later), taxpayers can avoid paying tax at a time when they are least able to afford making such payments.

This is a complex area of the tax law, and many tax preparers are unaware of the IRS relief provisions that are available. Often it is not too late to ask the IRS for Abatement or refund even if the normal statute of limitations has expired. This course will offer attendees an overview of code section 108 and discuss write-offs, foreclosures, short sales, and other discharges of debt.

Areas Covered in the Webinar:

  • Overview of code section 108
  • Discussion of write-offs, foreclosures, short sales, and other discharges of debt
  • Preparation of Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
  • Correcting Form 990 errors
  • Bankruptcy update – discharging IRS debt through proper inclusion in a bankruptcy estate
  • IRS audit reconsideration process – requesting abatements of assessed tax without an IRS appeal
  • Exclusion for discharge of a mortgage on a personal residence
  • Tools for researching the Internal Revenue Manual
  • Know how to determine if a taxpayer is insolvent under IRS definitions
  • Understand how to prepare Form 982 and request audit reconsideration
  • Determine actions necessary to negate erroneous information reporting by creditors

Who Will Benefit:

  • Accountants
  • CPA, CFE
  • Internal and External Auditors
  • Finance
  • Banking
  • Credit Union
  • Corporate Tax Directors
  • Controllers
  • Tax Attorneys
  • Other Business and Financial Professionals Advising Clients on Tax Compliance
  • Managers and Staff Responsible for Tax Planning and Compliance
  • Compliance and Risk Managers
  • Information Reporting Officers
  • Business Owners

Instructor Profile:

Stuart Sobel has been a renowned expert on tax planning, business creation, tax-exempt filing, strategic planning, charitable giving, employee benefits, and tax controversy for more than 48 years. He has worked with thousands of diverse businesses and nonprofit organizations including public charities and trade associations worldwide.

During his 30 years working for the Internal Revenue Service, Mr. Sobel held a number of positions including that of the internal revenue agent, chief review staff, and group manager. He taught business startup, nonprofit management, accounting and several tax courses as a member of the adjunct faculty of Indiana University. He has been active in community affairs serving on many boards of directors including the Better Business Bureau, Ohio University, Family Development Services, Crossroads Rehabilitation, Indiana Writers Center, and others. He served for many years as a Score mentor and received the Emeritus status.

He received numerous performance awards for his performance as an IRS agent and manager. He was honored by then Vice President Gore in 1998 for his efforts to improve the quality of the Internal Revenue Service through public/private partnership. He is the recipient of the Albert Gallatin Award issued by the Secretary of the Treasury Robert Rubin for meritorious service upon his retirement from the Internal Revenue Service. He has received awards and commendations from the States of Indiana, Arizona and Montana for efforts to improve tax administration through public/ private partnership. In 2006, Mr. Sobel was honored by the City County Council of Indianapolis by resolution for strong leadership, community service, and unselfish devotion to the betterment of the city.

For nine years, Mr. Sobel was the producer and host of his own radio program called Wise Choices: Taxes and Charity Today, which aired weekly on 26 radio stations throughout the United States. He is the author of four books dealing with taxation and nonprofit issues which have been licensed to numerous CPE and CLE providers and utilized to train more than 35,000 CPAs and tax professionals. His extensive library of webcasts is broadcast worldwide in conjunction with numerous CPE providers. His company, Tax Media Network, Inc. is the largest independent producer of web based video and audio education for tax professionals in the world.

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.learningmarket.org, e-mail cpe@nasba.org.


Field of Study Minutes CPE
Taxes 125 2.5
Total Duration - 125 Min Total Credits - 2.5

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