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.
Delivery Method: Online Self Study
Advanced Preparation: None
Policies: Click here
Field of Study: NA
Passing Score: 70%
For More Detail:
Lesson 1: Bankruptcy Tax Issues
1. Recognize the 2005 Bankruptcy Act by identifying changes to bankruptcy procedures and qualifications naming the three most common types of bankruptcy filings and identify the appropriate bankruptcy filing using a debtor's status as an individual or business and their ability to pay off creditors.
2. Define 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.
3. Outline the creation of a separate individual bankruptcy estate showing its taxable income, appropriate deductions, and special tax year elections and define individual, partnership and corporate bankruptcy noting filing bankruptcy requirements, debt discharge and asset liquidations including reorganizations.
4. Recognize 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.
For More Objectives:
CPA: Suitable for all CPAs
IRS: Enrolled Agents Program Number 263UK-T-00113-14-S