This course equips practitioners with the knowledge needed to help clients navigate complex tax and financial challenges. It addresses difficult client situations including divorce, bankruptcy, debt issues, and other personal and business matters that create significant tax consequences. The course provides key insights into the tax implications associated with these situations and highlights planning considerations practitioners should evaluate when advising clients. Participants will explore the tax treatment of divorce-related matters, including filing status, support obligations, and property division. The course also examines bankruptcy, debt cancellation, business dissolution, and other financial hardships that may affect a taxpayer’s reporting and obligations. Through practical discussion and analysis, participants will gain strategies to help clients make informed decisions while understanding the related tax implications. Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com
Learning Objectives
At the end of this course, you will be able to: Assess tax and financial considerations in challenging client situations Identify tax implications of divorce, including filing status, property division, and support obligations Explain tax consequences related to bankruptcy, debt cancellation, and foreclosure Evaluate tax treatment of cohabitation, premarital agreements, and dependency exemptions Determine tax implications of child support, alimony, and back child support Recognize tax effects of business dissolution and ownership changes Compare filing options for married and unmarried individuals Explain the tax treatment of refunds, deficiencies, and marital property rules
Major Topics
Tax considerations in complex client situations Divorce and separation tax issues Filing status considerations Property division and marital property rules Child support and alimony tax treatment Bankruptcy and debt cancellation Foreclosure tax consequences Business dissolution and ownership transitions Dependency and family tax issues Refunds, deficiencies, and taxpayer obligations
