Description:
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 section 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.

Delivery Method: Online Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Author: Danny Santucci

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 02/13/2020

Technical Details:

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Objectives:
1. Identify common types of bankruptcy filings and related provisions that impact individual or business filings.
2. Specify clients regarding marital property transfers, and list 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. Identify debt cancellation, foreclosure and the deductibility and reporting of bad debts.
5. Recognize elderly, disability and estate planning programs and provisions to be considered for catastrophic and death planning purposes.

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NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-T-00142-14-S