Divorce Taxation

This plain English manual walks you step-by-step through the most commonly arising trouble spots in property distribution, support, and more. It is intelligently organized and indexed, well supported with citations, and most important, loaded with practical advice.

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2021 Edition
ISBN: 9781580122443
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2021 Edition
ISBN: 9781580122443
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REVISION 19 HIGHLIGHTS

This new edition of Divorce Taxation, by authors Brian C. Vertz and Mitchell E. Benson (with Aliah  Molczan), covers tax- and divorce-related financial considerations critical to the practice of family law, including considerations arising out of the Coronavirus Aid Relief and Security Act (“CARES Act”), its several companion  Acts and numerous related Executive Orders and IRS Rulings. The topics addressed include: 

  1. CARES Act tax changes to carrybacks and carryovers of losses and deductions and how these are to be addressed in property settlements and cash flow analysis [Chapters 2, 6 and 9]. 
  2. The Paycheck Protection Program (“PPP”) loan requirements, forgiveness, accounting, and taxation.  Plus, how to identify and deal with PPP loan proceeds in business valuation and when calculating net income for support. [Chapter 6].  
  3. Expanded unemployment, stimulus payments, and other economic incentives (including depreciation enhancements that may necessitate filing amended returns), which provided short- and long-term relief in response to COVID-19 [Chapters 5 and 9].  
  4. Internal Revenue Service extensions and provisions to relieve the tax payment and filing burdens during  COVID-19 and how these will impact tax years beyond 2020. [Chapter 9]. 
  5. Families First Coronavirus Response Act (FFCRA) family leave and other tax incentives [Chapter 5]. 
  6. The SECURE Act updates include a discussion of stretch IRA changes to consider (e.g., new age for  required minimum distribution) when advising your clients re dividing assets [Chapters 13 and 15.] 
  7. Tax Cuts & Jobs Act of 2017 (TCJA) alimony alternatives and how practitioners have dealt in the ensuing years since enactment with the repeal of the alimony deduction. Suggestions for replacement streams of income to create similar economic outcomes [Chapter 3]. 
  8. Qualified Opportunity Zones (QOZs) and other new deferred tax provisions that create significant tax obligations in the future in exchange for current tax relief [Chapter 2].  
  9. Insurance and grantor trusts and the issues these present when evaluating income and income taxes and how to undo (if you can) these trusts when dividing assets. [Chapter 17]. 
  10. Updated tax forms and expanded cross-referencing, given the extensive rework of many of the personal and business tax returns, including the now multi-page (and growing) K1 schedule for passthrough business information [Appendix 31]. 
  11. The highlights of the Consolidated Appropriations Act of 2021, including the Coronavirus Response and Relief Supplemental Appropriations Act and the Taxpayer Certainty and Disaster Tax Relief Act of  2020, which authorized a second round of economic stimulus payments, federal pandemic unemployment benefits, PPP2 loans, the tax treatment of wages paid with forgiven PPP loans, business meal deductions, and more. 

AND MORE!

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Table of contents

ABBREVIATED TABLE OF CONTENTS
INTRODUCTION
CHAPTER 1 Preliminary Issues
CHAPTER 2 Property Transfers & Distribution of Assets and Liabilities
CHAPTER 3 Alimony/Separate Maintenance Payments
CHAPTER 4 Interim Spousal Support
CHAPTER 5 Child-Related Exemptions, Credits and Deductions
CHAPTER 6 Tax Aspects of Valuation and Net Income
CHAPTER 7 Deductibility of Attorneys’ Fees
CHAPTER 8 The Kiddie Tax
CHAPTER 9 Tax Filing Status—Joint, Married Filing Separately, Head of Household
CHAPTER 10 Assignment of Income Doctrine
CHAPTER 11 Relief From Joint and Several Liability (Innocent Spouse Relief)
CHAPTER 12 Unmarried Cohabitation
CHAPTER 13 Qualified Retirement Benefits
CHAPTER 14 Government, Military and Nonqualified Plans
CHAPTER 15 Individual Retirement Accounts
CHAPTER 16 Suspended Passive Activity Losses
CHAPTER 17 Estate, Gift and Trusts
CHAPTER 18 Prenuptial Agreements
CHAPTER 19 Same-Sex Couples
CHAPTER 20 Foreclosure or Cancelation of Debt: Tax Liability
CHAPTER 21 Interest, Penalties, Tax Crimes & Offshore Accounts
APPENDICES
INDEX