When divorcing couples are discussing spousal support in California, they need to be aware of the tax implications of their divorce. Federal laws enacted by congress and enforced by the Internal Revenue Service (IRS) are different than laws enforced by the California Franchise Tax Board (FTB). Spousal Support and Taxes IRS rules. Under federal law,…
By Lawrence Markey, Esq. and Ron J. Anfuso, CPA, ABV, CFF, CDFA, FABFA Child support litigation in California has caused the spilling of an ocean of ink and toner, yet to many attorneys, the magic box we call the “guideline” remains as mysterious as ever. One component that adds to the opacity of the statewide…
The most crucial change established under the Tax Cuts and Jobs Act of 2017 (TCJA) related to family law went into effect on January 1, 2019. Previously, under section 215 of the tax code, paying spouses could deduct their alimony payments from their taxable income while recipient spouses were required to pay taxes on the…
From the time I began working for Ron J. Anfuso CPA/ABV, An Accountancy Corporation, Ron stressed the importance of his accountants performing tax returns. Having now completed several hundred returns, many of which involve substantial assets and major tax complications, I have come to realize that having up-to-date knowledge of both forensic accounting and the…
In case you are not aware, during July 2011, the Internal Revenue Service issued Notice 2011-70, which made a significant change to stipulations for individuals looking for spousal relief under IRC 6015(f). This notice may help you protect your clients from liability for either underpayment or nonpayment of taxes caused by dishonesty by their spouses. …
Presented by Ron J. Anfuso, CPA, ABV, CFF, CDFA, FABFA (Full Article) Background When investment real estate is characterized as community property, it is subject to division upon dissolution. Yet it can be highly impractical or inappropriate for divorced spouses to maintain joint ownership of an investment property. Conflicts of interest, unequal influence over management,…
By Ron J. Anfuso, CPA, ABV, CFF, CDFA, FABFA Family law practitioners need to be familiar with the numerous types of income tax returns that are essential for financial analysis relevant to several issues in dissolution of marriage cases. These include matters such as child support, spousal support, division of property, tracing, and Family Code…