Quickfinder - Helping Clients Through Troubled Times

Do you have clients who may be facing economic uncertainty? This course will help you understand the options available and how to choose the best strategy for your client’s situation.

Major topics in this course include:
Weathering a downturn in the economy
The tax professional’s role in financial planning
Data gathering and analysis
Creating a budget and managing expenses
Dealing with creditors
Dealing with IRS
Tax aspects of debt forgiveness
Foreclosures
Bankruptcy and other options

This is a standalone self-study CPE course. All materials required for course completion are included. No Quickfinder Handbook required.

CPAs, please consult your state's requirements to determine if our course qualifies in your state.
EAs, please note, this course does not qualify for CPE credit for Enrolled Agents.

OVERVIEW

COURSE DESCRIPTION: This interactive self-study course provides guidance to help clients who may be facing economic uncertainty, including available alternatives and options.

PUBLICATION/REVISION DATE: July 2009

PREREQUISITE/ADVANCE PREPARATION: None

CPE CREDIT: 8 QAS Hours, 8 Registry Hours

Check with the state board of accountancy in the state in which you are licensed to determine if they participate in the QAS program and allow QAS CPE credit hours. This course is based on one CPE credit for each 50 minutes of study time in accordance with standards issued by NASBA. Note that some states require 100-minute contact hours for self study. You may also visit the NASBA website at www.nasba.org for a listing of states that accept QAS hours.

CFP CREDIT: 4 CE Hours - CFP Credit hours are one half the number of CPE credit hours

FIELD OF STUDY: Administrative Practice

EXPIRATION DATE: Postmark by September 30, 2010

KNOWLEDGE LEVEL: Basic

LEARNING OBJECTIVES

Lesson 1: Tax Aspects of Foreclosure and Debt Forgiveness
Completion of this lesson will enable you to:
• Identify the tax impact of foreclosures and debt discharges.

Lesson 2: Bankruptcy
Completion of this lesson will enable you to:
• Identify bankruptcy options as well as alternative actions to obtain relief.

Lesson 3: Dealing with the IRS
Completion of this lesson will enable you to:
• Recognize the payment options available when dealing with delinquent amounts owed to the IRS.

Lesson 4: The Evils of Debt
Completion of this lesson will enable you to:
• Identify factors that affect the client’s ability to obtain a loan.
• Discuss the critical aspects of borrowing and repayment.

Lesson 5: Credit and Credit Score
Completion of this lesson will enable you to:
• Describe the actions to take in improving a client’s credit and credit score and how to handle identity theft.

Lesson 6: Dealing with Creditors
Completion of this lesson will enable you to:
• Negotiate with a lender’s loss mitigation department.
• Identify mortgage related terms and laws.
• Discuss various alternatives to foreclosures and collection practices.

Lesson 7: Guiding Your Client Through Financial Challenges
Completion of this lesson will enable you to:
• Identify fundamental principles that will help guide clients through financial challenges.

Lesson 8: Financial Coaching
Completion of this lesson will enable you to:
• Define your role as an advisor/coach to help clients achieve their goals, and choose the appropriate operational model for your practice.

Lesson 9: Data Gathering and Initial Analysis
Completion of this lesson will enable you to:
• Apply the planning process and determine the reporting standards that apply.
• Analyze financial data.

Lesson 10: Helping the Client Create a Budget and Manage Expenses
Completion of this lesson will enable you to guide the client through the budgeting process by:
• Helping the client save for goals in his life and identifying limiting beliefs.
• Discussing the way clients deal with the need for instant gratification.

Lesson 11: Quantifying Clients’ Financial Goals
Completion of this lesson will enable you to:
• Quantify the client’s goals utilizing various tools.

Lesson 12: Investor Opportunities—Buying Short Sales, Mortgages and REOs
Completion of this lesson will enable you to:
• Describe short sales, notes, and REOs from the investor’s perspective, and using IRA funds for investments.

TO COMPLETE THIS LEARNING PROCESS

Send your completed Examination for CPE Credit Answer Sheet, Course Evaluation, and payment to:

Thomson Reuters
Tax & Accounting - R&G
DCTTG09 Self-study CPE
36786 Treasury Center
Chicago, IL 60694-6700

See the test instructions included with the course materials for more information.

ADMINISTRATIVE POLICIES

For information regarding refunds and complaint resolutions, dial (800) 323-8724 for Customer Service and your questions or concerns will be promptly addressed.