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Discharging Income Taxes through Bankruptcy

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CVA
  • EA
  • ORTP
  • Maryland Tax Preparer
  • CBA/MCBA

Published: June, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Tax vs. Bankruptcy Important Differences
    4 mins
  • Secured Tax Debts
    10 mins
  • Priority Tax Debts
    18 mins
  • Non-Priority (Dischargeable) Taxes
    30 mins
  • Special Tolling rule for OIC's
    40 mins

Course Description

Bankruptcy is a legal process available to an individual or business to either eliminate debt or reorganize their debt so they can move forward. Through this process, you may be able to stop foreclosures and repossessions, stop harassing creditor phone calls, stop creditor lawsuits and eliminate debt. 

There are several bankruptcy options that may be filed; Chapter 7, Chapter 11, and Chapter 13 are the most common. Which of these bankruptcy chapters you may be qualified to file depends on many different criteria and questions to be answered.

Since the bankruptcy code has several rules that have to be followed in order to discharge Tax debt.​The answer to this question should come from someone like tax attorney Larry Heinkel who has helped thousands of people like you since 1983 to make the right decision for their situation.

There are several options to eliminate your tax debt, including:

  • A payment plan,
  • A settlement via Offer in Compromise (OIC),
  • Challenging the actual amount of the liability, and
  • Discharging the tax debt through bankruptcy. 

This online CPE webinar covers the following key topics:

  • Learn how “older” income taxes can be discharged in bankruptcy. 
  • Learn how an OIC is not always the only (or BEST!) option for the affluent taxpayer. 
  • Learn how to make money and avoid malpractice by advising clients and bankruptcy attorneys when and whether a tax debt can be eliminated through bankruptcy.

Click to access more webinars on IRS Audit | Trust & Estate Planning | Accounting & Auditing CPE webinars 

Learning Objectives

  • To identify which taxes can be eliminated in bankruptcy and which cannot
  • To recognize taxes in bankruptcy than most bankruptcy attorneys know
  • To identify various ways of making money and avoid malpractice with clients owing large amounts to IRS.

Recommended For

  • This Online Continuing Education webinar is recommended for CPAs, EAs, CVAs, AFSP, PFS, and Tax Professionals who want to help their clients discharge their income taxes liabilities through bankruptcy

Who Should Attend?

  • California Registered Tax Professional
  • Certified Management Accountant (CMA)
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Personal Financial Specialist (PFS)
  • Practice Administrators
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0165)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00154-20-S)
  • 1 CPE Credit of Taxes for Certified Valuation Analyst (CVA)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00154-20-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00154-20-S)
  • 1 CPE Credit of Taxes for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Larry Heinkel, LLM

Tax & Bankruptcy Attorney, Tax Problem Solver

Mr. Heinkel has degrees in accounting, law and a master’s in tax law (LL.M.) (all with honors) and has been published in the Notre Dame Law Journal, the Journal of Real Estate Taxation, and The Florida Bar Journal among others. Mr. Heinkel is a nationally-known expert on tax procedures and resolution, representing people literally all over the world. Further, he is also probably one of the very top experts in discharging taxes in bankruptcy and has presented boot camps, seminars, webinars and other presentations and on this and resolution-related topics around the country. He also graciously makes himself available to consult with other professionals around the country, usually free of charge.


About Company

Tax Problem Solver

taxproblemsolver.com/

We have a team of seasoned tax professionals (attorneys, CPAs, EAs, former IRS Appeals Officer, etc.) who successfully resolve tax problems for people and companies literally worldwide.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.7

73 Ratings

Excellent

56

Very Good

14

Average

3

Poor

0

Terrible

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KO

Karen Oakes

Jun 17th, 2020

the platform was fine, but presenters need to be shown how to use question box.

CL

Cheryl Leichtman, CPA (US)

Jun 17th, 2020

I was terrified of filing a bankruptcy petition for clients who have tax debt for fear of committing malpractice until I attended Larry Heinkel's webinar on discharging tax debt. He provided expert information so that I can confidently file a bankruptcy petition without fear of malpractice.

BT

Brett Thompson, Accountant

Jun 17th, 2020

Great session! It was very interesting to get insight on how to effectively discharge taxes in bankruptcy. The instructor laid out an important and relevant component of this process. I learned skills that I did not know prior to attending this session.