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Divorce: What Clients Should Know Before They Sign

The divorce rate is now over 50%. Understanding the ins and outs of the issues that arise during a divorce is a required skill for tax professionals. It's also a highly marketable skill, as divorce attorneys are always on the lookout for referrals of knowledgeable tax professionals. This is a new hot topic because of the tax law changes impacting divorcing couples: COVID-19 financial assistance, the child tax credit and the earned income credit. Common issues include determining which taxpayer is the custodial parent and which is the noncustodial parent, who gets which tax goodies, who gets the deduction for the home mortgage interest and real estate tax. This webinar addresses the issues your clients will face before and after a divorce has been finalized.

Objectives

Upon completion of the session, the learner will be able to:

• Distinguish the correct filing status for divorced clients with and without dependent children
• Identify the custodial and non-custodial parents
• Summarize tax credits and benefits available to custodial and noncustodial parents
• Describe the tax treatment of property settlements and pension division
• Classify the difference between an innocent spouse and an injured spouse

Details

Amy Wall, EA, MBA

Instructor:

Level:

Intermediate

Prerequisites:

Basic knowledge of individual taxation

Advanced Preparation:

None

Delivery Method: 

Group Live

CPE credits     Designation     Field of study

IRS

2

AFSP

Federal Tax Law Topic

IRS

2

EA

Federal Tax Law Topic

NASBA

2

CPA

Taxes

CTEC

2

CRTP

Federal Tax Law Topic

CFP Board

2

CFP®

Yes

How to Earn CPE

Sessions are first come, first served. Registration is not required for individual sessions. To earn CPE, scan your badge on your way into each session. You do not need to scan on your way out. CPAs will receive an additional form at registration to self-report their time out. We strictly abide by the IRS’ CPE rules and turn badge scanners off ten minutes after each session begins. We cannot award CPE if your badge isn’t scanned.