IRS tax Form 982 CPA tax accountant discusses Form 1099-C, Cancellation of Debt

Gary,

I would like to thank you for your time in helping me with this issue of tackling the exclusion of my 1099-C income from this years taxes. The Form 982 that the IRS makes you file is very confusing and makes you want to beat you into submission however with your guidance I was able to quickly and easily get through it and on top of that exclude 100% of the cancellation. I will suggest your site and assistance to anyone and everyone.

Sincerely,

Keith, CPA from CT

Keith

IRS tax Form 982 CPA tax accountant discusses Form 1099-C, Cancellation of Debt

By Gary Bode CPA, on August 16th, 2014%

I’ll address common misconceptions about cancelled debt tax reporting, Form 1099-C, Cancellation of Debt, and Form 982, Reduction of Tax Attributes. I offer a free debt cancellation consult. (910) 399-2705.

As a Form 982 CPA I’ve talked with hundreds of Folks dealing with a Form 1099-C, Cancellation of Debt, so far in 2014. Probably . . . → Read More: IRS tax Form 982 CPA tax accountant discusses Form 1099-C, Cancellation of Debt

Cancelled Debt CPA tax accountant discusses insolvency tax positioning | Insolvency Exclusion | tax Form 1099-C instructions and Form 982 instructions

By Gary Bode CPA, on July 7th, 2014%

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

Rental Real Estate CPA tax Accountant discusses common errors on Rental Property Schedule E and Form 8825 tax returns

By Gary Bode CPA, on July 1st, 2014%

A rental real estate CPA looks at prior tax returns for common errors. I offer a free rental property consult to landlords. (910) 399-2705.

Rental real estate CPA tax accountants always check back tax returns with new rental property Clients. I handled so many rental property cancelled debt cases that I became wary of . . . → Read More: Rental Real Estate CPA tax Accountant discusses common errors on Rental Property Schedule E and Form 8825 tax returns

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

By Gary Bode CPA, on June 23rd, 2014%

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

Rental Real Estate CPA discusses previously disallowed rental losses for active participation upon rental property short sale, foreclosure or abandonment | IRS Schedule E and Publication 527

By Gary Bode CPA, on June 14th, 2014%

The most common error I see when amending a Schedule E landlord’s tax return is not deducting previously disallowed rental losses when the rental property gets sold. I offer a free phone consult on any rental real estate tax issues. (910) 399-2705.

In 2014, rental real estate CPAs still see plenty of rental property . . . → Read More: Rental Real Estate CPA discusses previously disallowed rental losses for active participation upon rental property short sale, foreclosure or abandonment | IRS Schedule E and Publication 527

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

By Gary Bode CPA, on May 22nd, 2014%

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

Using IRS Form 1099-C as a Collections Tool : threatening deadbeat customers with the IRS

By Gary Bode CPA, on April 16th, 2014%

Any additional collection trick is welcome when it comes to chasing down deadbeat customers. Leveraging the debt against Form 1099-C and Form 982 could help negotiations. (910) 399-2705.

As a Form 1099-C CPA I was impressed when a new Client told me this collection trick.

Every business eventually has deadbeat customers. You have to . . . → Read More: Using IRS Form 1099-C as a Collections Tool : threatening deadbeat customers with the IRS

How do I refile to include Form 982? | insolvency and cancelled debt CPA discusses amending tax return with IRS Form 1040X

By Gary Bode CPA, on March 22nd, 2014%

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

Cancellation of Debt CPA discusses challenging various aspects of Form 1099-C, Cancellation of Debt, with the IRS

By Gary Bode CPA, on February 27th, 2014%

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

IRS Insolvency Worksheet tips by Cancelled Debt CPA tax preparer

By Gary Bode CPA, on February 23rd, 2014%

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

Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication. You can't reasonably rely on this website for tax preparation advice. The posts are an overview of the topic at a particular point in time. Tax code changes. Your specific fact pattern affects application of any tax issue. Reading this website does not constitute a CPA-client relationship.

Gary L. Bode, MSA, CPA, pc

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