Add an IRS Report

A new report may be added to the IRS Reporting view by selecting the appropriate report from the drop down list and selecting the Add push-button.  The Add IRS Report dialog is displayed.  The user enters the appropriate fields and selects the OK push-button.  The report is displayed in the IRS Reporting view.  The user may cancel an add request by selecting the Cancel push-button on the Add IRS Report dialog.  

Reports may only be added with a date in the current year or with a prior year while the Final IRS Notice indicator on the Bank Control Organization table is still No.  The Add an IRS Report function is disabled for inactive accounts.

Follow these steps to add an IRS report:

1. From the IRS Reporting view, select the report to add from the drop down list to the left of the Add push-button.

2. Select the Add push-button.  The Add IRS Report dialog is displayed.

3. Specify the Effective Date on which the debt was forgiven or the institution became aware of the abandonment.  The user may enter the date in the appropriate date format or select the Calendar widget and select the date.

4. Indicate the Total Amount of the debt forgiven/abandoned including principal, interest, penalties, fines, and administrative costs.  If the Notice is 1099-C Only, the amount must be specified.

5. Specify the Interest Amount (interest that was not included in the Total Amount).

6. Provide a description of the Origin of Debt being forgiven/abandoned.  When this field is not entered it defaults to Consumer Loan.

7. In the Fair Market Value field indicate the appraised value of the property.

8. Indicate the balance of debt outstanding when the property was forgiven or abandoned using the Principal Balance Out field.

9. Specify a description of the property in the Property Description field.  

10. Using the appropriate radio button indicate if the associated debt is in Bankruptcy.

11. Select the OK push-button.  The Add IRS Report dialog is closed and the IRS Reporting view is displayed with the new report.

12. To cancel the add report request, select the Cancel push-button.  When the push-button is selected, the Add IRS Report dialog is closed and the IRS Reporting view is displayed.

13. Select the Save push-button.  If the save is successful, the report(s) are saved to the Recovery Accounting database. If the save is not successful, the errors are displayed in the Messages dialog.