Being a small business owner is never easy, and the challenges of the COVID-19 pandemic make it even harder. As the economy reopens and businesses prepare for post-pandemic operations, many small business owners are looking for ways to manage the debt built up amid the pandemic. This webinar will discuss the tax considerations for managing debt and bankruptcy, the decision making process and considerations for bankruptcy, and updates on COVID-19 loan programs. We’ll take a look at:

• Income Tax Definitions of Debt
• Discharge-of-indebtedness income and modification of debt terms
  • Special considerations for partnerships
  • Special considerations for S corporations
• Bankruptcy Considerations
• Debt Guarantors
• Creditor’s Taxation
• Short-term and long-term ramifications of bankruptcy
• Alternatives to bankruptcy
• Paycheck Protection Program (“PPP”) Loans and other COVID-19 relief plans