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“I didn’t know” is one of the most common things a spouse says when the IRS shows up looking to collect on a joint tax return years after a marriage has ended — or even while it’s still intact. Sometimes that statement is exactly the basis for relief. The IRS has a formal process for […]

When a marriage ends, dividing the house, the retirement accounts, and the custody schedule usually gets the most attention. Tax debt often gets treated as an afterthought — noted in the settlement agreement with a line or two and assumed to be “handled.” That assumption can be expensive. The IRS is not a party to

McKinney, TX 75072 303-881-9762 ralphp@lptaxandbookkeepingpros.com www.lptaxandbookkeepingpros.com FOR FAMILY LAW ATTORNEYS Innocent Spouse Relief: Protecting Clients from an Ex’s Tax Debt One of the most distressing calls a family law attorney can get is from a former client, months or years after the divorce, saying the IRS is coming after them for a tax debt they

McKinney, TX 75072 303-881-9762 ralphp@lptaxandbookkeepingpros.com www.lptaxandbookkeepingpros.com FOR FAMILY LAW ATTORNEYS Business Valuation in Divorce: What Family Law Attorneys Need to Know When one or both spouses own a business, it frequently becomes the most contested — and most misunderstood — asset in the divorce. Unlike a bank account or a house, a business has no

McKinney, TX 75072 303-881-9762 ralphp@lptaxandbookkeepingpros.com www.lptaxandbookkeepingpros.com FOR FAMILY LAW ATTORNEYS Divorce & Taxes Guide for Family Law Attorneys and Their Clients Divorce touches nearly every part of a couple’s financial life, and taxes are woven through almost all of it — filing status, support payments, dependency claims, retirement accounts, and property division. This guide walks

McKinney, TX 75072 303-881-9762 ralphp@lptaxandbookkeepingpros.com www.lptaxandbookkeepingpros.com FOR FAMILY LAW ATTORNEYS Selling the Marital Home: Capital Gains Tax Considerations in Divorce For most divorcing couples, the marital home is the single largest asset on the table — and one of the easiest to get wrong from a tax standpoint. Family law attorneys are experts in equitable

Practical tax guidance from LP Tax And Bookkeeping Pros. This report is designed to help readers understand the issue, identify the decisions that matter and take the next practical step. The tax rule changed after 2018 One of the most important federal tax changes affecting divorce agreements is the change in the treatment of alimony.

Practical tax guidance from LP Tax And Bookkeeping Pros. This report is designed to help readers understand the issue, identify the decisions that matter and take the next practical step. Step 1: Identify exactly what you received The first thing to do after opening an IRS letter is identify the notice or letter number. Look

Practical tax guidance from LP Tax And Bookkeeping Pros. This report is designed to help readers understand the issue, identify the decisions that matter and take the next practical step. First: do not ignore the envelope An IRS letter can turn an ordinary day into a stressful one. The temptation is to put it aside,

Why “reasonable compensation” matters For many S corporation owners, the attraction of the S corporation structure is the ability to receive both wages for services and shareholder distributions. But the tax treatment is not simply a matter of choosing a salary number that produces the lowest payroll tax. When an owner performs meaningful services for