- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
If a taxpayer client cannot pay the liability owed to the IRS in full, there are several options to consider. If installment payments are not possible, or the client does not qualify for an offer in compromise, then bankruptcy filing may be the only alternative. Bankruptcy can sometimes provide a more complete solution to the taxpayer's financial problems. This course is intended to be an awareness tool for the tax practitioner. You will learn the basic bankruptcy rules, the types of bankruptcies, classification of tax claims, and which taxes are dischargeable according to the IRS. You will also touch on how to prepare your client to file bankruptcy, including the tax consequences, tax strategies, and finally some bankruptcy planning for your individual and business clients. This intermediate level course is most appropriate for the professional with detailed knowledge of bankruptcy tax law or the professional seeking to expand his or her knowledge base.
Upon successful completion of this course, the user should be able to:
recognize the basic rules for bankruptcy, the different types of bankruptcies, and proof of claims procedures,
determine the classification and prioritization of tax claims against the debtor,
identify which tax liabilities, interest, and penalties are dischargeable by bankruptcy, and
recognize tax filing obligations and bankruptcy planning strategies for both individual and business clients.