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 Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult. |
In 2014 the insolvency exclusion of Form 982 is the only way to keep a homeowner’s cancelled debt from becoming taxable income. I offer a free consult on the tax consequences of debt forgiveness. (910) 399-2705. As a cancelled debt CPA tax accountant I’m fielding proactive calls seeking tax positioning advice for a potential . . . → Read More: Cancelled Debt CPA tax accountant discusses insolvency tax positioning | Insolvency Exclusion | tax Form 1099-C instructions and Form 982 instructions Here’s some tips I’ve learned over the years as a cancelled debt CPA. I offer a free phone consult on Form 1099-C, Cancellation of Debt, and Form 982, Reduction of Tax Attributes. (910) 399-2705. As a cancelled debt CPA I’ve run across some unusual situations on IRS tax Form 1099-C, Cancellation of Debt, and . . . → Read More: Cancelled Debt CPA tax accountant discusses unusual problems with IRS tax Form 1099-C, Cancellation of Debt, and IRS Form 982, Reduction of Tax Attributes
We take an integrated approach to cancelled debt tax preparation when there’s state income tax involved. For a free phone consult please call (910) 399-2705. Cancelled debt CPAs are pleased the Senate Finance Committee passed a bill to extend the discharge of qualified principal residence indebtedness exclusion of Form 982, Reduction of Tax . . . → Read More: Cancelled Debt CPA discusses 2014 Discharge of qualified principal residence indebtedness of IRS Form 982, Reduction of Tax Attributes | Insolvency may still be the answer You don’t always have to re-file to include Form 982. With an IRS Notice CP2000 sometimes just providing Form 982 does the trick. For a free consult on cancelled debt call (910) 399-2705. Re-filing an earlier tax return to include IRS Form 982, Reduction of Tax Attributes, is the most common reason I . . . → Read More: How do I refile to include Form 982? | insolvency and cancelled debt CPA discusses amending tax return with IRS Form 1040X The IRS thinks Form 1099-C, Cancellation of Debt, is Gospel. But sometimes you can challenge the date or amount owed. (910) 399-2705. Cancellation of debt CPAs often see IRS Form 1099-C (s), Cancellation of Debt, that don’t reflect the underlying cancelled debt transaction well. Sometimes I challenge an aspect of the Form 1099-C with . . . → Read More: Cancellation of Debt CPA discusses challenging various aspects of Form 1099-C, Cancellation of Debt, with the IRS The IRS Insolvency Worksheet calculates “discharge of indebtedness to the extent insolvent (not in a title 11 case)” for Line 2 of Form 982. We prepare tax returns. Distance isn’t an issue because of our virtual office. (910) 399-2705. Cancelled debt CPA tax preparers hear and read lots of confusion over the IRS insolvency . . . → Read More: IRS Insolvency Worksheet tips by Cancelled Debt CPA tax preparer Partnerships receive Form 1099-C(s) too. The tax reporting rules make handling it on Form 1065 straight forward. (910) 399-2705. Partnerships incur cancelled debt: Form 1099-C, Cancellation of Debt, isn’t just for individuals. Dealing with cancelled debt on Form 1065, U.S. Return of Partnership Income, isn’t difficult. Essentially Box 2 of Form 1099-C flows into . . . → Read More: Form 982 CPA discusses Cancelled Debt with Partnerships | Form 1065 U.S. Return of Partnership Income Gary Bode, CPA: If you’re out of your depth on a Cancelled Debt issue, consider calling us for a free initial consult at (910) 399-2705. Cancelled debt CPAs think of Form 1099-C or Form 1099-A as adding insult to injury. The taxpayer had a tough year and the IRS seems to add more stress. . . . → Read More: Cancelled Debt CPA discusses IRS Publication 4681, Form 1099-C, Form 1099-A and Form 982 Hi, I’m a Form 1099-C CPA discussing tax consequences and tax reporting rules for student loan cancelled debt. Common terms for it include student loan forgiveness, student loan cancellation and student loan discharge.The obligation to pay the student loan disappears, usually when the taxpayer becomes disabled. Generally the lender issues a Form 1099-C, Cancellation of . . . → Read More: Tax Consequences of Student Loan Forgiveness, Cancellation and Discharge | Insolvency, Form 982 and Form 1099-C Here are a fe tips on using the IRS Insolvency Worksheet and the Insolvency exclusion of Form 982. Need help with your cancelled debt tax return? Call (910) 399-2705 for a free consult. As a Form 982 CPA I field lots of calls about the IRS Insolvency Worksheet. So I’ll offer an over view . . . → Read More: Form 982 CPA discusses the IRS Insolvency Worksheet | Form 1099-C tax reporting |
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