There is an excellent chance that one or more of your clients will receive a Form 1099C for the cancellation of debt this tax season. Whether it be from a loan modification on their principal residence or the elimination of credit card debt, this cancellation of debt may or may not be taxable income. Do you know what qualifies as the insolvency exception? Or did you know that you may have to adjust the basis of the property for the exclusion amount? Or that some of your principal resident deby may not qualify? In this 2 hour course, Prof Reed will walk through Form 982 and explain how to determine if these exceptions apply to your clients.
Upon successful completion of this course participants will be able to understand and apply the concepts from:
Professor Arthur Reed, CPA, MBA, MST has been teaching with Lambers, Inc. since 1990.Teaching interests include taxation and financial accounting. In addition to his Lambers teaching Professor Reed is a full time instructor at Bentley University, one of the top business schools in the country. Professor Reed started his accounting career as an audit senior for Arthur Andersen, Boston office. Teaching Interests include Taxation, including IRS Practice and Procedure, Tax Research and Multijurisdictional areas. Research Interests are Taxation, Taxation & Information Technology Consulting. Practice Interests are Taxation of multijurisdictional individuals including athletes, musicians and the arts. Professor Reed is featured on the Lambers Enrolled Agent Review Course and teaches numerous Continuing Education Courses for Lambers.
CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222