Carolyn Woodruff, a North Carolina CPA and Family Law Specialist, frequently is faced in sending a divorce client in the right direction after receiving a retirement plan in a divorce settlement. Here are her thoughts on the subject: Continue reading →
Hollimon v. Comm’r, T.C. Memo. 2015-157, 2015 WL 4747779 (2015)
(a) Facts: During their marriage, the parties established and worked for a business providing temporary staffing to hospitals. The wife testified that the husband ran the business and she was an employee. The husband testified that the parties ran the business together. Continue reading →
Sapp v. Comm’r, T.C. Memo. 2015-143, 2015 WL 4639260 (2015)
(a) Facts: The IRS assessed deficiencies on a husband and wife’s joint income tax returns for 2004, 2006, and 2008. The parties appealed to the Tax Court, and the wife sought both mandatory and discretionary innocent spouse relief. The IRS conceded that relief was appropriate, but the husband argued otherwise. Continue reading →
Agudelo v. Comm’r, T.C. Memo. 2015-124, 2015 WL 4086310 (2015)
(a) Facts: A husband and wife filed a joint tax return for tax year 2010. The return did not report as income certain unemployment benefits received by the husband. The IRS discovered this fact and assessed a deficiency. Continue reading →
Palomoares v. Comm’r, T.C. Memo. 2014-243, 2014 WL 6778542 (2014)
(a) Facts: A husband and wife lived in Washington State. The wife was not fluent in English and mostly spoke Spanish.
The parties separated in 2005, and the wife filed sole tax returns for 2006 and 2007, claiming refunds. The IRS rejected the wife’s claims, as it seized the amount of her refunds to satisfy unpaid tax liability from the parties’ joint 1996 tax return. Continue reading →
Johnson v. Comm’r, T.C. Memo. 2014-240, 2014 WL 6676824 (2014)
(a) Facts: During her marriage, the wife owned and operated a dental practice. The parties filed a joint tax return in 2007, which correctly reported the tax due, but the parties had financial problems and were not able to pay the tax.
In 2010, the parties were divorced in California. Their settlement agreement provided that they would share tax debts equally. Continue reading →
Observations:
Demeter v. Comm’r, T.C. Memo. 2014-238, 2014 WL 6645592 (2014)
(a) Facts: A husband and wife were married. During the marriage, the husband started a business, Sunshine Framing and Finishing (“Sunshine”). The wife was added as a vice president in 2008. She ran errands for the company and helped with its bookkeeping, but did not receive a salary. Sunshine’s bank account was used for personal expenses as well as business expenses; the parties had no individual bank accounts. Continue reading →
Hammernik v. Comm’r, T.C. Memo. 2014-170, 2014 WL 4119398 (2014)
(a) Facts: A husband and wife were divorced in Wisconsin. In 2003, before the divorce, the husband’s business encountered hard times, and he withdrew $104,909 from his personal retirement account to pay living expenses. Continue reading →
Varela v. Comm’r, T.C. Memo. 2014-222, 2014 WL 53656631 (2014)
(a) Facts: A husband and wife filed joint tax returns for 2007 and 2008. The IRS assessed deficiencies. The wife petitioned the Tax Court for innocent spouse relief, and the husband intervened, asking the court to deny the request. The court asked for briefs, and the husband failed to file one, but the court addressed the issues nevertheless. Continue reading →
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