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.
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. 108 says that income from forgiveness of indebtedness is taxable, but it 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.
|Tuesday, November 19, 2013
|8:15am - 4:15pm (Registration at 7:45am )
|Orange County Bar Association, Orlando
|8 Technical Business
|Nichols Patrick CPE, Inc.
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 the exclusions from COD income, including 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
- Cancellation of indebtedness income
- Classification and tax treatment of recognized gains and losses from cancellation of debt
- 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
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
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.
$335 FICPA Members, $460 Non-Members
Take advantage of the Early Bird Price - Register more than 10 days before the course date. Early Bird pricing does not apply to Chapter events.