Divorce Taxation

ebook

By Brian C. Vertz

cover image of Divorce Taxation

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Format

ebook

Author

Brian C. Vertz

Publisher

James Publishing

Release

08 September 2023

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Subjects

National Family Law Practice Guide

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REVISION 21 HIGHLIGHTS

This 21st edition of Divorce Taxation updates the governing law and offers practical and strategic advice for handling the complicated tax issues that may arise in a divorce. The highlights include coverage of:

Property Transfers & Distribution of Assets and Liabilities:

  • Practical tips for dividing interest-bearing securities (bonds) in a divorce
  • Virtual currency: how losses are reported; full disclosure of assets during equitable dissolution proceedings; valuation and tracing of NFT's and cryptocurrency
  • Gig economy tax reporting
  • State income tax issues when divorcing spouses live and work in different states

    Tax Aspects of Valuation and Net Income

  • Determining and valuing reasonable compensation
  • Deciphering individual income tax and business tax returns
  • Employee retention credits and marital settlement agreements

    Kiddie Tax

  • Responsibility for filing
  • Sample language to include in a marital settlement agreement to cover payment of the tax on the child's unearned income; increasing child support or alimony for this purpose; and the cost of preparing the child's return

    Tax Filing Status

  • Impact of separation agreement on filing status
  • Advantages of filing jointly, specifically re: income thresholds for IRA contributions
  • Practical considerations re filing status for older couples dealing with medical expenses

    Relief From Joint and Several Liability (Innocent Spouse Relief):

  • Not available for payroll tax non-payment penalties (i.e., trust fund penalties)

    Retirement Benefits and Accounts: Impact of SECURE Act 2.0.

    Interest, Penalties, Tax Crimes & Offshore Accounts

  • Estimated tax payments: penalties for failure to pay; divorced spouses cannot pay jointly
  • FBAR penalties: what is a violation; when does violation occur (per form or account)?

    Updates to the Appendix of tax forms

    AND MORE!

    • Format

    ebook

    Author

    Brian C. Vertz

    Publisher

    James Publishing

    Release

    08 September 2023

    Share

    Subjects

    National Family Law Practice Guide
    Divorce Taxation