Defensive Divorce ON DEMAND

Overview

This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital dissolutions and living together arrangements. Current perspectives on property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined with an emphasis on planning considerations. Property settlements, basis allocation, third party transfers, and purchases between spouses are explored and analyzed. Special attention is given to the division of business interests, retirement plans (including QDROs), insurance policies, and the family residence.

Highlights

Basic marital tax matters. Transfers incident to divorce. Alimony and child support. Selected marital tax issues outside of divorce.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Specify multiple tax implications to consider when going through a divorce and recognize the requirements and effects of filing as married or unmarried. Identify the requirements for filing a joint return and how to avoid being penalized. Determine the key elements of filing separate returns including what items to report and identify whether or not married taxpayers should file separate returns. Cite the requirements for filing as head of household and the tax advantages and disadvantages of this filing status. Recognize the repeal of personal exemptions, their pre-2018 phaseout, availability, and reporting requirements. Identify the requirements for pre-2005 dependency particularly relationship, married person, citizen or resident, and income. Specify the former regular and special method for determining support recognizing complications from back child support. Determine the current “qualified child” standard using residency, relationship, age, and joint return prohibition. Identify requirements that must be met for parents to treat a child as a qualifying child of a non-custodial parent. Identify deductible and nondeductible divorce expenditures specifying which spouse is subject to tax imposed upon withheld wages and recognize the effects of making separate estimated tax payments or joint declarations of estimated tax. Determine community property and the community property states and identify the effects of conversion and commingling of property. How to avoid such marital property issues. Identify community income earned by married couples for reporting purposes.

Preparation

None.

Notice

None.