Financial institutions are required to file Form 1099-A and/or Form 1099-C when they foreclose or repossess collateral or forgive or cancel debt. For example, Form 1099-A must be filed when the financial institution forecloses on collateral (but there are many exceptions you need to know), and Form 1099-C must be filed when the institution cancels a debt (even if you haven’t actually forgiven the debt). Join us for a line-by-line review and learn how, when, and what to report on Forms 1099-A and 1099-C.
- Line-by-line review of Form 1099-A: Acquisition or Abandonment of Secured Property
- Filing requirements and exclusions for foreclosing on real property and repossessing personal property
- What happens if you don’t acquire the property at the foreclosure sale?
- Line-by-line review of Form 1099-C: Cancellation of Debt
- What constitutes cancellation of debt for purposes of Form 1099-C?
- What if the debtor files bankruptcy?
- IRS General Instructions for Certain Information Returns
- IRS Instructions for Forms 1099-A and 1099-C
- Employee training log
- Interactive quiz
WHO SHOULD ATTEND?
This informative session will be useful for all loan operations personnel, accounting clerks, tax personnel, accountants, management, compliance officers, auditors, and attorneys.
PLEASE NOTE: The live webinar option allows you to have one internet connection (from a single computer terminal). You may have as many people as you like listen and watch from your office computer.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.