1099 Reporting: Foreclosures, Repossessions & Debt Settlements
It’s that time of year! Are you prepared to correctly complete IRS Forms 1099-A, 1099-C, and 1099-INT? Using both basic and complex scenarios, this program will review each form in detail, so you know exactly what to report and where. It will also address common pitfalls, the various triggering events, and how to avoid costly penalties.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Determine when to issue Form 1099-A versus Form 1099-C
- Explain the IRS rules for reporting discharged debt, deficiency balances, and property take-backs
- Understand repossessions during bankruptcy for cars, equipment, and secured personal property
- Explain the special rules for mortgages and foreclosures under § 6050J
- Identify the electronic filing thresholds and deadlines, and penalties for noncompliance
WEBINAR DETAILS
Are you ready for year-end tax reporting? This in-depth webinar will teach you the critical Form 1099 reporting requirements for foreclosures, repossessions, charge-offs, and debt settlements. You’ll discover when and how to correctly issue IRS Forms 1099-A, 1099-C, and 1099-INT. Real-world scenarios will be used to walk through mortgage foreclosures, repossessions, charged-off debts, bankruptcy discharges, and settlements – all from the lender’s perspective. Join us to learn how to correctly interpret “identifiable events,” determine the fair market value of collateral, handle non-recourse loans, and report deficiencies in a compliant manner. This webinar will equip you with the clarity and confidence you need to ensure accurate year-end tax reporting.
WHO SHOULD ATTEND?
This informative session will benefit all deposit operations personnel, loan operations staff, accounting clerks, tax personnel, accountants, managers, compliance officers, auditors, and attorneys.
