News & Analysis as of September 23, 2024

Income Taxes › Spouses

+ Follow

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

The Impact of a Divorce on Taxes

Obermayer Rebmann Maxwell & Hippel LLP on 9/11/2024

The post-Labor Day surge in family law cases comes with many questions, including concerns about upcoming holidays, and whether a divorce will be finalized by year-end. For some, the imminent tax extension deadline for...more

IRS Cannot Offset Taxpayer’s Refund With A Disputed Tax Liability

Rivkin Radler LLP on 4/19/2024

Imagine the IRS notifies Taxpayer that they have an outstanding tax liability with respect to Tax Year, and that the agency intends to levy on Taxpayer’s property to collect the allegedly unpaid tax. Taxpayer challenges the...more

My Spouse Filed for Divorce: What Should I Do Next?

Lasher Holzapfel Sperry & Ebberson PLLC on 3/19/2024

Divorce often feels frightening and overwhelming, especially at the beginning if it came as a surprise. Even if you do not oppose the divorce and were expecting the paperwork, reading a divorce petition for the first time can...more

Is it Too Soon to Discuss a Joint Return for 2024?

Fox Rothschild LLP on 1/12/2024

Yes, it’s January which means that accountants all across America are locking into their space capsules for launch into orbit where they will prepare countless returns due on April 15 for TY 2023 and then gently parachute...more

2022 Tax Season: What Families Need to Know

Weber Gallagher Simpson Stapleton Fires &... on 2/21/2023

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

I Just Got My Divorce Decree, How Can/Should I File My Taxes for 2022?

Weber Gallagher Simpson Stapleton Fires &... on 1/16/2023

Tax filing status is a common question asked of divorce attorneys like me and my colleagues – especially toward the end of the year. That said, while this is a popular question, this could be the shortest blog in history...more

What Happened to My Joint IRS Income Tax Refund?: The IRS’s Authority to Offset

Freeman Law on 2/16/2022

Generally, when a taxpayer makes an overpayment of tax, the IRS refunds the overpayment to the taxpayer. But this is not always the case. For example, the IRS has the statutory authority to credit (or offset) an overpayment...more

IRS Announces Increased Gift and Estate Tax Exemption Amounts

Morgan Lewis on 11/17/2021

The Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. After four years of being at $15,000, the exclusion will be $16,000 per recipient for 2022—the highest...more

The Tax Court in Brief - September 2021 #3

Freeman Law on 11/2/2021

Tax Court Litigation: The Week of September 13 – September 17, 2021 - Donna M. Sutherland v. Comm’r, No. 3634-18, T.C. Memo 2021-110 | September 16, 2021 | Lauber | Dkt. No. 3634-18 - Short Summary: This is an...more

Employee-Shareholders, Reasonable Compensation And Employment Taxes

Rivkin Radler LLP on 7/19/2021

Movement Toward Tax Increases- You may have read last week that Democrats on the Senate Budget Committee announced they had reached a deal on a budget resolution that will enable them to bypass Senate Republicans on the...more

The Tax Court in Brief

Freeman Law on 11/12/2020

Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of October 31 – November 6, 2020 - Glade Creek Partners,...more

War of the Rosas - Using Pooled Income Funds in Divorce Planning

Gerald Nowotny - Law Office of Gerald R.... on 6/22/2020

According to statistics 40-50 percent of all marriages end in divorce. To add insult to injury, tax reform eliminated the deductibility of alimony payments for divorce and separation agreements that are finalized or amended...more

2019 Year-End Private Wealth Advisory

Katten Muchin Rosenman LLP on 11/26/2019

In 2019, the Tax Cuts and Jobs Act (the Act) and its resulting tax reform continued to dominate the planning landscape. As outlined in our 2018 Year-End Estate Planning Advisory, the Act made significant changes to individual...more

Insight on Estate Planning - October/November 2019

Adler Pollock & Sheehan P.C. on 10/1/2019

Do you know the differences in estate tax law for couples when both spouses are U.S. citizens vs. when one spouse is a non-U.S. citizen? Or what nonlegal document should accompany a will? We are pleased to present the...more

Child Support and Gifting

Burns & Levinson LLP on 6/17/2019

As a divorce lawyer who also does some probate litigation and trusts and estate work, I have always been interested in the interplay between divorce and trusts and estates. Recently, the issue of whether gifts are considered...more

2018 Year-End Estate Planning Update

Verrill on 12/4/2018

Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

The Tail That May Not End

Fox Rothschild LLP on 8/6/2018

Every year, both in April and in October, divorce lawyers face a dilemma. While April is the official tax deadline, just about everyone knows that “complex” returns are almost never complete when spring rolls around and many...more

The Revised U.S. Tax Code’s Impact On Alimony

Obermayer Rebmann Maxwell & Hippel LLP on 12/22/2017

By now most people are aware of the impending changes to the U.S. tax code brought about by the GOP tax bill, dubbed the “Tax Cuts and Jobs Act,” which Congress voted to pass on December 20, 2017. These substantial changes,...more

Divorce Planning: How Tax Reform Could Affect Your Decisions

Lewitt Hackman on 12/21/2017

Under the current tax law, individuals making spousal support payments may deduct the payments on their tax returns. Conversely, the individual receiving alimony must count those payments in his or her gross income....more

MoFo New York Tax Insights - Volume 7, Issue 11

Morrison & Foerster LLP on 11/4/2016

ALJ Permits Only Minimum Penalties for Failure to File Information Returns - A New York State Administrative Law Judge has rejected the maximum penalties imposed by the Department of Taxation and Finance on an...more

Treasury and the IRS Issue Proposed Regulations Implementing Supreme Court Same-Sex Marriage Ruling

Franczek P.C. on 10/29/2015

In recent guidance, the Department of Treasury and the IRS issued proposed rules that clarify under the Internal Revenue Code (Code) that the terms “spouse” and “husband” and “wife” refer to individuals who are lawfully...more

IRS Clarifies Same-Sex Marriages for Tax Purposes

Seyfarth Shaw LLP on 10/23/2015

Following up on the Supreme Court’s decisions in both Windsor v. United States and Obergefell v. Hodges, discussed in our earlier Alerts (here and here), on October 21, 2015 the IRS issue proposed regulations clarifying that...more

Supreme Court Approves Same-Sex Marriage: Tax and Legal Implications for Same-Sex Spouses

Jackson Walker on 7/3/2015

On June 26, 2015, the Supreme Court handed down its decision in the landmark case of Obergefell v. Hodges. The Court held that the Fourteenth Amendment to the United States Constitution requires all states to license a...more

The U.S. Supreme Court Finds a Constitutional Right to Same-Sex Marriage: Implications for Employee Benefit Plan Sponsors

Proskauer - Employee Benefits & Executive... on 6/26/2015

On June 26, 2015, the U.S. Supreme Court issued a historic decision in Obergefell v. Hodges, holding that the Fourteenth Amendment’s Due Process and Equal Protection Clauses require states to allow same-sex marriage and to...more

24 Results

View per page

Page: of 1

Income Taxes › Spouses

"My best business intelligence, in one easy email…"