Troubled Companies

Expertise for the Path Ahead

Marietta CPAs specializes in multiple levels of service for Chapters 7, 11, and 13 Bankruptcy including services for Trustees, Debtors, and Debtors In Possession. In these often complex circumstances, our tax providers utilize our nearly 30 years of experience aiding trustees, working hand-in-hand throughout the entire process.

Services for Bankruptcy Trustees

We provide a thorough analysis of assets and accounting on Forms 1 & 2 to determine whether a tax filing is required
We perform a thorough analysis of fraudulent transfers and preferential payments in avoidance actions including prior tax years to identify assets or income available to the bankruptcy estate.
We provide detailed reporting of any possible fraudulent transfers and offer expert testimony
We offer preparation of the bankruptcy estate tax returns for Federal and State.
We prepare the 60 Day Prompt Tax Liability Determination letters to the IRS Insolvency Unit.

Court Appointed Receiver

We are able to serve as a court-appointed receiver in both Federal and State issues.
We provide assistance to a receiver already in place.
We help to preserve the viability of the lender’s assets through responsible management of the property involved to prevent significant devaluing of the property.
We can oversee improvement projects and leasing agreements that can potentially increase the overall value of the property.

Services for Debtors in Possession

We provide an analysis of income and expenses and prepare the Notice 2006-83 statement to allocate income between the debtor’s Individual Form 1040 and the Bankruptcy Estate’s Form 1041.
We offer preparation of the bankruptcy estate tax returns for Federal and State along with the debtor’s individual income tax returns for Federal and State.
We can provide assistance with Monthly Operating Reports filed with the bankruptcy court.

Corporate Wind Down

We can prepare a cash flow analysis for troubled companies to determine alternatives for the best possible course of action available.
We assist in the corporate wind down process maintaining the interest of the company employees, creditors, and attorneys.
We will prepare necessary tax filings including W-2s, 1099s.
We coordinate, manage and respond to tax-related notices.

Cancellation of Debt

We educate clients on the tax consequences that could arise from a cancellation of debt including the impact on tax attributes.
We will prepare the proper reporting required related to cancellation of debt on Form 982 Reduction of Tax Attributes.
We will explore the best strategy and approach to a situation when facing a possible cancellation of debt

Not Sure Where to Start?

Are you interesting in learning more about how we can help guide your tax situation, but not sure where to begin? We can help. Our team of tax professionals can answer any questions you might have and help you get started.

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