This course helps the practitioner understand planning considerations and potential problems when certain “bad situations” happen to his/her client. This course will explore a variety of bad situations and provide the practitioner an understanding of the tax and non-tax circumstances to be considered when advising a client who is experiencing a bad situation.
Course ID: BADX
Making the Best of Bad Situations – 2017
- To provide the practitioner an understanding of the tax and non-tax issues of various circumstances that a client classifies as bad situations.
- Understanding the tax and non-tax issues in divorce
- Understanding the tax and non-tax issues in personal bankruptcy, cancellation of debt, foreclosure, repossession, and reporting of bad debts
- Understanding the tax and non-tax issues of personal relationship matters, such as living together, property rights, premarital agreements, filing status, exemptions, and dependents
- Understanding the support issues for spouses and former spouses
- Understanding support issues for children of divorced or separated parents and the tax treatment of back child support
- Understanding the business issues involved when the parties to a business break apart
- Special issues, such as marital property rules, married versus unmarried tax rate comparisons, head of household status, and treatment of refunds and deficiencies.