Financial setbacks such as bankruptcy, divorce, foreclosure, debt forgiveness, and property repossessions often create complex tax consequences that can significantly affect individuals and families. Understanding how tax rules apply during challenging financial situations is essential for helping clients navigate unexpected events while minimizing adverse tax outcomes.
This course examines the tax treatment of common personal and financial hardships, including marital dissolution, property transfers, asset divisions, alimony considerations, filing status issues, child support, debt cancellation, foreclosures, repossessions, and bad debts. Participants will explore the tax implications of cancellation of indebtedness income, the exceptions available under Internal Revenue Code Section 108, repossession rules under Section 1038, and bad debt treatment under Section 166.
Major Topics:
- Tax Issues in Divorce and Separation
- Property Transfers and Asset Division
- Alimony and Child Support Considerations
- Filing Status and Dependency Issues
- Cancellation of Indebtedness Income
- Foreclosure Tax Consequences
- Section 108 Exclusions and Exceptions
- Property Repossessions Under Section 1038
- Bad Debt Treatment Under Section 166
- Tax Planning During Financial Hardship
Learning Objectives:
- Identify tax consequences associated with bankruptcy, divorce, foreclosure, and debt-related events.
- Recognize the tax treatment of property transfers, asset divisions, alimony, and support arrangements.
- Analyze cancellation of indebtedness income rules and applicable exclusions under Section 108.
- Evaluate the tax implications of property repossessions and bad debt deductions.
- Apply tax planning strategies to help clients navigate financial and personal setbacks.
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Information Technology
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Self Study
- IRS Course ID: PJGWS-T-00142-26-S
- Attendance Requirement: Yes
- Session Duration: 2 Hours
Who Will Benefit:
- Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Estate Planning for Certified Financial Planner
- Federal tax-related matters for California Registered Tax Preparers
- Estate Planning for Personal Financial Specialist
- Estate Planning for Chartered Financial Analyst
- Taxes for Certified Wealth Strategist
- Estate Planning for Trust and Estate Practitioners
- Taxes for Delaware Licensed Public Accountant
- Estate Planning for Retirement Income Certified Professional
- Taxes for Iowa Licensed Public Accountant
- Estate Planning for Chartered Advisor in Philanthropy
- Estate Planning for Chartered Special Needs Consultant
- Estate Planning for Certificate in Investment Performance Measurement
- Taxes for Retirement Management Advisor
Speaker Profile:
Elan Becker is an Enrolled Agent admitted to practice before the IRS and the founder of Enrolled Agent Concierge, a boutique tax advisory practice known for white-glove service, responsiveness, and practical tax solutions. The firm guarantees a 48-hour client response time or the next month is free. With over a decade of experience in accounting, auditing, operations, and tax, Elan specializes in tax advisory, compliance, and resolution, guiding entrepreneurs and high-net-worth individuals through complex IRS codes to make tax work in their favor.
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Information Technology
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Self Study
- IRS Course ID: PJGWS-T-00142-26-S
- Attendance Requirement: Yes
- Session Duration: 2 Hours
A self-study course allows you to complete an educational program at your own pace and convenience, without attending a scheduled live webinar.
Depending on the course, the program may include:
- Recorded educational content
- Presentation materials and handouts
- Learning objectives
- Review questions
- Final assessment/examination
- Course evaluation
- Certificate of completion
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Your purchased self-study courses will be available there, along with applicable course instructions and materials.
Yes. Self-study programs are designed to provide flexibility and allow you to complete the educational content at your convenience, subject to the access period specified for the particular course.
To receive IRS CE credit, you must successfully complete all applicable course requirements.
These may include:
- Completing the required educational content
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- Successfully passing the final assessment/examination
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Yes. Qualifying self-study programs include a final assessment/examination where required.
Participants must achieve the applicable passing score to receive credit.
For IRS self-study programs, the required passing score is 70%.
Yes. We provide online self-study continuing education programs for tax and accounting professionals.
Our qualifying programs are designed to provide IRS Continuing Education (CE) credits for eligible tax professionals, subject to the specific course and applicable IRS requirements.
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If the course is being completed for IRS CE, you may be required to provide your Preparer Tax Identification Number (PTIN) and other required information.
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Yes, where downloadable materials are included with the course.
Materials may include:
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Yes, you may generally review the course content during your authorized access period.
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Self-Study Course
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