Tag: Tax Issues

5 Settlement Documents that Divorcing Business Owners Must Have

June 08, 2011 | Business Valuation, Divorce, Marital Property, Settlement

Icon for author Brian Vertz Brian Vertz

When business owners get divorced, their settlement may have profound consequences for the business and other owners. Often, one spouse “sells” or gives up a share of the business to the other spouse. Since most small business owners do not have enough cash to pay a lump sum for that share, they might have to make installment payments over months or years. It is critical to structure the divorce settlement […]

Read More

Alimony Tax Gross-Up Approved

August 09, 2010 | Alimony, Court Decisions, Divorce, Tax Issues

Icon for author Brian Vertz Brian Vertz

In Balicki v. Balicki, 2010 PA Super. 134 (July 30, 2010), the Superior Court considered the husband’s argument that the alimony order provided more income to his ex-wife than she could spend (as shown by her budgetary expenses). The trial court in its opinion justified the alimony award by noting that the wife would pay income tax on her alimony award, thereby reducing the after-tax dollars available to her. The […]

Read More

Kids and summer jobs: Some tax reminders

July 12, 2010 | Family Law News, Income Calculations

Icon for author Brian Vertz Brian Vertz

My friends at Crawford Ellenbogen LLC  know a lot about taxes. One of their principals, Victor Dozzi CPA, recently sent me a great tip about kids who are earning income from summer jobs, and I asked him if I could share it with you. He agreed, so here it is: Are your children working at summer jobs this year?  If so, here are some tax reminders. * If a child […]

Read More

Dividing CRATs and CRUTs in Divorce

January 19, 2010 | Divorce, Tax Issues

Icon for author Brian Vertz Brian Vertz

A recently-issued IRS ruling (Rev.Rul.2008-41) addressed the issue of whether a charitable remainder annuity trust (CRAT) or charitable remander unitrust (CRUT) can be divided into two equal trusts upon divorce. A charitable remainder annuity trust is a trust in which the grantor receives income in the form of an annuity payment until his or her death, after which the trust principal is donated to charity. The annuity may not be […]

Read More

Contact Us By Filling This Contact Form