Making the Best of Bad Situations: Tax Planning in a COVID-19 Environment

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.

Learning Objectives

To provide the practitioner an understanding of the tax and non-tax issues of various circumstances that a client classifies as bad situations in this COVID-19 environment

Major Topics

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

CPE Credits Available

Total CPE

8: Taxes

Things to Know About This Course

Course Level

Basic

Prerequisites

None

Advanced Preparation

None

Intended Audience

CPAs, EAs, attorneys, and financial planners

Provider

ACPEN