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The Tax Cuts Jobs Act rips the alimony deduction out from under some and very much endangers it for others. There's a whole lot more to it than before. Nothing can be taken for granted by the planner or tax preparer. One must know what to look for and move intelligently forward.
Who Should Attend
Anyone desiring to learn the federal tax rules surrounding divorce
Topics Covered
- Generally, no more deduction for divorce or separation instruments executed after 2018
- But, what does "executed" mean anyway?
- How prior negotiated alimony might be dragged into the soup
- How pre- and post-nups might be drowning in the soup
- How not to get the soup knocked out of you economically
- With dependency exemptions gone, what is the new playing field?
- How property settlements ring so differently than before
- Do old agreements deserve a new look? Oh, how they might
- How the fruit basket has been upset and fruit is flying everywhere
- Don't leave home without knowing how to not get your head handed to you
- Beyond alimony, many other TCJA changes affect divorce
Learning Objectives
- Identify the wholly new playing field for divorce planning in general
- Differentiate the tax compliance challenges which face every tax preparer with divorced, separated or divorcing clients
- Recognize and troubleshoot the alimony compliance gap
- Identify the four basic alimony tests
- Sort the distinction between alimony, property settlements and child support
- Recognize changes made by TCJA in the divorce arena and carefully sort various effective dates
- Identify which divorce and separation documents a tax preparer needs and critical questions to ask
- Understand the impact of state law on fed tax consequences
- Planning for best results
Level
Update
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of divorce, alimony, and property settlements.
Advance Preparation
None
Instructor
Bradley Burnett
Bradley Burnett, J.D., LL.M., is a practicing tax attorney, licensed in Colorado, with 38 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank, and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.
Mr. Burnett has delivered more than 3,400 presentations on U.S. tax law throughout all 50 states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 45 CPE courses. Mr. Burnett served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and taught IRS practice and procedure. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences.