Thursday
Nov 18
2021

1099 Reporting: Foreclosures, Repossessions & Debt Settlements

Registration Options & Pricing

Please select your membership status.


On-Demand Access Includes:

  • Unlimited Access to Webinar Recording
  • Can be viewed anytime 24/7, beginning 2 business days after the webinar
  • Handout and Take-Away Toolkit
  • Available on Desktop, Mobile & Tablet
  • Free Digital Download, yours to keep
  • Share link with anyone at your credit union
  • Presenter’s contact info for follow-up
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This is a 90-minute webinar.

10:00 am – 11:30 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

Is it a foreclosure, repossession, or cancellation of debt? Do you know the differences, IRS reporting requirements, and exclusions? Learn to accurately complete Forms 1099-A and 1099-C with this line-by-line instructional program.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Properly complete Form 1099-A: Acquisition or Abandonment of Secured Property and Form 1099-C: Cancellation of Debt
  • Understand which forms must be filed when foreclosing on real property versus repossessing personal property – and the exclusions
  • Explain the process if the property isn’t acquired at a foreclosure sale
  • Distinguish what constitutes cancellation of debt for purposes of Form 1099-C
  • Handle debtors who file bankruptcy

WEBINAR DETAILS

Financial institutions are required to file Form 1099-A and/or Form 1099-C when foreclosing or repossessing collateral and when forgiving or cancelling debt. For example, Form 1099-A must be filed when foreclosing on collateral (but there are many exceptions that you need to know), and Form 1099-C must be filed when cancelling a debt. And these rules apply even though your institution hasn’t actually forgiven the debt. Join us to learn how, when, and what to report on Form 1099-A and Form 1099-C – line by line.

Attendance certificate provided to self-report CE credits.

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.

TAKE-AWAY TOOLKIT

  • IRS General Instructions for Certain Information Returns
  • IRS Instructions for Forms 1099-A and 1099-C
  • Employee training quiz
  • Interactive quiz

 

NOTE:  All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

MEET THE PRESENTER

Spencer Fane LLP
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