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.

ASSIGNMENT

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.

2024 Easy Update & Inflation Adjustments
Mini-Course Description
This mini-course examines key individual, business, retirement, and estate tax provisions recently enacted or indexed for inflation in an overview format that is easy to reference. The emphasis is on quick access to major tax changes having special meaning to the tax practitioner and return preparer. The course is a great resource and a way for professionals and staff alike to easily get the "big chunks" and bring their professional knowledge up to speed.


Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below:
After reading the materials, participants will be able to:
1. Recognize the various issues affected by inflation and recent tax law developments especially as they relate to individual tax brackets, exemptions & deductions, the AMT, the child tax credit, alimony,  HSAs,  education plans, and energy credits.
2. Determine the key business tax issues affected by inflation adjustments and recent legislative changes, including corporate tax rates, entertainment expenses, tax credits & deductions, bonus depreciation, expensing, standard mileage rates, employment taxation, repatriation of foreign income, small business stock, partnership taxation, and excessive compensation.
3. Specify differences between various retirement plans, including inflation-adjusted contribution limits and phaseout limits, and determine estate taxes by identifying trust income tax rates and determining applicable exclusion amounts.
After studying the materials, answer exam questions 1 to 30.


Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None

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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