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.
* Includes COVID 19 VIRUS Update.
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 for filing a joint return and 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.
1. Identify types of marital property and their likely division in marital property settlements and specify the legal principles used in dividing assets and providing support on divorce or separation.
2. Determine the benefits of premarital agreements and the requirements and permissible provisions for a valid and comprehensive agreement under the Uniform Premarital Act.
3. Specify the position of U.S. v. Davis on interspousal transfers and the changes made by §1041, and identify the requirements of §1041 and the scope of its application.
1. Determine 'alimony” and 'separate maintenance payments” under §71 and their pre- & post-2019 deduction or income treatment under §215.
2. Specify types of §71 'divorce or separation instruments” and determine how having an invalid decree, an amended instrument, or a premarital agreement impacts such an instrument.
3. Identify variables that impact whether a payment is alimony since 1984 and whether a cash payment is deemed made to or on behalf of a former spouse.
1. Identify the marriage penalty and marriage bonus associated with filing a joint return by:
a. Recognizing how standard deductions and tax brackets have differed; and
b. Specifying the effects theTCJA has had on standard deductions and tax brackets for married filing jointly.
2. Determine the tax treatment of spousal travel including additional cost limitations and identify the benefits of husband and wife partnerships particularly with regards to Social Security qualification.
3. Recognize the application of federal estate tax on couples and where estate planning may be necessary as a result of marital status including the unique application of dower and curtsey.
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