Bankruptcy Tax Issues 2022 ON DEMAND

Overview

The Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to minimize abuse of the bankruptcy system. Included in this Act were tax law changes and other changes that individuals, partnerships, and corporations will see in the bankruptcy procedures and qualifications. This mini course examines these changes that debtors face when filing for federal bankruptcy and explores the many tax issues of bankruptcy. Practitioners will also learn about other issues such as homesteading and garnishment by creditors.

Highlights

Tax law changes. Bankruptcy types. Automatic stay. Preferences. Priorities. Debt discharge. Individual bankruptcy estate. Individual debtor. Corporate bankruptcy. Homesteading and garnishment.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Identify changes made by the 2005 Bankruptcy Act, the common types of bankruptcy, and filing qualifications. Determine the impact of an automatic stay, the treatment of preferential transfers, the priority of claims, and the discharge of debts. Recognize the creation and taxation of an individual bankruptcy estate specifying partnership and corporate bankruptcy differences. Identify the scope of and special rules for homesteading and garnishment.

Preparation

None.

Notice

None.