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All About 1099 Reporting Part 1: Forms 1099-A & 1099-C: Foreclosures, Repossessions & Debt Settlements

Tuesday, October 24, 2017

9:00 am – 10:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET

Financial institutions report many different types of transactions on a Form 1099 to the IRS each year. But Form 1099-A and Form 1099-C create the most problems and confusion. For example, Form 1099-A must be filed whenever your institution forecloses on collateral, but there are many exceptions. Form 1099-C must be filed when a debt is cancelled, but the IRS has special rules that require your institution to file even though the debt hasn’t actually been forgiven. In this webinar, you will learn how, when, and what to report on Forms 1099-A and 1099-C. In addition, the new 2017 Forms 1099-A and 1099-C will be reviewed line-by-line.

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

  • What to report, when to file, and penalties for not filing properly
  • Line-by-line review of Form 1099-A:  Acquisition or Abandonment of Secured Property
  • What if you only hold a subordinate lien?
  • What to do if you don't acquire the property at the foreclosure sale
  • Line-by-line review of Form 1099-C:  Cancellation of Debt
  • What if the borrower files bankruptcy?
  • Must a form be filed for every debt settlement?

  • TAKE-AWAY TOOLKIT
    • New 2017 Forms 1099-A and 1099-C and the official IRS instructions
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

PART 2 STILL AVAILABLE!

"All About 1099 Reporting Part 2:
Forms 1099-INT & 1099-MISC:
Vendor Payments, Prizes & Interest on Deposit Accounts "

Tuesday, December 12, 2017

WHO SHOULD ATTEND?

This informative session will be useful for all loan operations personnel, loan officers, tax personnel, accountants, management, compliance officers, and attorneys.

PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.

MEET THE PRESENTER