1099 Reporting: Foreclosures, Repossessions & Debt Settlements

Audit & Accounting Collections Lending Operations

On-Demand Webinar

StreamedNov 17, 2021Duration90 minutes

Unlimited & shareable access starting two business days after live stream
Available on desktop, mobile & tablet devices 24/7
Take-away toolkit
Ability to download webinar video
Presenter's contact info for questions

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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.

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 log
Interactive quiz
PDF of slides and speaker’s contact info for follow-up questions
Attendance certificate provided to self-report CE credits

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.

Presented By

Elizabeth Fast