Bankruptcy

Chapter 13: Tax Considerations

Since the bankruptcy law was amended in 2005, many individuals have been channeled to Chapter 13, under which a debtor typically pays off a greater amount of debt through a court-approved repayment plan.

Taxpayers Who Did Not Establish Insolvency Must Recognize COD Income

Taxpayers who settled a credit card debt for $4,412 less than they owed in 2008 had to include that amount in income because they did not prove they were insolvent under Sec. 108(a)(1)(B) at the time of the debt discharge (Shepherd, T.C. Memo. 2012-212). Sec. 108(a)(1)(B) excludes cancellation of debt

Basic Bankruptcy Treatment of Income Tax for Individuals

This item attempts to clarify whether income taxes can be dismissed in bankruptcy and discusses certain aspects of bankruptcy and other options that CPAs need to be aware of in order to best represent their individual clients.

Newsletter Articles

50th ANNIVERSARY

50 years of The Tax Adviser

The January 2020 issue marks the 50th anniversary of The Tax Adviser, which was first published in January 1970. Over the coming year, we will be looking back at early issues of the magazine, highlighting interesting tidbits.

PRACTICE MANAGEMENT

2019 tax software survey

This annual survey shows how CPAs rate the tax preparation software they used during last tax season and how it handled the recent tax law changes.