Unfortunately, some of your clients may be faced with bankruptcy issues at some point. Be prepared to answer their questions and correctly prepare their returns.
2 CPE for EA, CPA, CRTP, CFP®
$52 for Members and $64 for Nonmembers
Generally when taxpayers are in financial distress, their property is foreclosed upon and any debt associated with that property could be cancelled. If the debt is cancelled, taxpayers have taxable income to report unless they are considered insolvent. The calculation used to determine if a taxpayer is insolvent can be complex and cumbersome. This webinar will examine the calculation of insolvency in great detail. This webinar will also discuss the reduction of tax attributes associated with excluding cancelled debt due to insolvency.
Upon the completion of this on-demand webinar, you will be able to:
Presented by: Melinda Garvin, EA
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