Course ID: TAOB

Tax Aspects of Bankruptcy: All Need Not Be Lost

When a business enterprise falls on hard times, the CPAs knowledge of BOTH tax law and bankruptcy law will be important. Learn how Title 11, U.S. Code (Bankruptcy) interacts with Title 26 (Income Tax). This program includes recent changes to both bankruptcy law and tax law that affect the insolvent taxpayer. Learn how to determine which bankruptcy provisions apply to common situations; the CPA’s role in bankruptcy accounting and tax planning; common tax issues arising before, during, and after bankruptcy; cancellation of indebtedness issues; and options available for reorganizing the troubled enterprise.

  • Calculate insolvency for federal income tax purposes
  • Explain how bankruptcy works
  • Assist clients to select the appropriate bankruptcy option
  • Properly account for debt forgiveness income and reduction of tax attributes
  • Provide tax planning for bankruptcy and insolvency
  • Provide tax compliance for the insolvent business enterprise
  • Recognize and deal with issues that failing businesses commonly face
  • Work with attorneys and Bankruptcy Courts to provide accounting services to insolvent taxpayers

  • Different types of bankruptcy . . . “Chapter 11” . . . “Chapter 7″ . . . Chapter 13”
  • Who qualifies for bankruptcy
  • What property is exempt from claims of creditors
  • What special tax rules apply to the insolvent taxpayer
  • Tax elections only available to insolvent taxpayers
  • Proper reporting of information on Forms 1099 A and 1099 C
  • What debts cannot be discharged
  • The CPAs role in bankruptcy

Experienced tax practitioners who will be advising clients in financial restructuring, or reorganization in bankruptcy, and those who want to expand their services in this specialized area of tax planning and compliance

Experience with tax law and bankruptcy

Nichols Patrick CPE, Inc



This course is available to be scheduled as:

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