May Tax CPE Course of the Month - Foreclosure and Debt Relief Issues

Looking for tax education that will keep you on top of current issues? ClientWhys is in a unique position to understand troubling issues plaguing Tax Professionals. We field questions year round from Total Practice members and our CWconnect on-line community. Therefore, we have a unique insight into the instruction needed by today’s tax preparers.   We started the “Course of the Month” CPE series to provide education related to issues we have identified as difficult and that have generated frequent questions from our customers. We encourage you to participate in this unique offering.

Our course for May is Foreclosure and Debt Relief Issues, the subject that was the source of the most questions during the past tax season. Foreclosures, abandonments and short sales will continue to be heavy in 2011. Our course will teach the student how to deal with the information on the 1099-A and 1099-C forms, how to determine the amount of debt relief and figure the sales price and disposition of the underlying property by foreclosure, abandonment and short sale. The course will also explain the options for the various COD income exclusions and how to apply them, including insolvency, home mortgage debt relief income, qualified real property indebtedness (for rental property), and student loan and qualified farm indebtedness. The course also includes rules for attribute and basis reduction and line-by-line instructions for completing Form 982 as well as unique flow charts for each type of exclusion, taking students through the various steps and options related to each.

Course Title: Foreclosure & Debt Relief Issues
Study Level: Intermediate
Prerequisite: A basic understanding of income tax preparation
Field of Study: Taxation
CPE Credits: 3 Federal
Study Material: 36-page downloadable PDF file (great reference material)
Cost: $30.00 Interactive: This course meets CTEC and NASBA requirements for an interactive course.
CPE Acceptance: California, CTEC; Oregon, IRS and NASBA.

Study on-line at your own pace. Leave and come back and your work and answers will have been saved. When you finish, your on-line CPE certificate will be generated for printing or downloading.

Join us for this monthly workout at the tax gym! Increase your knowledge and awareness and make tax preparation less stressful. We look forward to your participation.

Coming in June will be a 2 hour course on California Registered Partners.

Click here to sign up for Foreclosure & Debt Relief Issues.

  • Lee Reams Sr.

  • Lee T. Reams is the Chief Technical Officer of ClientWhys. He is also an Enrolled Agent having managed a 600-plus client tax practice. Educated as an engineer, with a Bachelor's Degree in Mechanical Engineering, Lee left his engineering career in 1975 to expand his part-time tax practice into a full-time career.

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