Bad Debt Deductions and Debt Write Offs Webinar

EVENT DESCRIPTION

With the looming economic recession, understanding the rules for claiming tax deductions for bad debts is more important than ever. In an economic downturn, the possibility increases that taxpayers won’t be fully paid for trade receivables and other debt instruments.

In order to reduce the financial hit from bad debts, it is important to understand the tax provisions applicable to partially worthless, wholly worthless, secured and non-business bad debts. What is considered a bad debt to a business person may not necessarily represent a bad debt for tax purposes.

Topics Covered

Definition of Debt and Basic Distinctions from Equity
Rules for Deducting Business Bad Debts v. Nonbusiness Bad Debts
Wholly worthless debts v. Partially Worthless Debts
Documentation of Worthlessness
Difference in Rules for Cash and Accrual Method Taxpayers