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Course Information

Course No: 9270423

Course Name: Bankruptcy Tax Issues

Field of Study: Tax Law Topic

Course Description:

The Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to minimize abuse of the bankruptcy system. Included in this Act were tax law changes and other changes that individuals, partnerships, and corporations will see in the bankruptcy procedures and qualifications. This mini-course both examines these changes that debtors will face when filing for federal bankruptcy and also explores the many tax issues of bankruptcy. Practitioners will also learn about other issues such as homesteading and garnishment by creditors.

Learning objectives: After completing this section, you should be able to:

Identify changes made by the 2005 Bankruptcy Act, the common types of bankruptcy and filing qualifications.
Determine the impact of an automatic stay, the treatment of preferential transfers, the priority of claims, and the discharge of debts.
Recognize the creation and taxation of an individual bankruptcy estate specifying partnership & corporate bankruptcy differences.
Identify the scope of and special rules for homesteading and garnishment.

Course Material: Online Material

Program level: Overview

Prerequisites: General understanding of federal income taxation.

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits: 2.0

Final examination expiration date: The program participant will have one year from the date of purchase to complete the course and final examination.

Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.