In recent months, the U.S. has seen an influx of companies declaring bankruptcy, most citing COVID-19 as part of the problem. While many businesses may have been in trouble before the government-ordered shutdowns nationwide, the pandemic has dug many companies into the ground. Now, more than ever, people are in need of resources that will help them through this difficult transition.
NATP is here to help. It’s important for tax professionals to become familiar with the tax obligations of their clients for those choosing bankruptcy and foreclosure. We offer some educational webinars discussing topics specific to these situations:
Repossession, Debt Restructuring, and Cancellation on-demand webinar
Description: With the massive economic impact of the COVID-19 shut-downs, this webinar is intended as a refresher to the basic economic and tax issues of foreclosures, repossessions, and debt cancellation. Most of the issues will be considered from both the borrower and lender perspective.Tax Aspects of Bankruptcy on-demand webinar
Description: With the massive economic impact of COVID-19, this course will prepare tax professionals to better advise their client(s) on bankruptcy and insolvency issues. Including to identify tax debts that can or cannot be discharged by bankruptcy and the client’s tax filing responsibility.
About National Association of Tax ProfessionalsThe National Association of Tax Professionals (NATP) is the largest association dedicated to equipping tax professionals with the resources, connections and education they need to provide the highest level of service to their clients. NATP is comprised of over 23,000 leading tax professionals who believe in a superior standard of ethics and exemplify professional excellence. Members rely on NATP to deliver professional connections, content expertise and advocacy that provides them with the support they need to best serve their clients. The organization welcomes all tax professionals in their quest to continually meet the needs of the public, no matter where they are in their careers.
The NATP headquarters is located in Appleton, WI. To learn more, visit www.natptax.com.
Information included in this article is accurate as of the publish date. This post is not reflective of tax law changes or IRS guidance that may have occurred after the date of publishing. All taxpayer circumstances are different, and NATP recommends contacting research services if you have specific questions about your clients’ tax situations.