This course helps the practitioner understand planning considerations and potential problems when certain “bad situations” happen to his/her client. It 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.
Learning Objectives
Upon completion of this seminar, participants will be able to:
Provide the practitioner an understanding of the tax and non-tax issues of various circumstances that a client classifies as bad situations
Major Topics
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.
