The National Association of Tax Professionals

The National Association of Tax Professionals

COD - What You've Been Missing & Latest Developments

  • Topic(s): All Sessions
  • Presenter(s): Lisa Ihm EA
  • Session#: 933-18
  • Session Length: 100 min
  • Program: NATP National Conference 2013
  • Date: Aug 7, 2013
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COD - What You've Been Missing & Latest Developments - Details:

By now, you've probably had some exposure to Cancellation of Debt (COD) issues and how to handle them on a tax return. So, in this session we'll skip right to the hard stuff and the areas where huge tax liabilities can be avoided if we fully understand how to use the laws to our advantage. There is not much guidance coming from the IRS, but we'll review the few recent court cases that deal with COD issues. We'll delve into the Attorney General Settlement and determine what loan modifications and financial settlements we should expect, as well as determine how to advise our clients so that they get their fair share of the Settlement. We will learn the special rules for military members, how to handle private mortgage insurance (PMI) proceeds, COD for cosigners, COD after a divorce or when the debt is in the name of someone other than the property owner, and much more...