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Defensive Divorce

Instructional Method Advanced Preparation Program Prerequisites Field Of Study Interactive Self Study NONE Basic Understanding of Taxes Taxes Experience Level Course ID CPE Credits Author Basic to Intermediate DS-350.15 24 Danny Santucci Defensiv ...Read more
$239.00 each


  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE Basic Understanding of Taxes Taxes
Experience Level Course ID CPE Credits Author
Basic to Intermediate DS-350.15 24 Danny Santucci

Defensive Divorce


Course Description:
This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital dissolutions and living together arrangements. Current perspectives on property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined with an emphasis on planning considerations. Property settlements, basis allocation, third party transfers, and purchases between spouses are explored and analyzed. Special attention is given to the division of business interests, retirement plans (including QDROs), insurance policies, and the family residence.

Who Should Attend: CPAs

Topics Covered:
CHAPTER 1 Basic Marital Tax Matters
CHAPTER 2 Transfers Incident to Divorce
CHAPTER 3 Alimony & Child Support
CHAPTER 4 Selected Marital Tax Matters Outside Divorce

Learning Objectives:

After reading Chapter 1, participants will be able to:

1. Specify multiple tax implications to consider when going through a divorce, and recognize the requirements and effects of filing as married or unmarried.

2. Identify the requirements of filing a joint return noting how to avoid being penalized.

3. Determine the key elements of filing separate returns including what items to report and identify whether or not married taxpayers should file separate returns.

4. Recall the requirements for filing as head of household and the tax advantages and disadvantages of this filing status.

5. Recognize the phaseout of exemptions noting its affects on taxpayers, identify when exemptions can be taken for spouses, and determine reporting requirements for dependent exemptions.

6. Identify the requirements for pre-2005 dependency particularly relationship, married person, citizen or resident and income. Specify the former regular and special method for determining support noting complications from back child support.

7. Determine the current “qualified child” standard using residency, relationship, age, and joint return prohibition, and recall three requirements that must be met for parents to treat a child as a qualifying child of a non-custodial parent.

8. Identify deductible and nondeductible divorce expenditures noting which spouse is subject to tax imposed upon withheld wages, and specify the effects of making separate estimated tax payments or joint declarations of estimated tax.

9. Determine community property and the nine community property states, and identify the effects of conversion and commingling of property and how to avoid such marital property issues.

10. Identify community income earned by married couples for reporting purposes by:

a. Specifying three reporting guidelines, recognizing the allocation of  income earned and received into community property and separate property and selecting what income and property belongs to which spouse when they have different residency statuses;

b. Recalling the requirements for the special community income allocation rules of §66(a), determining what constitutes community property termination and specifying the treatment of alimony payments; and

c. Recognizing the use of statements and records to provide estimates of a former spouse’s income and identifying four conditions for greater tax relief.

11. Identify the effect of living together on filing statuses and dependency, determine differences between the married tax rate and other tax rates, recognize the tax consequences of having a living together contract to avoid tax traps, and specify the results of Marvin v. Marvin.

 


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