This course helps the practitioner understand planning considerations and potential problems when certain “bad situations” happen to his/her client. This course will explore a variety of bad situations and provide the practitioner an understanding of the tax and non-tax circumstances to be considered when advising a client who is experiencing a bad situation.
At the end of this course you will be able to: Recognize tax and non-tax issues of various circumstances that a client classifies as bad situations.
Understanding the tax and non-tax issues in divorce, Understanding the tax and non-tax issues in personal bankruptcy, cancellation of debt, foreclosure, repossession, and reporting of bad debts, Understanding the tax and non-tax issues of personal relationship matters, such as living together, property rights, premarital agreements, filing status, exemptions, and dependents, Understanding the support issues for spouses and former spouses, Understanding support issues for children of divorced or separated parents and the tax treatment of back child support, Understanding the business issues involved when the parties to a business break apart,Special issues, such as marital property rules, married versus unmarried tax rate comparisons, head of household status, and treatment of refunds and deficiencies.
CPAs, EAs, attorneys, and financial planners