Bankruptcy Questions Answered - For CPAs, Attorneys & Tax Payers
Duration: 120 Minutes
Preparing taxes for individuals in bankruptcy adds an extra layer of complexity to an already challenging process. Bankruptcy has major implications for tax returns and the amount of money owed to the Internal Revenue Service (IRS). On top of that, how bankruptcy is handled in tax returns changes annually. And failure to anticipate and plan for tax impacts in such scenarios can have unexpected consequences on your clients (or your business).
Objectives of the Presentation
Why Should you Attend
- The basics of bankruptcy
- Tax filing requirements for bankrupt tax payers
- Tax filing requirements of the bankruptcy estate
- Special rules for taxation of individuals in chapters 3, 7, and 11
- Discharge of indebtedness and the taxes discharged by bankruptcy
- Filing obligation under Chapter 7, Chapter 11, and Chapter 13
- How to complete forms 1041 and 982
Learn about the special rules for taxation of individuals in chapters 7, 11, and 13 in this information-packed webinar hosted by taxation lawyer Robert E. McKenzie. McKenzie starts with the basics of bankruptcy and moves on to expand your working knowledge and understanding of bankruptcy as it relates to taxes while also exploring unusual taxation situations and consequences.
Expand your working knowledge and understanding of the tax filing requirements for bankrupt tax payers, tax filing requirements for the bankruptcy estate, and learn how to complete forms 1041 and 982. You will also understand the discharge of indebtedness and taxes discharged by bankruptcy and get to know filing obligations for different bankruptcy protections.
After attending this webinar, you will gain access to the tools you can use to assist your clients better (or optimize your tax consequences as a business owner). Plus, you'll be more confident in your ability to get more clients in the future.
Who will Benefit
- Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Preparers
- Finance and accounting professionals
- Personnel in accounting and taxation firms
- Personnel in law firms dealing with tax issues
- Profit businesses involved in joint ventures with non-profit organizations
- Small business owners