Description
Gain a better understanding of bankruptcy law and the impact of federal and state taxable income as well as tax attributes as a result of bankruptcy.Bankruptcy can be a complicated endeavor for those who do not practice in the arena frequently. Previously unencountered scrutiny of financial projections, cash flow, and accounting can put pressure on a company and its financial team. In addition, laws and rules need to be followed to the letter of the law to ensure that an entity is taking advantage of all bankruptcies advantages while avoiding pitfalls. This course will help you understand the expectations for a bankrupt entity with financial projecting and reporting, what tools will assist the entity throughout the process, and from a legal and accounting standpoint, what to expect and how to create advantages.
Date: 2022-07-28 Start Time: End Time:
Learning Objectives
Before Bankruptcy • Warning Signs
• Operational Warning Signs
• Financial Warning Signs
• Legal Warning Signs
Financial and Accounting Tools for Bankruptcy
• MORs
• 13-Week Cash Flow
• Monthly Indirect Cash Flow (Projecting P&L, Balance Sheet to Create CFS)
Fresh Start Accounting
• What Is It?
• When Is a Company Eligible for It?
• How Is It Implemented?
Discharging Tax Debt
• When Can a Company Discharge Tax Debt?
• What Happens to Tax Liens?
• What Priority Are Various Taxing Entities?
Other Tax Items
• Cancellation of Debt
• Restructuring Could Trigger Capital Gains
• Must Be Aware of Effect on Parent Company If a Pass Through
AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Kirk B. Burkley, Esq.-Bernstein-Burkley, P.C., Michael T. Von Lehman – Meridian Management Partners, LLC
