Disclaimer: This seminar was filmed in Orlando, Florida, on August 5, 2008, and the information was correct at the time of recording
Has your client received a 1099-C? Is your client in foreclosure? The tax treatment of cancelled debts is extremely complex and poses a significant challenge to affected taxpayers. In this seminar, presented by the Taxpayer Advocate Service, a panel discusses debt cancellation and provides tools to help your clients accurately report this item on their tax return. It was filmed in August, at the IRS Nationwide Tax Forums in Orlando, FL. Please download Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals), to follow the example in the seminar. In January 2009, the National Taxpayer Advocate, Nina E. Olson, released her 2008 Annual Report to Congress. In the report, Ms. Olson identified cancellation of debt income as one of the most serious problems facing taxpayers and made a legislative recommendation concerning cancellation of debt income. A brief discussion of the cancellation of debt income issue is on page 2 of the Executive Summary of the report. "Understanding and Reporting the Tax Consequences of Cancellation of Debt Income" on page 39 and "Simplify the Tax Treatment of Cancellation of Debt Income" on page 391 of the Report have in-depth discussions.
Audit this course (no cost and no credit)
CPE credit is available for this seminar. If you would like to earn credit for a seminar, you must have an account with the IRS Nationwide Tax Forums Online and purchase the seminar for $49.00. You can purchase seminars one at a time or as a group. After completing the purchase through PayPal, you will be returned to your status page on www.irstaxforumsonline.com. You have one calendar year from the date of purchase to complete the course. NOTE: Purchasing a course via PayPal e-check can take up to 10 business days to post. Your course will only appear in your Status Page after your e-check has cleared.
Navigating a Seminar for Continuing Education Credit
Start the seminar by clicking on chapter one. Once you complete a chapter, navigation will appear at the top of the screen and take you to the first review question, followed by the next chapter, etc. A review question follows each chapter. After you have completed the video and review questions, you must take and pass a final examination. All review and final examination questions are multiple choice.
The seminar may be viewed repeatedly. However, the final examination can only be attempted two (2) times. You must achieve a passing rate of 70% to receive continuing education credit. A certificate of completion may be printed for each seminar successfully completed. Prior to printing the certificate of completion, there will be an opportunity to provide feedback on your learning experience.
You have one calendar year from the date of purchase to complete the seminar. Unexpired seminars that have not been completed will appear under the “In Progress” tab on your status page. Courses passed will appear under the “Completed and Passed” tab on your status page. Courses failed will appear under the “Failed” tab on your status page.
Prefer to audit this seminar? Clicking the “Audit” button will take you to chapter one of the seminar. Once you complete a chapter, navigation at the top of the screen will appear to take you to the next chapter. You can download and print the seminar’s edited transcript as well as the Power Point slides. Captions may be turned off. There are no review questions or final examination when auditing a seminar, and there is no credit for auditing a seminar. If you would like to audit this seminar (no cost and no CPE credit), click here