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Author: |
Elan Becker, Enrolled Agent (EA) |
Course Length: |
Pages: 3 ||| Review Questions: 6 ||| Final Exam Questions: 10 |
CPE Credits: |
2.0 |
IRS Credits: |
2 |
Price: |
$29.95 |
Passing Score: |
70% |
Course Type: |
Video - IRS Enrolled Agents |
Technical Designation: |
Technical |
Field Of Study: |
Taxes |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
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Frequently Asked Questions: |
1. Who is this course for? This course is designed for CPAs, accountants, IRS Enrolled Agents, and tax advisors who need to understand bankruptcy estate taxation, Form 1041 filing requirements, and their tax compliance responsibilities when working with bankruptcy trustees and legal counsel. 2. What is this course about or what problem does this course solve? This course explains how bankruptcy estates are taxed, including Chapter 7 versus Chapter 11 distinctions, pre- and post-petition tax obligations, income and deduction allocations under IRC Section 1398, and common Form 1041 compliance mistakes. 3. Where can the knowledge from this course be used? The knowledge can be applied when preparing bankruptcy estate tax returns, allocating income and deductions between debtors and estates, evaluating asset sales and debt discharge, and coordinating tax reporting with bankruptcy trustees and attorneys. 4. Why is this course important to a CPA, Accountant, or IRS Enrolled Agent? This course helps tax professionals recognize bankruptcy estate filing obligations, avoid reporting errors, address complicated tax transactions, and fulfill their compliance responsibilities without performing legal functions reserved for bankruptcy counsel. 5. When is this course relevant or timely? Released in 2026, this course is relevant whenever tax professionals advise clients involved in Chapter 7 or Chapter 11 bankruptcy proceedings, particularly when determining pre- and post-petition reporting obligations or preparing Form 1041. 6. How is a course like this consumed or used? This 2.0-credit CPE and 2-credit IRS video course is delivered through QAS self-study, requires no prerequisites or advance preparation, and awards credits after participants pass a 10-question final examination with a score of at least 70% within one year of purchase. |
Description: |
The purpose of this course is to help tax advisors understand their own compliance responsibilities within tax related tasks involving a bankruptcy estate and how to work effectively alongside bankruptcy counsel but NOT perform legal functions. Core Focus Areas
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Usage Rank: |
0 |
Release: |
2026 |
Version: |
1.0 |
Prerequisites: |
None. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
Internal: Tax, Bankruptcy, and Financial Problems - v15
Internal: Dealing with Debt and Interest - v15
External: IRS Publication 908 - Bankruptcy Tax Guide and Bankruptcy Estate Tax Filing Requirements
External: IRS Instructions for Form 1041 - Bankruptcy Estate Income Tax Returns
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
04-Nov-2026 |
NASBA Course Declaration: |
Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
Keywords: |
Bankruptcy Estates and Form 1041: What Tax Advisors Miss (Video) - CPE course for CPAs |
Learning Objectives: |
Course Learning Objectives After completing this course, participants will be able to:
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Course Contents: |
Chapter 1 - Bankruptcy Estates and Form 1041: What Tax Advisors Miss Chapter 1 Review Questions Glossary of Key Terms |
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