Making the Best of Bad Situations: Tax Planning in a COVID-19 Environment WEBCAST

Overview

This course helps the practitioner understand planning considerations and potential problems when certain “bad situations” happen to his/her client. Updated for COVID-19 issues, this course will explore a variety of bad situations and provide the practitioner an understanding of the tax and non-tax circumstances to be considered when advising a client who is experiencing a bad situation in these trying times.

Highlights

The effect COVID-19 on a client’s total financial, estate, and asset protection plan. Understanding the issues revolving around the death of a client. Understanding medical issues. Understanding the tax and non-tax issues in divorce. Understanding the tax and non-tax issues in personal bankruptcy, cancellation of debt, foreclosure, repossession, and reporting of bad debts. Understanding the tax and non-tax issues of personal relationship matters, such as living together, property rights, premarital agreements, filing status, exemptions, and dependents. Understanding the support issues for spouses and former spouses. Understanding support issues for children of divorced or separated parents and the tax treatment of back child support. Understanding the business issues involved when the parties to a business breaks apart. Special issues, such as marital property rules, married versus unmarried tax rate comparisons, head of household status, and treatment of refunds and deficiencies.

Prerequisites

None.

Designed For

CPAs, EAs, attorneys, and financial planners.

Objectives

To provide the practitioner an understanding of the tax and non-tax issues of various circumstances that a client classifies as bad situations in this COVID-19 environment.

Preparation

None.

Notice

None.