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Cancellation of Debt for Individuals and Businesses (CL4CDIB14) PM
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This example-heavy course explores the multi-faceted topic of cancellation of debt for individuals and businesses. Topics include proper treatment and reporting of foreclosures, short-sales, income reported on forms 1099-C and 1099-A, and preparation of Form 982 among others. Income exclusions related to qualified principal residence indebtedness, qualified real property business indebtedness, bankruptcy, and insolvency will be reviewed with real-life examples.

11/24/2014
When: 11/24/2014
1:00 PM until 4:30 PM
Where: LCPA Training Center
2400 Veterans Memorial Blvd
Ste 500
Kenner, Louisiana  70062
Presenter: Shephen Renberg


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Many clients have probably come to you in recent months with an assortment of issues related to foreclosures, short sales, and restructured debt. Are you ready to help them and provide solutions? This example-heavy course explores the multi-faceted topic of cancellation of debt for individuals and businesses. Topics discussed include proper treatment and reporting of foreclosures, short-sales, income reported on forms 1099-C and 1099-A, and preparation of Form 982 among others. Income exclusions related to qualified principal residence indebtedness, qualified real property business indebtedness, bankruptcy, and insolvency will be reviewed with real-life examples.

 

Designed for: CPAs and tax preparers with at least two years of experience in public accounting

 

Objectives:

When you complete this course you will be able to:

  • Report cancellation of debt on individual and business tax returns.
  • Navigate the tax attribute reduction rules and complete Form 982 for various entity types.
  • Recognize opportunities and pitfalls for your clients related to debt forgiveness.
  • Identify the latest tax law changes, court cases, and developments.

Highlights:

  • Types of debt – recourse and nonrecourse debt
  • Forms 1099-A and 1099-C
  • Exclusions – bankruptcy, insolvency, qualified farm indebtedness, qualified real property business indebtedness, qualified principal residence indebtedness
  • Form 982
  • Individuals – Reporting on Schedules C, E, and F
  • Partnerships
  • S Corporations
  • C Corporations"

 

Requisite Knowledge: Two years of experience in taxation

 

Speaker: Shephen Renberg

Vendor: AICPA

Field of Study: Taxation

Level: Intermediate

CPE Credits: 4

 

Registration Fees:

 

Members

CPA Non-Members

Early Bird (through 11/9)

$150

$200

Standard (after 11/9)

$200

$250

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Society of Louisiana
Certified Public Accountants

2400 Veterans Memorial Blvd., Suite 500
Kenner, LA 70062-4739

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