1099-C
Reporting
The Facts. The Myths. The Questions.
A NorthLegal Webinar
(Presented December 18, 2008)
• |
How
a loss sustained after a foreclosure should be reported? |
• |
Whether
the credit union may threaten 1099c reporting as a way to
encourage borrowers to repay? |
|
With
the end of the year approaching, now is the time for credit
unions to take another look at their their 1099-C "Cancellation
of Debt" reporting requirements.
Do you know:
|
Exactly
when a 1099-C must be filed. At charge-off? Sooner? Later? |
• |
Whether
bankrupt accounts be reported to the IRS, and, if so, when? |
• |
Whether
there is any "down side" to reporting early (such
as at charge off)
just to get it out of the way? What's the worst that could
happen? |
Report too late
and risk penalties. Report
too soon and risk the loss of the right to collect your loan
-- even if it's secured! |
|
• |
Who
is responsible for reporting accounts that have been assigned
to a collection agent? |
• |
What
the credit union's responsibilities are when a debt that has
been reported with a 1099-C is paid in full or in part? |
And the big question:
• |
Whether
the credit union may sue to recover a debt even after filing
a 1099-C. |
Credit union rights attorney Eric North
has studied and followed development of IRS regulations on this subject
since they were first introduced, and during this program he talks with
participants about these issues, and more.
Join
credit union professionals from across the country to learn the
steps you can take before the end of 2008 to help you avoid wasting
time with unproductive reporting while still ensuring your credit
union is in compliance!
Click
to Enroll Now
Like
other NorthLegal Webinars, this program gives your credit union the
opportunity to train several staff members for
a single low price, right in the convenience of your office!
NOTE: This
program is intended for employees of credit unions. If you are not
a credit union employee, please contact NorthLegal Training and Publications
to obtain approval before registering.
Cost/Registration
The registration fee for this program is $125.00 per
telephone/Internet connection if paid by credit card (online or by telephone), $135.00 if
paid by check.
(Checks must be received by NorthLegal prior to the
beginning of the program. Sorry, but we cannot invoice for this event.) For that
single price, you may have as many participants as you wish listen (over a single
telephone line and Internet connection)
in a conference room or office!
Regions
Affected
This
program is not state-specific, and will be important to credit unions
from around the country.
Co-Hosts
Although credit unions from any state may attend this program, this program
is jointly hosted by NorthLegal Training and Publications, by the credit
union leagues and associations serving:
Arizona
California
Colorado
Delaware
Hawaii
Kentucky
Louisiana
Massachusetts
Mississippi
Montana
New Hampshire
Nevada
|
North Dakota
Oklahoma
Oregon
Rhode Island
South Dakota
Tennessee
Utah
Vermont
Washington
West Virginia
Wyoming |
by the following regional assocations:
The
California Credit Union Collectors Council
The NorthWest Credit Union Collectors Association
and by the
law firm of Moore, Brewer, Jones, Tyler & North
How
to Attend
a Webinar
To attend this program you will need access to a telephone and an Internet
connection. The audio portion will be heard over a toll-free telephone line
(we find you get the most reliable and clear connection that way), and a slide
and document presentation will be viewed over the Internet. More details about
how to participate will be provided upon registration or (if you would like
details before registering) may be obtained by calling NorthLegal Training
and Publications.
5115 N. Dysart Road, No. 202-500
Litchfield Park, Arizona 85340
Telephone: 623.537.7150
Facsimile: 623.537.7921
Email: NLBC@culaw.com
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NorthLegal Webinars
NorthLegal Bankruptcy Conference for CUs
Speaker: Eric North
 Eric
North, the primary speaker at the programs listed on this site, has represented
the interests of credit unions and other financial institutions as an attorney
with respect to litigation, compliance, governance, bankruptcy and collections
matters since 1984. Eric has appeared in state and federal
courts throughout the State of California, and has argued before the Ninth
Circuit Court of Appeal.
Eric is also a nationally recognized speaker on legal issues relating
to consumer lending institutions, and has
presented hundreds of programs on behalf of national, state and local
leagues and associations from around the country.
Watching your training
budget? NorthLegal
Webinars allow you to train multiple employees for one low fee.
Webinar scheduling conflict? No
problem. Just register, skip the program, and contact NorthLegal
to arrange a replay of the presentation at a time that is more
convenient for you. You get all the benefits of a live program,
plus the ability to "pause" the program to take notes
or to discuss the materials being presented. |
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