NorthLegal Webinar, Thursday, December 6, 2018 *
Ever since the IRS made changes to the 1099-C rules a few years ago, reporting is actually not complicated. But errors–simple errors–are still being made, and those errors are leading to unintended loss of collection rights and even class actions.
Meanwhile, many creditors still have trouble understanding the difference between a 1099-C and a 1099-A and when one, the other, or both must be filed.
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.
- The circumstances that 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 late if you are just now starting to prepare your financial institution’s 2018 reporting.
- The three major areas of litigation involving 1099-C reporting over the past few years (including multiple cases in 2018!), 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 2018-that will improve your position if you become embroiled in litigation.
For more information, call NorthLegal at 623.537.7150. To register, visit http://northlegal.com/nl-webinars/2018/18-1206-1099c.php
NorthLegal Training and Publications, 5115 N. Dysart Rd, No. 202-500, Litchfield Park, AZ 85340
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