Overview
This course helps the practitioner understand planning considerations and potential problems when certain “bad situations” happen to his/her client. Updated for COVID-19 issues, this course 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 in these trying times.
**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 leighanne.conroy@acpen.com.
Prerequisites
None
Objectives
Highlights
- The effect COVID-19 on a client’s total financial, estate, and asset protection plan
- Understanding the issues revolving around the death of a client
- Understanding medical issues
- 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 breaks apart
- Special issues, such as marital property rules, married versus unmarried tax rate comparisons, head of household status, and treatment of refunds and deficiencies
