Important Year End Webinar: 1099-C AND 1099-A Reporting

Telling the IRS About Cancellation of Debt and Acquisition of Property

As the end of the year draws near, it’s time to start thinking about tax filings—including 1099-C and 1099-A reporting. Neither is difficult (especially after changes made to 1099-C rules a few years ago), but both have potential pitfalls that can have nasty consequences if you aren’t careful or don’t know what you’re doing.

Do you understand when a 1099-C must be filed, when it needn’t be filed, and why it is important not to file one if you don’t have to? Do you understand the risks involved when 1099-C reporting is discussed with a consumer?

Do you understand how a 1099-A differs from a 1099-C, and when a 1099-A must be filed?

May you tell a consumer a 1099-C or 1099-A will be filed? Must you tell? What if you are discussing a settlement that may result in filing? Is there any language you should be careful of using? (Hint: According to some new court decisions, yes!)

The IRS requirements are not difficult, but they do take some thought. During this program, participants will learn:

Exactly which circumstances require the filing of an IRS Form 1099-C (“Cancellation of Debt”)
The exceptions that allow you to skip some 1099-C reports
Exactly which circumstances require the filing of an IRS Form 1099-A (“Acquisition or Abandonment of Secured Property”), and when it should be filed in addition to a 1099-C
Why you are already at a disadvantage if you are just now starting to prepare your financial institution’s 2019 reporting
The major areas of litigation involving 1099-C reporting over the past few years (including multiple cases in 2019!), how to respond if your financial institution becomes involved, and how to avoid disputes in the first place.
How courts are treating claims that the filing of a 1099-C precludes further efforts to collect
Whether filing of a 1099-C serves to extinguish a lien on real or personal property
The decision your financial institution should make and the policy you should enact now—before filing 1099-C reports for 2019—that will improve your position if you become embroiled in litigation.

For more information, call NorthLegal at 623.537.7150 or visit northlegal.com. Email: emn@northlegal.com

Live Webinar, Thursday

December 19, 2019

10:00 PST | 11:00 MST

12:00 CST | 1:00 EST

Scheduling problem?

$175 now for live event and six months access to archived program.

$190 after live event ends for six months access to archived program.