Tax, Bankruptcy and Financial Problems ON DEMAND

Overview

This online self-study CPE course is tailored to equip professionals with the skills to effectively manage the intricate aspects of tax, bankruptcy, and financial issues. It delves into the strategic tax implications of bankruptcy and property settlements, teaching how to handle debt cancellation and foreclosure scenarios adeptly. Participants will gain a thorough understanding of asset protection strategies, repossession processes, and managing bad debts. The course also focuses on eldercare and estate planning, providing a holistic view of financial management. Key topics include an in-depth analysis of the cancellation of indebtedness income inclusion rules and their exceptions under Section 108, along with the tax treatment of property repossession under Section 1038. By applying these concepts through practical case studies, participants will enhance their ability to make strategic decisions in complex financial situations, adding significant value to their professional roles.

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.