Monthly Archives: July 2013

LUMP SUM ALIMONY ARREARAGES SATISFIED USING A QDRO

Posted on July 27, 2013 by taxpenaltylawyer

The following question was recently posted on the American Bar Association Tax Law and Practice Discussion Board: A taxpayer who we shall describe as the Former Husband (FH) agrees to settle alimony arrearages owed to his Former Wife (FW) by … Continue reading →

Posted in DIVORCE, QDRO, TAX, Uncategorized | Tagged , , , , | 4 Comments

ROLLOVER YOUR IRA THE RIGHT WAY OR GET RUN OVER BY IRS

Posted on July 25, 2013 by taxpenaltylawyer

Suppose you have an IRA that you’d rolled over from your 401(k) plan.  You become unhappy with the investment results and decide to change IRA custodians.   You know that distributions from an IRA are not taxed if rolled over into … Continue reading →

Posted in INDIVIDUAL RETIREMENT ACCOUNTS, TAX | Tagged , , | 2 Comments

ALIMONY OR NOT? THAT IS THE QUESTION

Posted on July 21, 2013 by taxpenaltylawyer

A state family court or divorcing spouses by settlement can provide that payments, otherwise qualifying for the alimony deduction, shall nonetheless be non-deductible and not includible in the income of the recipient spouse; but, conversely neither the state court by … Continue reading →

Posted in DIVORCE, TAX | Tagged , , , , , , | Leave a comment

OVDP OR NOTHING AT ALL

Posted on July 14, 2013 by taxpenaltylawyer

The 1939 song, “All or Nothing at All,” (by Arthur Altman and Jack Lawrence) made popular by Frank Sinatra might be sung in a new version by IRS, “OVDP or Nothing at All.” The Bank Secrecy Act contains draconian penalties … Continue reading →

Posted in 2012 OVDP, AMENDED RETURNS, DELINQUENT RETURN, FBARS, NEW OVDP, TAX, TAX CRIMES, VOLUNTARY DISCLOSURE | Tagged , , , , , , , , , , , , | Leave a comment

IMPACT OF THE SUPREME COURT’S DECISION IN U.S. V WINDSOR: LEGALLY MARRIED SAME- SEX COUPLES NOW WILL LIVE IN THE SAME TAX WORLD AS DO OTHER MARRIED COUPLES

Posted on July 5, 2013 by taxpenaltylawyer

The Defense of Marriage Act (DOMA), as enacted, had two-prongs, namely: Section 2 of the Act provided and still provides that no state need recognize same-sex marriages legally consecrated under the laws of another state. Section 3 of the Act … Continue reading →

Posted in AMENDED RETURNS, EMPLOYMENT TAXES, INNOCENT SPOUSE, JOINT RETURNS, MARRIED PERSONS, TAX | Tagged , , , , , , , , | 4 Comments