Bankruptcy Tax Issues - Mini CourseCode: 25-BANK2

Price: $19.95
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Course Details

59 pages
Course description and objectives:

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 both examines these changes that debtors will face when filing for federal bankruptcy and also explores the many tax issues of bankruptcy. Practitioners will also learn about other issues such as homesteading and garnishment by creditors.

Learning Objectives
After completing this course, you should be able to:

  • Analyze the 2005 Bankruptcy Act by identifying changes to bankruptcy procedures and qualifications comparing the three most common types of bankruptcy filings and select the appropriate bankruptcy filing using a debtor's status as an individual or business and their ability to pay off creditors.
  • Explain the scope of the automatic stay, the recoupment preferential transfers, and the priority of creditor claims categorizing dischargeable and nondischargeable debts based on bankruptcy filing.
  • Outline the creation of a separate individual bankruptcy estate determining its taxable income, appropriate deductions, and special tax year elections and contrast individual with partnership and corporate bankruptcy comparing filing bankruptcy requirements, debt discharge and asset liquidations including reorganizations.
  • Describe the purpose of homestead laws and available homestead types including the degree of homeowner protection afforded and identify the special rules, terms, and application of garnishment laws
  • Presentation Method: QAS Self-Study

    Category: Taxation

    CPE credit: 2 Hours

    Program Level: Update

    Prerequisites: None

    Advance Preparation: None

    Exam expiration date: Participants must submit exams for grading within one year from the date of purchase



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    In today's economic with many individuals not working due to Covid-19, Americans debt is growing. Many individuals and families don't have the ability to pay their debt. This is an excellent course for accountant to study and offer clients useful options to possibly eliminate debt.
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