Bankruptcy law goes into effect Oct. 17.
bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most law goes into effect Oct. 17: CPAs should be aware that
the Bankruptcy Abuse Prevention and Consumer Protection Act The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Pub.L. 109-8, 119 Stat. 23, enacted 2005-04-20), provided for significant changes in Bankruptcy in the United States, was passed by the 109th United States Congress on April 14, 2005 and signed into law of 2005 goes
into effect Oct. 17. For CPAs, the act means they may find that their
fiscally challenged clients will have an increasing need for timely tax
advisory and preparation services. For a summary of the act, visit
www.calcpa.org/californiacpa/articles/2005/0602.htm.
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