1099-C and 1099-A Reporting
The Rules and Court Decisions
A NorthLegal Webinar presented December 13, 2012
Approximate Duration: 2:09 hrs:min
Cost/Registration | How to Attend a Webinar
Enroll Now
Handout Materials
After enrolling, click here to obtain the handout materials in PDF. Then contact NorthLegal (623.537.7150) to obtain the password you will need to open those materials.
Have you looked at the new 1099-C "Cancellation of Debt" reporting forms? Do you understand the changes? Do you know how to provide the additional information now required?
With the end of the year fast approaching, now is a great time to take a look at your 1099-C and 1099-A reporting policies and procedures—especially because actions you take now can affect what you must report in January!
Do you know what the difference is between a 1099-C and a 1099-A, and the circumstances that should trigger filing of one or the other?
Do you know what your financial institution's liability is if you report when you shouldn't, fail to report when you should, or improperly complete the forms?
During this program, attorney Eric North talks with participants about the rules and court decisions relating to the reporting of "cancelled" debt, including—
- Exactly when a debt should be reported on form 1099-C or 1099-A, and why you should not report too soon.
- How to complete the forms—including the new field.
- Why filing a 1099-C properly should not affect your right to collect the reported debt, but why filing it improperly might.
- What happens if you report for the wrong year.
- Whether and how to report losses from foreclosures, short sales, and voluntary surrenders of property.
- What you should do if a debtor pays a debt after a 1099-C has been filed.
- The effect of sale or assignment of a debt on reporting requirements.
- Whether you can use 1099-C or 1099-A reporting as a collection tool.
- When debts discharged in bankruptcy should and should not be reported.
- How courts interpret your 1099-C reporting obligations.
- Common mistakes financial institutions make with respect to 1099-C and 1099-A reporting, and how to avoid them.
NOTE: This program is intended for employees of consumer lending
institutions. Please contact NorthLegal Training and Publications to obtain approval
before registering if you are not an employee of a consumer lending institution.
Cost/Registration
The fee to attend this archived program is $160.00 if paid by credit card or
$170.00 if paid by check. For that fee, you or someone from your financial
institution may view this program as often as you like for a period of 30 days.
How to Attend a Webinar
To attend this NorthLegal Webinar, please do the following:
| • | Register. To register online using a credit card, visit the "Enroll Now" link shown above. To register by mail, call NorthLegal at 623.537.7150. |
| • | Check your email. Within moments after you complete the registration process you should receive two emails. One will be a receipt for the transaction and the other will contain a link and detailed instructions explaining how to use that link to attend the program. |
| • | Download the handout materials by clicking the "Handout" link shown above. |
| • | Call NorthLegal to obtain the password to open the handout materials. |
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Speaker: Eric North
Eric North, the primary speaker at the programs listed on this site, has represented the interests of credit unions and other financial institutions as an attorney with respect to litigation, compliance, governance, bankruptcy and collections matters since 1984. Eric has appeared in state and federal courts throughout the State of California, and has argued before the Ninth Circuit Court of Appeal.Eric is also a nationally recognized speaker on legal issues relating to consumer lending institutions, and has presented hundreds of programs on behalf of national, state and local leagues and associations from around the country.
Webinar scheduling conflict? No problem. Registration for a NorthLegal Webinar allows you to watch it live AND allows you or others from your financial institution to watch it as often as you like for 30 days! If you can't make the live program, you still have plenty of time to watch at a time that is more convenient for you!