News & Analysis as of September 26, 2024

Divorce

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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

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

The Deductibility of Future Alimony Payments Just Might Depend on the Past

Cozen O'Connor on 9/25/2019

The Tax Cuts & Jobs Act of 2017 eliminated the tax deduction previously allowed for alimony payments effective January 1, 2019. This meant that alimony payments made pursuant to an agreement executed after December 31, 2018...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

Estate Planning and Prenuptial Agreements: Tax Implications of Alimony

Burr & Forman on 6/16/2017

When contemplating marriage and estate planning, frequently, individuals will enter into prenuptial (premarital) agreements to address their rights and obligations during the marriage and in the event of a divorce or death. A...more

Wealth Management Update - May 2017

Proskauer Rose LLP on 5/10/2017

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

Tax Filing During a Divorce: Separate or Joint Returns?

Lewitt Hackman on 3/16/2015

Couples going through a divorce should remember this regarding taxes: You can still file a joint return, so long as you were still married as of December 31st....more

Another Tax Trap: Imputed Income in Divorce Settlements, Part 1

Burns & Levinson LLP on 3/3/2014

April 15th is creeping up on us. I find doing my taxes while its snowing, AGAIN, a real insult. This week and next week’s post were written by my terrific colleagues, Ron Barriere and Jen Green. They highlight a tricky...more

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