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Debt Forgiveness and Section 108

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CRTP

This Course is Also Available in Self Study (On-Demand)

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Course Description

Debtors with cash flow issues who may be unable to pay their debts without accommodations from their lenders face numerous tax issues, and sometimes tax surprises, in the context of debt workouts and bankruptcy. The American economy is hurting and taxpayers are suffering. People are walking away from their homes and credit card debt. When creditors write off a debt, they are required by law to issue the taxpayer/debtor a Form 1099-C, Cancellation of Debt. It is unfortunate that many taxpayers and their representatives are unacquainted with IRC section 108 which excludes many of these discharges or cancellations of debt from taxable income. Receiving a form 1099-C can be a scary thing for taxpayers, who frequently then call their accountants for help. 

This Online CPE Webinar will discuss the various ways or reasons of cancellation of debt income which can be excluded from income and the consequences of such action including :

1. Issuance of 1099’s

  •  When 1099’s must be issued
  •  When forgiveness occurs


2. Exclusions from Gross Income

  •  Bankruptcy
  •  Insolvency
  •  Farm Indebtedness
  •  Real Property Indebtedness
  •  Principal Residence


3. School loans, gifts, Deductible Debt

4. Bifurcations

  •  Foreclosures and Short Sales
  •  COD vs capital gain or ordinary income

5. Form 982

6. Reduction of Tax Attributes

Learning Objectives

  • To know how to determine if a taxpayer is insolvent under IRS definitions
  • how to prepare Form 982 and request audit reconsideration
  • To determine actions necessary to negate erroneous information reporting by creditors
  • To identify situations when cancellation of indebtedness income may be excluded under section 108
  • Differentiate situations that would likely result in COD income and eligible for exclusion

Who Should Attend?

  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00263-20-O)
  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00263-20-O)
  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00263-20-O)
  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00263-20-O)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0271)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0271)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)

Presenter

About Presenter

Larry Heinkel, LLM

Tax & Bankruptcy Attorney Tax Problem Solver

Mr. Heinkel has degrees in accounting, law and a master’s in tax law (LL.M.) (all with honors) and has been published in the Notre Dame Law Journal, the Journal of Real Estate Taxation, and The Florida Bar Journal among others. Mr. Heinkel is a nationally-known expert on tax procedures and resolution, representing people literally all over the world. Further, he is also probably one of the very top experts in discharging taxes in bankruptcy and has presented boot camps, seminars, webinars and other presentations and on this and resolution-related topics around the country. He also graciously makes himself available to consult with other professionals around the country, usually free of charge.


About Company

Tax Problem Solver

taxproblemsolver.com/

We have a team of seasoned tax professionals (attorneys, CPAs, EAs, former IRS Appeals Officer, etc.) who successfully resolve tax problems for people and companies literally worldwide.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.3

378 Ratings

Excellent

192

Very Good

131

Average

46

Poor

9

Terrible

0

ST

Sandra Thomas, AFSP

Oct 22nd, 2021

The instructor was very knowledgeable.

MS

Maryann Sztenderowicz, ACCT/BK

Sep 24th, 2021

good information

VEO

Vernon E. Obrey, CPA (US)

Dec 29th, 2020

good

MS

Marsha Swanigan, ACCT/BK, AFSP

Dec 16th, 2020

Great experience, never any issues with accessing the polling questions.

TA

Thomas Aromando, CPA (US), CVA

Dec 14th, 2020

Excellent course

Debt Forgiveness and Section 108

$10

1 Credit

Subject Area

Taxes

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