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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Tax Aspects of Bankruptcy: All Need Not Be Lost (TAOB)

8-Hour Program

WHY ATTEND THIS COURSE?

When a business enterprise falls on hard times, the CPA’s knowledge of both tax law and bankruptcy law will be important. Learn how U.S. Code Title 11, US 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.

DESIGNED FOR...

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.

OBJECTIVE

Participants will be able to:

  • Calculate insolvency for federal income tax purposes
  • Explain how bankruptcy works
  • Assist clients in selecting 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

MAJOR SUBJECTS

  • 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 CPA’s role in bankruptcy

COURSE ACRONYM: TAOB

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Basic

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are 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.