The Superior Court in K.J.P. v. R.A.P., 68 A.3d 974 (Pa.Super. 2013) examined losses emanating from a parent’s investment activity apart from his primary employment. In addition to his regular employment as a marketing...
Tax Issues
How the Fiscal Cliff Tax Deal Affects Child Support
January 4, 2013
Over New Year’s Weekend, our Congress passed legislation to avert the “fiscal cliff,” which would have resulted in dramatic income tax increases. The new law has ushered in tax increases, to be sure, but...
In Doolittle v. Commissioner, T.C. Summary Opinion 2012-103 (2012), a NON-precedential opinion of the U.S. Tax Court, the taxpayer settled his divorce by entering into a marital settlement agreement, in which he agreed to...
Divorce is No Excuse for Not Filing Tax Returns
November 4, 2012
Perhaps it comes as no surprise that the IRS generally will not consider divorce as a good excuse for being late in filing income tax returns. In Cayabyab v. Commissioner, T.C. Memo. 2012-89 (2012), the taxpayer did not file...
When separated spouses file their income tax returns, they generally have a choice of filing jointly or separately. If they file jointly, they may have to decide how to allocate the tax liability or refund. If they file...