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Tax Bankruptcy and Financial Problems - Mini CourseCode: 24-TBFP2
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Course description and objectives:
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 §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.
After reading the materials, participants will be able to:
1. Identify the three most common types of bankruptcy filings and related provisions that impact individual or business filings.
2. Advise clients regarding marital property transfers, asset protection strategies including insurance and organization structures to achieve protection and access objectives while avoiding fraudulent transfers.
3. Recognize medical costs and casualty and theft losses that may be deductible.
4. Explain debt cancellation, foreclosure and the deductibility and reporting of bad debts.
5. Specify elderly, disability and estate planning programs and provisions to be considered for catastrophic and death planning purposes.
Presentation Method: Self-Study
CPE credit: 3 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase