Tax Consequences of Bankruptcy: COD Income, Reduction of Tax Attributes, and Personal Tax Liability for Pass-Through Entities
Note: CLE credit is not offered on this program
A live 110-minute CPE webinar with interactive Q&A
This webinar will cover the critical considerations of individual taxpayers, shareholders in S corporations, and LLC members who are considering filing for bankruptcy. Our bankruptcy experts will analyze the tax ramifications of bankruptcy, including COD income and exclusions, the reduction and ordering of tax attributes, how the type of bankruptcy affects the tax consequences, and personal tax liability concerns for owners of flow-through entities that file for bankruptcy.
Outline
- Tax considerations of bankruptcy: introduction
- Types of bankruptcy
- Personal liability of owners of flow-through entities
- Cancellation of debt (COD) income
- Tax attributes
- Reduction in bankruptcy
- Form 982
- IRS debt
- Other considerations
Benefits
The panel will cover these and other critical issues:
- Types of bankruptcy and the relative tax implications of each
- When members should be concerned about personal tax liability for an insolvent LLC or partnership
- How S corporation bankruptcy differs from partnership bankruptcy
- Recognizing and avoiding COD income in bankruptcy
Faculty
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Kenneth J. DeGraw, CPA, CFE, CFP
Partner
Withum Smith+Brown
Mr. DeGraw has more than 35 years of experience in public accounting and includes working with business entities and... | Read More
Mr. DeGraw has more than 35 years of experience in public accounting and includes working with business entities and their related ownership to address and resolve financially challenging situations. As a leader in the Firm’s Forensic and Valuation Services group, he provides services in the areas of insolvency, receivership, bankruptcy, and forensic accounting amongst others. Mr. DeGraw also provides tax compliance and criminal tax controversy services to individuals and businesses within a broad cross-section of industries. He has also provided expert witness and testimony in a variety of litigation matters.
CloseEarly Discount (through 02/10/23)
CPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event.
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NASBA details.
Cannot Attend March 9?
Early Discount (through 02/10/23)
CPE credit is not available on downloads.
CPE On-Demand