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Product Format : Webinar

Aired Time : Available OnDemand

Duration : 120 minutes

Expert : Robert E. McKenzie

Access the Tools to Optimize the Tax Consequences for Your Bankrupt Clients (or Your Business)

Bankruptcy Questions Answered – tax filing for bankrupt customers. Preparing taxes for individuals in bankruptcy adds an extra layer of complexity to an already-challenging process. Bankruptcy has major implications for tax returns and the amount of money owed to the Internal Revenue Service (IRS). On top of that, how bankruptcy is handled in tax returns changes annually. And failure to anticipate and plan for tax impacts in such scenarios can have unexpected consequences on your clients (or your business).

Learn about the special rules for taxation of individuals in chapters 7, 11, and 13 in this information-packed webinar hosted by taxation lawyer Robert E. McKenzie. McKenzie starts with the basics of bankruptcy and moves on to expand your working knowledge and understanding of bankruptcy as it relates to taxes while also exploring unusual taxation situations and consequences.

Expand your working knowledge and understanding of the tax filing requirements for bankrupt tax payers, tax filing requirements for the bankruptcy estate, and learn how to complete forms 1041 and 982. You will also understand the discharge of indebtedness and taxes discharged by bankruptcy and get to know filing obligations for different bankruptcy protections.

After attending this webinar ‘Bankruptcy Questions Answered – tax filing for bankrupt customers ‘, you will gain access to the tools you can use to assist your clients better (or optimize your tax consequences as a business owner). Plus, you’ll be more confident in your ability get more clients in the future.

Session Highlights

Attend this webinar to learn:

  • The basics of bankruptcy
  • Tax filing requirements for bankrupt tax payers
  • Tax filing requirements of the bankruptcy estate
  • Special rules for taxation of individuals in chapters 3, 7, and 11
  • Discharge of indebtedness and the taxes discharged by bankruptcy
  • Filing obligation under Chapter 7, Chapter 11, and Chapter 13
  • How to complete forms 1041 and 982

NASBA & IRS Category of Study: Taxes

Level: Basic

Who Should Attend

  • Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Attorneys
  • Tax Preparers
  • Finance and accounting professionals
  • Personnel in accounting and taxation firms
  • Personnel in law firms dealing with tax issues
  • Profit businesses involved in joint ventures with non-profit organizations
  • Small business owners

 

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About the Speaker

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 thousands of CPA’s, attorneys and enrolled agents nationwide. He has made numerous media appearances including Dateline NBC and The ABC Nightly News. He dedicates a major portion of his time to representation before the IRS. In 2017 Mr. McKenzie received the American Bar Association Civil and Criminal Tax Penalties Committee’s Jules Ritholz Award.  The award recognizes McKenzie’s dedication and achievement in the field of tax controversy. 

From 2009 to 2011, Mr. McKenzie was a member of the IRS Advisory Council, which advises IRS management. He has been selected as a Fellow of the American College of Tax Counsel and served as its  President from 2017 to 2018. He was vice-chair of the ABA Tax Section (2003-2005). Mr. McKenzie is past chairman of the Employment Tax Committee, past co-chair of the Task Force for Bankruptcy Legislation of the ABA Section on Taxation and past chairman of the Chicago Bar Association Federal Tax Committee. He was Dean of the National Tax Practice Institute (1998-2002).  Additional information can be found on Mr. McKenzie’s website, mckenzielaw.com, where he also keeps an active tax blog.

Mr. McKenzie received his J.D. with High Honors from the Illinois Institute of Technology, Chicago Kent College of Law.

 

Additional information

Training Format

Transcript, Webinar, Webinar + Transcript