Tax Talk Today[R] Web cast covers Bankruptcy Abuse Prevention, Consumer Protection.

On the July 11 Web cast of Tax Talk Today, an expert panel of Internal Revenue Service officials and tax experts discussed the impact of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 on the tax administration, particularly as it affects Chapter 7 and Chapter 13 bankruptcies for individual debtors with tax liabilities.

Effective Oct. 17, 2005, BAPCPA has changed the landscape of bankruptcy filings for tax professionals. While the same three options for bankruptcy filings exist Chapter 7 Liquidation, Chapter 13 and Chapter 11 Reorganization--there are significant changes in terms of means testing, educational requirements for credit and debt counseling and procedures that include filing tax returns for taxable periods ending four years before the petition date

Failure to comply with these and other requirements set forth in the legislation can lead to dismissal, or can result in a Chapter 7 Liquidation instead of a Chapter 13 bankruptcy.

A full transcript of the Web cast--titled "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)"--can be accessed at www.taxtalktoday.tv/index.cfm?page=5.71. It is available until July 11, 2007. CPE credit may be available.

The next Web cast, "Collection and Examination Compliance Update," will be Tuesday, Sept. 12, from 2:00-3:00 p.m., ET. Visit www.taxtalktoday.tv for more information and registration.