Recently released final regulations under section 162(f) of the Internal Revenue Code of 1986, as amended (the “Code”), make it a necessity to properly draft settlement agreements and court orders between a taxpayer and the government (federal, state or local or any of their agencies) to put the taxpayer in the best tax position possible. …
Should I Become Legally Separated Instead of Divorced?
The difference between legal separation and divorce is a commonly asked question. Each State may address legal separation differently. In Tennessee, there are important differences between legal separation and divorce to know before making a decision. First, legal separation is not the same as a divorce. It is also not a “cheaper” way to avoid …
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What Documents Should You Gather in a Divorce? A Checklist to Help Guide You
One of the most frustrating parts of a divorce for participants, whether you are representing yourself or you have a lawyer, is the volume of documents that must be exchanged. In Arizona, under the Rules of Family Law Procedure, each party is required, within 40 days of after a response to the initial petition is …
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An Open Letter to Family Law Clients
Open Letter to Client Thank you for entrusting me with your family law matter. Going through a divorce or any family law case can be very stressful and you are probably unsure of what to expect from your attorney. I thought it would be helpful to provide you with some general information so that you …
5 Tips For Keeping Gifts and Inheritances Received During the Marriage as Separate Property
The presents are unwrapped, and gifts exchanged. But that gift with your name on it, or that new vehicle in the driveway with a big bow on top, is it really yours? Or, in the event of a divorce or legal separation, is it part of the marital estate subject to division? Gifts that you …
Canadian Fall Economic Statement Regarding Tax Treatment of Employee Stock Options
In the 2019 federal budget, the Canadian federal government announced changes to the taxation of employee stock options. On November 30, 2020, in its Fall Economic Statement, the federal government announced it was moving forward with plans to amend the tax treatment of employee stock options and released further information. Beginning July 1, 2021, stock …
‘Tis the Season of Charitable Giving
As the year winds down, the fundraising efforts of many charitable organizations ramp up. This is for good reason as, on average, charitable organizations raise around 40% of their annual revenues during the holiday season. As we’ve written earlier in the year on the DW Tax Blog, this year’s “giving season” comes with a new …
Impact of the Presidential Election on Personal Income Taxes
Now that the results of the presidential election are in and former Vice-President Joe Biden has become President-elect Biden, it is important to remember the tax policy changes for personal income taxes announced by Mr. Biden during his campaign that he would propose if elected. As we review three of these changes, keep in mind …
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The FICA Special Timing Rule for Non-Qualified Deferred Compensation: What You Don’t Know Can Hurt You
Employers know that wages are generally subject to the Federal Insurance Contributions Act (“FICA”), and that both employers and employees are liable for a portion of FICA on those wages. In most circumstances, the employee and employer portion of FICA are paid when the compensation is paid to employees—but there is a “special timing rule” …
United States Tax Court Launching New Case Management System – Dawson
In December 2020, the United States Tax Court will be launching DAWSON (Docket Access Within a Secure Online Network), the Court’s new case management system. The Court expects DAWSON to be active no later than December 28, 2020. Beginning at 5:00 PM Eastern Time on November 20, 2020, the current e-filing system will become inaccessible …
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