Financial institutions report many different types of transactions on a Form
1099 to the IRS each year. But Form 1099-A and Form 1099-C create the most
problems and confusion. For example, Form 1099-A must be filed whenever your
institution forecloses on collateral, but there are many exceptions. Form
1099-C must be filed when a debt is cancelled, but the IRS has special rules
that require your institution to file even though the debt hasn’t actually been
forgiven. In this webinar, you will learn how, when, and what to report on
Forms 1099-A and 1099-C. In addition, the new 2017 Forms 1099-A and 1099-C will
be reviewed line-by-line.
What to report, when to file, and penalties for not filing properly
Line-by-line review of Form 1099-A: Acquisition or Abandonment of
What if you only hold a subordinate lien?
What to do if you don’t acquire the property at the foreclosure sale
Line-by-line review of Form 1099-C: Cancellation of Debt
- What if the borrower files bankruptcy?
Must a form be filed for every debt settlement?
Elizabeth Fast, JD, CPA, Spencer Fane, LLP