The new 2005 Bankruptcy Act has made the most controversial and significant changes to the Bankruptcy Code since the 1978 Bankruptcy Code was passed. Fifteen years in the making, Congress finally passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. This course is an overview of the entire Bankruptcy Code after integrating the 2005 changes. The changes include Mandatory Credit Counseling for most applicants for bankruptcy. Under the new law, bankruptcy applicants who wish to file under Chapter 7 must meet certain eligibility requirements under a “means test.” Changes in creditor priority means that those who are owed unpaid child support and alimony take priority over any other creditor. Before any debt can be discharged, bankruptcy debtors must participate in a government-approved financial management education program.

This course has been updated to reflect tax law and tax form changes in 2009. The American Opportunity Credit has been added as an education credit. Increases in the modified adjusted gross income were made for computing IRA deductions. If a motor vehicle was purchased after February 16, 2009, taxpayers could add the state or local sales tax or excise tax as an itemized deduction or as an increase in the standard deduction. The First-Time Homebuyer Credit was expanded in 2009. The Earned Income Credit was increased for taxpayers with three children. Personal Casualty and Theft loss deductions for 2009 must exceed $500 per event (up from $100). New tax laws included the American Recovery and Reinvestment Act; Worker, Homeownership, and Business Assistance Act of 2009. A new law signed by President Obama on January 22, 2010 (Pub. Law 111-126) allows taxpayers to choose to deduct certain charitable contributions of money on your 2009 tax return instead of your 2010 return. The contributions must have been made after January 11, 2010, and before March 1, 2010, for the relief of victims in areas affected by the January 12, 2010, earthquake in Haiti. Contributions of money include contributions made by cash, check, money order, credit card, debit card, or via cell phone.

This course has been reviewed to reflect current tax law and regulations.

This course has been rewritten to reflect recent and current regulations, industry practices, jargon, events, trends, etc., including the following:

• SFAS 141(R), Business Combinations, replacing SFAS 141 in December 2007 as part of the convergence toward IASB standards, amending SFAS 109 and SFAS 142; subsequent codification of this authoritative literature into FASB ASC Topic 805, resulting in changes in guidance provided in SFAS 141 and other authoritative pronouncements

• Various other authoritative pronouncements and guidance, such as the following:

  • FASB ASC 985-605 (formerly SOP 97-2)

  • Guidance on revenue recognition from the SEC

  • Guidance incorporated into the FASB Accounting Standards Codification(TM) from the Emerging Issues Task Force (EITF)

  • FASB ASC 605-35-15-3 (formerly ARB 45)

  • FASB ASC 605-15-25 (formerly ARB 48)

  • FASB ASC 605-45-45 (formerly EITF 99-19)

  • FASB ASC 350-40 (formerly SOP 98-1)

  • FASB ASC 730 (formerly SFAS 2)

  • FASB ASC 730-10 (formerly FIN 6)

  • FASB ASC 985-20 (formerly SFAS 86)

  • FASB ASC 360 (formerly SFAS 144)

This course has been updated to reflect current tax law and regulations.

This course covers both PCAOB Auditing Standards No. 5 and No. 6.

This course has been updated to reflect current tax law and regulations.

This course now includes a discussion regarding recent changes in the Offer in Compromise requirements, Collection Due Process rules, the Pre-Filing Agreement Program, and the new online Installment Agreement procedure. Tax rates and dollar amounts related to filing requirements are current.