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Course Details

Tax, Bankruptcy and Financial Problems - Mini Course (Course Id 141)

Updated / QAS / Registry / EA   Add to Cart 
Author : Danny C Santucci, JD
Status : Production
CPE Credits : 3.0
IRS Credits : 3
Price : $29.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 141

Description :

This course explores many tax issues that arise from filing for bankruptcy. Also addressed are asset protection for the tax practitioner and medical costs covered under 213. There is an examination of property settlements and other transfers incident to divorce. A tax surprise for many taxpayers is the taxability of debt cancellation and repossessing property sold on the installment method can also be taxable. Finally, practitioners are brought up-to-date information on tax issues affecting estate planning and business issues.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 12-Sep-2017
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.
Approved Audience :

NASBA QAS - NASBA Registry - IRS Enrolled Agents - 141

Keywords : Taxes, Tax, Bankruptcy, Financial, Problems, Mini, Course, cpe, cpa, online course
Learning Objectives :

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

      At the start of the materials, participants should identify the following topics for study:

    * Federal bankruptcy
    * Marital property settlements - 1041
    * Asset protection
    * Medical costs -213
    * Casualty & theft losses - 165
    * Debt cancellation & foreclosure, repossession & bad debts
    * Elderly & disabled planning
    * Catastrophic illness & health care decisions
    * Supplemental security income & disability benefits
    * Estate planning & primary dispositive plans
Learning Objectives:

      After reading the materials, participants will be able to:
    1. Identify common types of bankruptcy filings and related provisions that impact individual or business filings.
    2. Specify marital property transfers and asset protection strategies including insurance and organization structures to achieve protection and access objectives while avoiding fraudulent transfers.
    3. Recognize medical costs and casualty and theft losses that may be deductible.
    4. Identify debt cancellation, foreclosure and the deductibility and reporting of bad debts.
    5. Recognize elderly, disability and estate planning programs and provisions to be considered for catastrophic and death planning purposes.
Course Contents :

Chapter 1 - Tax, Bankruptcy and Financial Problems

 

Federal Bankruptcy

Bankruptcy Types

Chapter 7 - Liquidation

Availability

Chapter 11- Reorganization

Availability

Chapter 13 - Wage-Earner Plan

Availability

Automatic Stay

Preferences

Trust Fund Taxes

Priorities

Super Priority Claims

Secured Claims

Federal Tax Liens

Priority Claims

Debt Discharge

Chapter 7 Discharge

Chapter 11 Discharge

Chapter 13 Discharge

Discharge of Taxes

Tax Liens

Individual Bankruptcy Estate

Separate Entity

Tax Attribute Carryovers

Filing Requirements

Taxable Income

Individual Debtor

Marital Property Settlements - 1041

Application of 1041

Mandatory Scope

Property vs. Income

Incident to Divorce

Related To Termination

Transfers in Trust

Third Party Transfers

Property Basis

Passive Activity Loss Property

Negotiated Property Divisions

Adjudicated Property Divisions

Holding Period

Notice & Record keeping

Purchases between Spouses

Asset Protection

Basic Protection Concepts

Types of Creditors

Evading Creditors

Fraudulent Transfers

Badges of Fraud

Statute of Limitations

Permissible Asset Transfers

Insurance

Asset Placement

Individual Ownership

Sole Proprietorship

Corporate

Trusts

Types of Trusts

Revocable Trust

Irrevocable Trusts

Business Trusts

Foreign Trusts - 679

Asset Protection Trusts - APTs

Medicaid Trust

Co-Tenancy

Tenancy in Common

Joint Tenancy with Right of Survivorship

Partnership

Family Partnerships

Charging Orders

Limited Liability Company

Retirement Plan

Retirement Fund Protection in Bankruptcy

Custodianship

Estate

Medical Costs - 213

Spouse

Separate Returns

Community Property States

Dependents

Adopted Child

Child of Divorced or Separated Parents

Multiple Support Agreements

Decedents

Medical Deductions

Meals & Lodging

Expenses of Transportation

Cosmetic Surgery

Permanent Improvements

Lifetime Care Advance Payments

Reimbursement of Expenses

Amounts Deductible

Health Savings Accounts (HSAs) - 223

Benefits

Qualifications

High Deductible Health Plan (HDHP)

Amount of Contribution

Establishing an HSA

Distributions

Qualified Medical Expenses

Casualty & Theft Losses - 165

Casualty

Theft

Mislaid or Lost Property

Nondeductible Losses

Proof of Loss

Amount of Loss

Theft

Recovered Property

Related Expenses

Protection Cost

Repair & Replacement Costs

Limitations

Disaster Area Losses

Special Residence Rule

Loss on Deposits

Debt Cancellation & Foreclosure

Exceptions from Income Inclusion

Reduction of Tax Benefits (Attributes) - 108(b)

Basis Reduction

Foreclosure

Nonrecourse Indebtedness

Recourse Indebtedness

Mortgage Relief Act of 2007

Principal Residence

Qualified Principal Residence Indebtedness

Acquisition Indebtedness

Reporting

Form 1099A

Discounted Acquisition of Debt

Transactions Involving Related Parties

Repossession

Personal Property

Basis of Repossessed Personal Property

Bad Debt

Real Property

Figuring Gain on Repossession

Limit on Taxable Gain

Repossession Costs

Character of Gain

Basis of Repossessed Real Property

Bad Debt

Sellers Former Home Exception

Bad Debts

Non-Business Bad Debts

Totally Worthless

Required Basis or Income Inclusion

True Debt

Loan or Gift

Political Debts

Reporting

Recovery

Business Bad Debts

Credit Transactions

Income Inclusion

Accrual Method Taxpayers

Cash Method Taxpayers

Reporting

Methods of Treating Bad Debts

Specific Charge-Off Method

Nonaccrual-Experience Accounting Method

Elderly & Disabled Planning

Managing the Estate

Joint Tenancy

Conservatorship

Durable Power

Revocable Living Trust

Catastrophic illness

Medicare

Medicaid

Health Care Decisions

Supplemental Security Income

Disability Benefits

Blind

Kidney Disease

AIDS

Estate Planning

Unlimited Marital Deduction

Outright To Spouse

Marital Deduction Trust

Qualified Terminable Interest Property Trust

Applicable Exclusion Amount

Spousal Portability of Unused Exemption Amount - 2010(c)(2)

Stepped-up Basis & Modified Carryover Basis

Modified Carryover Basis - 1022

Limited Basis Increase for Certain Property

2010 Special Election

Primary Dispositive Plans

Simple Will

Danger for Larger Estates

Probate

Assets Not Subject to a Will

Assets Subject to a Will

Living A-B Revocable Trust

Living A-B-C (QTIP) Trust

Family Documents

Living Will

Property Agreement & Inventory

Durable Power Of Attorney

Power of Attorney for Health Care

Conservatorship

Funeral Arrangements

Anatomical Gifts

 

GLossary

Taxes Course 141 Home: https://www.cpethink.com/tax-cpa-courses
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