The National Association of Tax Professionals

The National Association of Tax Professionals

COD - It's Not Over Yet! Latest Developments & Advanced Topics

  • Topic(s): Federal Tax Law
  • Presenter(s): Lisa Ihm EA
  • Session#: 935-17
  • Session Length: 100 minutes
  • Program: NATP National Conference 2015
  • Date: Jul 22, 2015
Product Name Price
Audio MP3 (download)
$15.95
AudioPoint for Mobile Device - MP4 (download)
$24.95

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COD - It's Not Over Yet! Latest Developments & Advanced Topics - Details:

We hear on the news that the mortgage crisis is over, but taxpayers keep bringing us new tax dilemmas related to their real estate investments. Class action lawsuits filed all over the country are resulting in cash payments to taxpayers who had their properties foreclosed upon. Federal agencies are bringing charges against lenders and bank officers, resulting in settlements to former property owners. The Attorney Generals' Settlement is resulting in many loan modifications. Banks following the HAMP-PRA program are coming up with creative modifications including shared equity agreements. There are many new developments that affect our reporting of cancellation of debt (COD) on new returns and returns we've already filed! Don't miss this chance to get the latest information available so that you'll be prepared for the new issues you'll face next tax season. The crisis is not yet over!

Upon completion of the session, you will be able to:
  1. Identify whether lawsuit settlements are taxable.
  2. Correctly report the tax consequences of a loan modification.
  3. Identify when COD must be reported when there is a shared equity agreement.
  4. Advise a client on how to obtain a settlement due under Independent Foreclosure Review.
  5. Identify whether payments for "cash for keys", "relocation allowances", and "payment for completing a short sale" are taxable.