Tax, Bankruptcy, and Financial Problems (Mini)

  • Credits: 3
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01784-21-S | 6233-CE-0504 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© March 2021 General Understanding of Federal Income Tax Self-Study eBook
COURSE 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 §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.

Topics include:
  • Federal bankruptcy
  • Marital property settlements - §1041
  • Asset protection
  • Medical costs -§213
  • Casualty & theft losses - §165
  • Debt cancellation & foreclosure, repossession & bad debts
  • Elderly & disabled planning
  • Catastrophic illness & healthcare decisions
  • Supplemental security income & disability benefits
  • Estate planning & primary dispositive plans 

Learning Objectives:

After reading the course material, you will be able to:

  1. Identify common types of bankruptcy filings and related provisions that impact individual or business filings.
  2. Specify marital property transfers and 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.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC