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

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Get your clients ready for tax season

With the extended 2017 tax filing season drawing to a close, now is the time to get your practice and your clients ready for the 2018 season.

PRACTICE MANAGEMENT

2016 Best Article Award

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”