IRS Bankruptcy Tax Issues

IRS Bankruptcy Tax Issues
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Price: $19.99
Credits: 2.0
Prerequisite: None
Level: Overview
Model: YJ2ER-T-00291-24-S
Author: Danny Santucci
Average Rating: Not Rated
Fields of study: Taxes
Format: PDF

This course is specifically for Enrolled Agents that need to report to the IRS.

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 Assignment & Objectives

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


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

  • Tax law changes
  • Bankruptcy types
  • Automatic stay
  • Preferences
  • Priorities
  • Debt discharge
  • Individual bankruptcy estate
  • Individual debtor
  • Corporate bankruptcy
  • Homesteading & garnishment

Learning Objectives

After reading the materials, participants will be able to:

  1. Analyze the 2005 Bankruptcy Act by identifying changes to bankruptcy procedures and qualifications comparing the three most common types of bankruptcy filings and select the appropriate bankruptcy filing using a debtor’s status as an individual or business and their ability to pay off creditors.
  2. Explain the scope of the automatic stay, the recoupment preferential transfers, and the priority of creditor claims categorizing dischargeable and nondischargeable debts based on bankruptcy filing.
  3. Outline the creation of a separate individual bankruptcy estate determining its taxable income, appropriate deductions, and special tax year elections and contrast individual with partnership and corporate bankruptcy comparing filing bankruptcy requirements, debt discharge and asset liquidations including reorganizations.
  4. Describe the purpose of homestead laws and available homestead types including the degree of homeowner protection afforded and identify the special rules, terms, and application of garnishment laws.

Revision Date: 3/27/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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