Leveraging New IRS Rules Eliminating 36-Month Testing Period for Cancellation of Debt Income
Reporting COD Income and Filing 1099-C Under the IRS Proposed Rules
Recording of a 110-minute CPE/CLE webinar with Q&A
This course will prepare tax attorneys and CPAs to offer their clients advice on filing federal tax returns and complying with IRS rules for reporting cancellation of debt (COD) income in compliance Sect. 6050P revised regulations for recognizing discharges of debt.
- Confusion over 36-month testing period for Form 1099-C
- Request for comments from public, IRS response
- Details of proposed rules Sect. 6050P
- Definition of an identifiable event
- What constitutes an identifiable event
- Elimination of 36-month testing period
- Recognizing and reporting COD income
- Form 1099-C, instructions for filing
- Exclusions from taxability of COD income
- Reporting COD income on federal income tax returns
- Tax planning considerations
- Strategies for minimizing COD income
The panel will explain how to comply with federal COD income rules and fulfill IRS reporting requirements under the proposed regs, covering topics such as:
- Examining the impact of proposed Sect. 6050P rules, and when they will take effect.
- Determining whether an identifiable event has occurred for COD income.
- Filing Form 1099-C for lenders, and reporting 1099-C data on federal returns for entities with canceled debts on their books.
- Analyzing when COD income must be included in federal taxable income, or whether an exclusion or other planning opportunity may apply.
Christopher A. Jones
Mr. Jones advises clients on a wide range of federal, state, and local tax matters. His practice includes advising... | Read More
Mr. Jones advises clients on a wide range of federal, state, and local tax matters. His practice includes advising clients regarding the tax consequences of complex transactions and associated planning opportunities. Additionally, Mr. Jones assists clients in federal, state, and local tax controversies, and provides clients tax advice in labor and other litigation matters and withholding tax issues.Close
Kathleen M. Lach
Arnstein & Lehr
Ms. Lach represents both businesses and individuals in income tax, sales tax and penalty controversies, and in IRS... | Read More
Ms. Lach represents both businesses and individuals in income tax, sales tax and penalty controversies, and in IRS audits and liability settlement negotiations. She has represented a number of individuals before the IRS on innocent spouse claims, and in offshore voluntary disclosure cases. Ms. Lach has had cases pending before the U.S. Tax Court, U.S. District Court, and before IRS and state administrative agencies.Close