Tax, Bankruptcy and Financial Problems 2022 ON DEMAND

Overview

This course explores many tax issues that arise from filing for bankruptcy. Also addressed are asset protection for the tax practitioner and medical costs covered under Section 213. There is an examination of property settlements and other transfers incident to divorce. A tax surprise for many taxpayers is the taxability of debt cancellation and repossessing property sold on the installment method can also be taxable. Finally, practitioners are brought up-to-date information on tax issues affecting estate planning and business issues.

Highlights

Federal bankruptcy. Marital property settlements - Section 1041. Asset protection. Medical costs -Section 213. Casualty and theft losses - Section 165. Debt cancellation and foreclosure, repossession and bad debts. Elderly and disabled planning. Catastrophic illness and healthcare decisions. Supplemental security income and disability benefits. Estate planning and primary dispositive plans.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Identify common types of bankruptcy filings and related provisions that impact individual or business filings. Specify marital property transfers and asset protection strategies including insurance and organization structures to achieve protection and access objectives while avoiding fraudulent transfers. Recognize medical costs and casualty and theft losses that may be deductible. Identify debt cancellation, foreclosure, and the deductibility and reporting of bad debts. Recognize elderly, disability, and estate planning programs and provisions to be considered for catastrophic and death planning purposes.

Preparation

None.

Notice

None.