News & Analysis as of

Internal Revenue Service Divorce

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Obermayer Rebmann Maxwell & Hippel LLP

The Impact of a Divorce on Taxes

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

Fox Rothschild LLP

The N.Y.Times Offers a History Lesson in Retirement Anxiety

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The beauty of studying history is that it some times sews together a credible narrative. We have written a fair amount about America’s anxiety, both financial and political. But today’s podcast, an interview with Michael...more

Locke Lord LLP

In Innocent Spouse Tax Cases, How You Tell Your Story Matters

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Married people who file their taxes jointly typically choose this option because of its tax advantages. But when a spouse commits a misdeed, you’re still jointly and severally responsible for the payment of taxes. ...more

Fox Rothschild LLP

Games People Play: Before Hiring the Forensic Accountant

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If you are involved in a case where your spouse owns an interest in a small business, one of the issues you and your lawyer will grapple with is whether the books and records of that business adequately portray its revenue...more

Weber Gallagher Simpson Stapleton Fires &...

Child Tax Credit Modifications: Implications for Divorcing Couples

Parties going through a divorce often negotiate the child tax credit and dependency exemptions in either support or divorce court. The Child Tax Credit has been modified several times in the past few years and once again may...more

Fox Rothschild LLP

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

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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

Fox Rothschild LLP

The 529 Plan Hangover; Disposing of Unused Funds.

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Modern day divorce brings us assets in many forms and many of them are “pregnant” with tax consequence when they are divided. In almost all cases, couples who can’t agree on much do tend to acknowledge that money they have...more

Fox Rothschild LLP

Divorce & The Business of Roth Conversion

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We are reading a lot about if, when, and how people who have conventional IRA accounts should be evaluating whether to convert them to Roth accounts. For those who don’t live in this world, let’s take a minute to bring you...more

Fox Rothschild LLP

Federal Gift Tax Returns: Are You Signing Away the Store?

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It’s almost too simple. Every year at Christmas or Hannukah or Kwanzaa the family gathers around the tree or the seven or nine candles and celebrates the season of giving by making the annual tax-exempt gifts. These are the...more

Fox Rothschild LLP

Murky Waters: Is Mom’s “Gift” Income on Which You Must Pay Support?

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The definition of “income” for purposes of paying spousal or child support would seem to have been resolved decades ago. In 1985 when Pennsylvania passed its statute defining “income” it adopted a definition that essentially...more

Fox Rothschild LLP

TAX SEASON IS UPON US. Three Quick Thoughts Whether You are Divorcing or Not.

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We just saw an article published in Marketwatch (a Dow Jones electronic publication) where an executive confesses to have $100,000 in gambling debt on credit cards his spouse knows nothing about. Suffice to say there is no...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

Weber Gallagher Simpson Stapleton Fires &...

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

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

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

Fox Rothschild LLP

Are Bitcoins And Other Cryptocurrencies The Next Swiss Bank Accounts?

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We all know the French proverb; the more things change the more they stay the same. It has a place in the current controversy over the sudden collapse of Mt. Gox, Bitcoin’s leading dealer. Bitcoin is a virtual or...more

Burns & Levinson LLP

Recovery Rebate Credits, Economic Impact Payments, and Divorce

Burns & Levinson LLP on

On February 16, 2021, the IRS announced that all legally permitted first and second-round Economic Impact Payments (also known as “stimulus payments” or “stimulus checks”) have been issued.  Beginning in April 2020, the IRS...more

Fox Rothschild LLP

A Mortgage Foreclosure Primer

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We have recently had inquiries about foreclosures. Given the current economic climate, this is probably going to become more common. The good news is that home prices are up, particularly in the Philadelphia suburbs. But for...more

Obermayer Rebmann Maxwell & Hippel LLP

Five Tips for Dealing with Cryptocurrency in Your Divorce

Do you or your spouse have cryptocurrency? Did it exist during the marriage? Do you know how the cryptocurrency will be addressed in your divorce? Is it income? Is it an asset?...more

Stange Law Firm, PC

Divorce and Joint Tax Returns

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When going through a divorce, the deadline for filing a tax deadline can come. When parties are married, most ordinarily file a joint tax return unless they are living separate and apart. ...more

Cozen O'Connor

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

Cozen O'Connor on

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

Proskauer Rose LLP

Wealth Management Update - August 2019

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August 2019 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs - Important federal interest rates continued to drop for August 2019. The August...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - April/May 2019

In This Issue: - Expiration date: IRS provides estate tax protection against sunsetting TCJA provisions - A Crummey trust may sound pretty good - A second walk down the aisle can complicate estate planning -...more

Rosenberg Martin Greenberg LLP

Can a Prenuptial Agreement Executed Before January 1, 2019 Preserve Deductibility of Alimony Payments Relating to Divorce Decrees...

The Tax Cuts and Jobs Act of 2017 (“TCJA”) did away with the long-standing provision allowing for deductions of alimony payments by the payor. Specifically, the TCJA adopted the prior definition of “alimony and separate...more

Proskauer Rose LLP

Wealth Management Update - December 2018

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December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Important federal interest rates continue to rise. The December applicable federal rate...more

Foley & Lardner LLP

Non-Qualified Retirement Plans & Divorce: You May be Able to Honor DROs, But Should You?

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You probably already know that employers are required to honor qualified domestic relations orders (commonly referred to as “QDROs”) regarding the division of qualified retirement plan benefits (such as 401(k) balances) when...more

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