Surprise! Clients in Bankruptcy May Still Owe Taxes
Taxpayers suffering through foreclosure and bankruptcy don’t just have the pain of losing their property to worry about—they may also face substantial tax burdens courtesy of the Internal Revenue Code, which can impose taxes upon the cancellation of debt. For pros offering assistance in this situation, there are exceptions to be aware of and special reporting requirements to adhere to.
Learn from taxation lawyer Robert E. McKenzie, as he walks you through taxation issues raised by bankruptcy and foreclosures in this detail-packed webinar. McKenzie explains how bankruptcy affects tax returns and what sort of money may be owned to the IRS. Many taxpayers may be surprised to learn that bankruptcy now means they have extra tax burdens to handle—so you need to be prepared to guide them through this particularly difficult time.
After attending this webinar, you will know how personal bankruptcy affects the tax returns you prepare for clients—and the money they owe to the IRS. You will understand the taxation of cancelled debt; exceptions to taxation under Section 108; reporting requirements on the capital gains aspects of foreclosure; and special rules for individuals in Chapters 7, 11 and 13.
The IRS takes discharge of indebtedness seriously—make sure you are prepared to represent your clients ably.
Join this webinar to learn:
Taxation issues raised by bankruptcy
Taxes discharged by bankruptcy
The role you can play in a client’s bankruptcy
Taxation of cancelled debt
Exceptions to taxation under Section 108
Reporting requirements on the capital gains aspects of foreclosure
How bankruptcy affects tax return preparation (and money owed)
Special rules for taxation of individuals in Chapters 7, 11, and 13
Robert E. McKenzie is a partner of the law firm of Saul Ewing Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the Internal Revenue Service and state agencies. He has lectured extensively on the subject of taxation. He has presented courses before tho...