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EDUCATION TAX BENEFITS
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Cancellationofdebt lambers

CANCELLATION OF DEBT

CPE Processing Fee$20.00  Webinar TranscriptionN/A     Presentation Length Hour(s)2.0 hours  CPE2.0   2 hours for EAs (Federal Tax Update)   Course Id# - HURS9-U-00192-17-S  Subject AreaTaxes  Course LevelBasic  Instructional MethodQAS Self-Study   PrerequisitesNone  Advance PreparationNone  Recorded DateOct 31, 2017  Date OfferedJan 02, 2018  Who should attend?CPA - small firm
CPA - medium firm
CPA - large firm
Enrolled Agent 
Series: Enrolled Agents, Taxes    
Course Description

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:


  • IRS Code Section 61 and Form 982.

  • The Advocate Service Publication and IRS Form 1099C.

  • Bankruptcy and Insolvency - IRS Publication 4681 and Form 982.

  • Farming and Business Related Insolvency.

  • The Workout Provisions and IRS Publication 4681.

  • Ordering Provisions and IRS Publication 4681 and Form 982.

  • Basis Attributes and Adjustments and IRS Publication 4681.

  • Knowing the rules regarding Student Loans.

Not logged
Additional Materials
Form 982
Form 1099-C
Taxpayer Advocate Service
Glossary
Publication 4681
Review Questions
Review Questions
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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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.

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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.

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About Our Presenter

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Lambers, Inc. is a leader in review courses for the CPA, CIA, EA, AFSP, and CMA exams. Lambers also offers IRS Continuing Education for Tax Preparers and CPE for CPAs. Accounting and finance professionals around the world incorporate Lambers products into their training programs. Lambers CPA Review was started by Vincent W. Lambers in July of 1966 in Boston, MA. The first class had six students and from that point the program grew to be the largest live instruction CPA Review program in New England. The Lambers teaching method of illustrations, examples and working problems has helped over 250,000 candidates pass the CPA Exam since that first class in 1966.