Tax, Bankruptcy and Financial Problems ON DEMAND

Overview

Test the treacherous (and shark-infested) waters of tax, bankruptcy, and financial problems. This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of bankruptcy, property settlements, debt cancellation, and foreclosure. Current perspectives on asset protection, repossession, and bad debts are examined with an emphasis on planning considerations. The cancellation of indebtedness income inclusion rules are examined in the context of debt forgiveness and property foreclosure. Emphasis is given to the exceptions from income inclusion contained in Section 108. The tax treatment of property repossession under Section 1038 is explored with detail given to the calculation of gain and received property basis. Finally, eldercare and estate planning are reviewed and detailed.

Highlights

Bankruptcy. Transfers Incident to Divorce. Asset Protection. Medical, Charitable and Casualty. Debt Cancellation and Foreclosure. Repossession. Bad Debts. Elderly and Disabled Planning. Estate Planning.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Determine how the 2005 Bankruptcy Act changed procedures, qualifications, and tax law, and identify the most common bankruptcy types recognizing their influence on how an individual or business “goes bankrupt. “ Specify the rules for automatic stay and levy identifying their impact on “freezing” creditor activity, tax assessment, and collection. Identify the differences between preferential and non-preferential payments specifying the priority of creditor claims. Recognize when debt is discharged under various bankruptcy types and identify how to establish an individual bankruptcy estate determining its taxable income and filing requirements. Identify partnership and corporate bankruptcies, specify debts covered under homesteading, and determine permissible garnishment amounts and special garnishment rules, and more.

Preparation

None.

Notice

None.