Divorce and the Tax Implications
Author: A.J. Reynolds
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
What happens when your clients divorce? Divorce is an emotional occurrence for all involved. What is the significance of the tax professional assisting clients through this difficult time? This course will explain the importance of working with and advising our clients on tax related divorce issues.
We will discuss filing status, name change, joint & separate responsibility & liability. We will explore dependents and associated tax credits. Analyze retirement plans, alimony, child support, property settlements, allocating estimated payments, NOLs, and Capital Loss carryovers.
Publication Date: July 2024
Designed For
All Tax professionals requiring a dive into Divorce tax issues.
Topics Covered
- Divorce and the Tax Implications
- Divorce Overview
- Divorce Checklist & Planning
- Property Settlements
- Importance of the Details
- Custodial vs. Noncustodial Parents
- Case Study
- Credits Associated with Dependents
- Personal Residence Issues
- Retirement Accounts
- Alimondy & Child Support
- Filing Status
- Exemptions
- Form 8332
- Social Security
Learning Objectives
- Recognize any Conflicts of Interest
- Identify Which Parent is entitled to What Credit and Deduction
- Identify who claims the exemption
- Recognize the importance of Form 8332
- Recognize how to assist your clients with tax planning
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
