News & Analysis as of

Divorce Internal Revenue Code (IRC)

Divorce is the formal legal dissolution of a marriage. The divorce process implicates many diverse areas of the law including, but not limited to, real estate, wills and trusts, child custody, and tax.
Fox Rothschild LLP

Superior Court Finds Income is Income Until it Isn’t

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For time immemorial Pennsylvania’s appellate law has held that people who have children have a duty to deploy their resources to see that those children are adequately support. Child support is a “priority” obligation. “The...more

Fox Rothschild LLP

Section 179: The Support Lawyer’s Million Dollar Nightmare

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Long ago, in 1958 Congress passed one of its many laws making “technical corrections” to the Internal Revenue Code. Mostly, these are truly technical corrections but there are times when substantive changes in tax law get...more

Weber Gallagher Simpson Stapleton Fires &...

2022 Tax Season: What Families Need to Know

As the 2022 tax season kicks off, there are important issues that divorcing parties must consider. First, it is always more beneficial to the family unit for the parties to file taxes married filing jointly. Not only does...more

Freeman Law

Tax Court in Brief | Ibrahim v. Commissioner | Deduction of Alimony or Separation Maintenance Payments

Freeman Law on

Tax Litigation: The Week of May 16th, 2022, through May 20th, 2022 Caldwell v. Comm’r, T.C. Memo 2022-51 | May 20, 2022 | Lauber, J. | Dkt. No. 3333-19. Ibrahim v. Commissioner, TC Summary Opin. 2022-7| May 16, 2022 |...more

Woods Rogers

QDRO’s From The Plan Administrator’s Perspective

Woods Rogers on

A qualified domestic relations order (“QDRO”) is a state domestic relations order that assigns to an alternate payee (such as a former spouse or a child) the right to receive all or a portion of benefits payable to a plan...more

Fox Rothschild LLP

DANTE’S DEDUCTION: Or Did You Mean A Credit?

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There is hope that the plague is behind us. Pestilence is on its way either in the form of a lantern fly or the return of the cicada after 17 years of peace. For the divorce lawyer and his friend in crime, the accountant,...more

Holland & Knight LLP

Tax Liability Issues to Consider for High-Net-Worth Couples in Divorce

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Divorce is not a topic most clients or tax advisors enjoy discussing. Nevertheless, it is important in today's day and age to advise clients, especially high-net-worth individuals with substantial assets located in the U.S....more

Dickinson Wright

Divorce, Tax Debts and Innocent Spouse Relief

Dickinson Wright on

Getting divorced is hard to begin with, but can be even more difficult when tax debts are owed to the Internal Revenue Service arising from jointly filed income tax returns. ...more

Proskauer Rose LLP

Wealth Management Update - November 2019

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November 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The November Section 7520 rate for use with estate planning techniques such as CRTs,...more

Jaburg Wilk

Divorce and Taxes

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When a couple is getting divorced both current and future tax obligations as well as tax basis are very important. There are four areas that we frequently advise our clients about. Originally published on ABC15 Sonoran...more

Winstead PC

Maximizing Private Company Value in Divorce: Achieving a Successful Business Divorce When the Marriage Fails

Winstead PC on

Navigating a successful business exit when a marriage ends in divorce often presents challenges for both parties. Leaving aside the emotional tensions present in divorce, resolving conflicts regarding the ownership of...more

Lathrop GPM

New Tax Provisions Significantly Impact Treatment of Trusts in Divorce

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Everyone knows about the income and estate tax changes included as part of the Tax Cuts and Jobs Act of 2017 (the “Act”), but there are several overlooked provisions that may significantly affect taxation in a divorce. Some...more

Burr & Forman

Dividing IRAs in the Context of a Divorce – No Good Deed Goes Unpunished

Burr & Forman on

The recent United States Tax Court case of Jeremy Ray Summers v. Commission, T.C. Memo 2017-125, is an example of the old adage that “no good deed goes unpunished.” The case also highlights how sometimes form triumphs over...more

BCLP

Review of Income Tax Deduction Rules for Charitable Gifts

BCLP on

People.com is reporting that Amber Heard, who received a $7 million settlement in her divorce from Johnny Depp this week, is donating the entire $7 million settlement to charities with “a particular focus to stop violence...more

Jaburg Wilk

Frequently Forgotten Divorce Asset: Loss Carry-Forwards

Jaburg Wilk on

Loss carry-forward is a frequently forgotten asset in divorces. Whether the loss arises from the operation of a business (Net Operating Loss) or sale of stocks (capital loss), it is a valuable asset which may be used to...more

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