Product Description
Relatively few practitioners understand both bankruptcy and taxes--and yet some of the most creative and effective solutions for resolving tax problems can often be on the bankruptcy side. Resolving Your Clients' Tax Liabilities: Tax Code and Bankruptcy Code Remedies (Second Edition) is completely updated to reflect the most recent developments in tax problem resolution, including coverage of the sweeping changes from the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. This practical guide provides insightful explanation and analysis of the important issues and opportunities at the intersection of tax law and bankruptcy law, with the emphasis on solutions and strategies for individuals. All those involved in tax practice can benefit from it's important discussion. It describes and clarifies the current complex legal framework in which practitioners must labor to resolve tax liability issues for their clients. It provides practical tools--cautions, planning notes, examples and more--guiding the practitioner toward the best remedy for a client's specific situation.
In nine comprehensive chapters, this helpful resource addresses the rules and strategies to help practitioners advise clients with confidence. The book introduces the various remedies available and their advantages and disadvantages. It explores tax remedies, such as using the statute of limitations, installment agreements, offers in compromise, and the innocent spouse rules and describes how a secured tax claim works. The guide includes a discussion of federal tax liens and the treatment of the federal tax lien in bankruptcy and explains unsecured bankruptcy Chapter 7 claims focusing on the nine classes of priority claims. Bankruptcy Chapters 11, 13, and 12 are explored in detail as well as dischargeability of tax debt. A helpful section reviews the bankruptcy rules applicable to the IRS' claims for pre-petition and post-petition tax, interest and penalties, along with unliquidated claims, the scope of bankruptcy court jurisdiction, the automatic stay, claim filing by a governmental unit and forcing claim determinations when a claim is not filed and sovereign immunity issues, and much more. This insightful, updated resource also includes many practice aids, including sample bankruptcy plans, self-assessment questions to help practitioners understand the concepts, case study materials, related IRS flowcharts, and more.