Debt Related Tax Issues: Foreclosures, Short Sales and Cancellation of Debt (DRTI00)

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REGISTRATION STATUS: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (850) 224-2727 or (800) 342-3197 if you wish to inquire about registering.

Date:Thursday, June 19, 2014
Time:8:30am - 4:30pm (Registration at 8:00am )
City:Ft. Lauderdale
Facility:Renaissance Ft. Lauderdale, Ft. Lauderdale
CPE Credit:8 Technical Business
Instructor: Mark J. Patrick
Vendor:Nichols Patrick CPE, Inc.
Subject:Taxation
Course Level:Intermediate

Description:
The form 1099 C is probably not the whole story! Clients with properties lost to foreclosure, sold in short sales and who have had debts restructured have complicated tax issues that impact both tax planning and reporting. IRC Sec. 61 says that income from forgiveness of indebtedness is taxable, but IRC Sec. 108 offers a number of exceptions to that rule. This course will deal with handling such transactions, including working with clients who are considering debt settlement options and those for whom the transaction is completed before the CPA becomes involved. You will learn how to reduce negative tax outcomes by applying the statutory exceptions to income recognition.

Objectives:
Participants will be able to distinguish between debt treated as proceeds of sale and debt treated as cancelled; reporting and classification of gain and loss on foreclosure; apply exceptions to avoid cancellation of debt income; understand optional ordering of required tax attribute reductions; rebut the presumption of correctness for amounts reported on Form 1099 C and special rules that apply to debt forgiveness in partnerships and S corporations

Major Topics:
  • Cancellation of indebtedness income
  • Learn key business metrics to signal poor customer service
  • Calculation of taxable income from foreclosure
  • Short sales of real estate, including personal residences, rental properties and commercial properties
  • COD income recognition exceptions for lost deductions and contributions to capital
  • COD income exclusions (bankruptcy, insolvency, qualified personal residence indebtedness, qualified real property indebtedness and qualified farm indebtedness)
  • Information reporting forms - Forms 1099C and 1099A, including dealing with erroneous reporting by lender
  • Reduction of tax attributes


Who Should Attend:
Experienced tax practitioners who advise clients in financial restructuring, or reorganization in bankruptcy and those who want to expand their services in this specialized area of tax planning and compliance

Prerequisite:
None


Note:

FICPA Seminar EZMaterials! Instead of picking up paper manuals at the event, you’ll be able to download the EZMaterials as searchable PDFs to your laptop, tablet or other device seven days before the event. For an additional fee you may choose to purchase a hardcopy of the seminar manuals. If requested during registration at least eight days prior to the course, your hardcopy will be available for pickup at the event. Click here for more information.



Regular Price: $340 FICPA Members, $465 Non-Members



Thursday, June 19, 2014
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