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Course Details

Cancellation of Debt Income - Avoiding Tax Reporting Errors - 2016 (Video) (Course Id 960)

Updated / QAS / Registry / EA
Author : Stuart Sobel, Enrolled Agent (EA), Author, Radio Host, Indiana University Faculty
Status : Production
CPE Credits : 2.0
IRS Credits : 2
Price : $29.95
Passing Score : 70%
Course Type: Video - NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 960

Description :

The American economy is hurting and taxpayers are suffering. People are walking away from their homes and credit card debt. When creditors write off a debt, they are required by law to issue the taxpayer/debtor a Form 1099-C, Cancellation of Debt. According to Internal Revenue Code section 61, income is taxable from whatever source it is derived. This includes the discharge of debt.

It is unfortunate that many taxpayers and their representatives are unacquainted with IRC section 108 which excludes many of these discharges or cancellations of debt from taxable income. If their discharges or cancellations of debt are properly handled when their returns are filed (or even later), taxpayers can avoid paying tax at a time when they are least able to afford making such payments.

This is a confusing area of the tax law, and many tax preparers are unaware of the IRS relief provisions that are available. Often it is not too late to ask the IRS for abatement or refund even if the normal statute of limitations has expired.

Your educator and guide through this challenging area of the law is an expert with 45 years of experience in IRS policies and practices. Having worked for the IRS for 30 years in examination and high-level management and 15 years in his own private tax practice, he has mastered the intricacies of the Internal Revenue Service. He is the author of four books dealing with federal tax law. One of his books, The Top 50 Mistakes Practitioners Make and How to Fix Them: Dealing with the Internal Revenue Service, has been used as a textbook for thousands of CPAs, attorneys, and other tax professionals throughout the United States. His books and teaching prowess make the tax system less taxing.

Because this course focuses on an area that affects thousands of taxpayers, this class is a must for every practitioner who wants to avoid the rampant mistakes that are occurring in the application of this area of the law.

Who should attend:

Tax practitioners who are involved in the planning and preparation of all types of tax returns

Topics covered:

    Overview of code section 108
    Discussion of write-offs, foreclosures, short sales, and other discharges of debt
    Preparation of Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
    Correcting Form 990 errors
    Bankruptcy update discharging IRS debt through proper inclusion in a bankruptcy estate
    IRS audit reconsideration process requesting abatements of assessed tax without an IRS appeal
    Exclusion for discharge of a mortgage on a personal residence
    Tools for researching the Internal Revenue Manual

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 02-Apr-2018
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

Video - NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 960

Keywords : Taxes, Cancellation, Debt, Income, Avoiding, Tax, Reporting, Errors, 2016, Video, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

    Know how to determine if a taxpayer is insolvent under IRS definitions
    Understand how to prepare Form 982 and request audit reconsideration
    Determine actions necessary to negate erroneous information reporting by creditors
Course Contents :

Chapter 1 - Avoiding Tax Practice Mistakes in IRS Collection and Examination - Part 1


Chapter 1 Review Questions


Tax Transcript Glossary

CPE Taxes Course: https://www.cpethink.com/irs-ea-cpe-courses
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