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Form 1099-C: What You Need to Know

 

Understand the exceptions and exclusions and the tax attributes on when to issue a 1099-C.

Attorney Leahy examines Internal Revenue Information Returns, with a focus on 1099-C - Cancellation of debt. The 16th Amendment to the Constitution gave Congress 'power to lay and collect taxes on incomes, from whatever source derived.' The IRS has found the cancellation of debt is, in fact, income and must be reported by the creditor and the taxpayer for income tax purposes. The canceled debt increases gross income unless there are exceptions or exclusions. This course will arm the practitioner with the background to understand the exceptions and apply the exclusions, along with the tax attributes on when to issue a 1099-C, how to report a 1099-C, and how to exclude reported 1099-C income from the taxpayer's assets. The course will include actual examples.

Agenda

Faculty

Steven A. Leahy

Steven A. Leahy

Law Office of Steven A. Leahy, PC

  • Tax Attorney and the host of the popular radio show, The IRS Radio Hour, heard in the Chicago area each Sunday evening at 5:00 pm on AM 560 The Answer
  • Hosts a daily podcast, Monday - Thursday, Today‚Äôs Tax Talk, and is a frequent guest on Chicago area radio and television shows including WGN Radio, WLS Radio, WLS Channel 7, and WFLD Channel 32
  • Author of the book 'Deal With Your IRS Problems Today'
  • Helps business professionals overcome their tax problems FOREVER
  • Founder of Opem Tax Advocates; fully licensed to practice law in the United States Supreme Court, United States Tax Court, State of Illinois, State of Tennessee, Northern District of Illinois, Central District of Illinois, and Middle District of Tennessee
  • Has extensive knowledge and experience in the laws of IRS Collections, United States Bankruptcy Code, and Illinois Foreclosure Law
  • Has conducted continuing legal education classes on IRS collections and bankruptcy laws to attorneys throughout the United States
  • Graduate, cum laude, John Marshall Law School; LL.M. degree, with honors, John Marshall Law School; graduated with a degree in business administration, finance, Loyola University in Chicago

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