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: September 2010

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

Enrolled Agents: This CPE course is designed to enhance professional knowledge for Enrolled Agents. Gear Up is a qualified CPE Sponsor for Enrolled Agents as required by Circular 230 Section 10.6(g)(2)(ii).

CFP® CREDIT: 2 CE Hours - CFP® credit hours are one half the number of CPE credit hours.

FIELD OF STUDY: Administrative Practice

EXPIRATION DATE: September 30, 2011

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.

• Identify bankruptcy options as well as alternative actions to obtain relief.

• Recognize the payment options available when dealing with delinquent amounts owed to the IRS.

• Discuss the loan to value ratio and the current standards for mortgages available to homebuyers.
• Describe refinancing a loan, PMI, reverse mortgages, borrowing from a retirement plan and the use of credit cards.

• Describe the actions to take in improving a client's credit and credit score and how to handle identity theft.

• Negotiate with a lender's loss mitigation department.
• Discuss mortgages, deeds of trust, the clauses related to mortgages, mortgage rights and the ways to reinstate a past due mortgage.
• Identify a borrower's alternatives to a foreclosure on their property.

• Identify fundamental principles that will help guide clients through financial challenges.

• Define your role as an advisor/coach to help clients achieve their goals, and choose the appropriate operational model for your practice.

• Apply the planning process and determine the reporting standards that apply.
• Calculate financial information applicable to personal finance, such as personal liquidity ratio, debt-to-income ratios, debt ratios, and potential cash out on a home.

• Identify coaching techniques that will guide a client in a savings program for the future.
• Discussing the way clients deal with the need for instant gratification.

• Negotiate with a lender's loss mitigation department.
• Discuss mortgages, deeds of trust, the clauses related to mortgages, mortgage rights and the ways to reinstate a past due mortgage.
• Identify a borrower's alternatives to a foreclosure on their property.

• Describe short sales, notes, and REOs from the investor?s perspective, and using IRA funds for investments.