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All About 1099 Reporting Part 1: Forms 1099-A & 1099-C: Foreclosures, Repossessions & Debt Settlements

Forms 1099-A and 1099-C. In addition, the new 2017 Forms 1099-A and 1099-C will be reviewed line-by-line.

Oct 24, 2017 02:00 PM   -­­  Oct 24, 2017 03:30 PM
CT
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Type of Event
On Demand Webinar

Who Should Attend
  • On Demand
  • Webinars
  • Lenders
  • Finance

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Description

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.

Learning Objectives

  • What to report, when to file, and penalties for not filing properly
  • Line-by-line review of Form 1099-A: Acquisition or Abandonment of Secured Property
  • 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?

Speaker

Elizabeth Fast, JD, CPA, Spencer Fane, LLP

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