Tax Aspects of Bankruptcy On-Demand Webinar
With the massive economic impact of COVID-19, this course will prepare tax professionals to to better advise their client(s) on bankruptcy and insolvency issues. Including to identify tax debts that can or cannot be discharged by bankruptcy and the client’s tax filing responsibility. This session complements the Repossession, Debt Restructuring and Cancellation webinar with minimal overlap of information.
Upon completion of this course, you will be able to:
- Briefly review the concept and history of bankruptcy
- Distinguish between a taxpayer who is bankrupt and one who is insolvent
- Understand the role of the U.S. trustee’s office in a bankruptcy
- Understand the time limits and other restrictions that must be met before a bankruptcy proceeding can be filed
- Review the most significant Chapters of the Bankruptcy Code and review the intricacies of Chapter 7, Chapter 11 and Chapter 13, with a specific focus on tax aspects
- Understand the significance of and calculate the “means test” for an individual to file under Chapter 7
- Identify federal exempt property and consider the rules of residency that apply to use of alternative state exempt property
- Review the tax filing responsibility of a taxpayer that files under one of the three chapters covered
- Understand the use and computation of the election to split a tax year under IRC §1398
This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.
Lawrence Zimbler, MST, EA