North Carolina Divorce Lawyers Blog

Articles Tagged with about law

Published on:

By

North Carolina law states that it is presumed that all property acquired between the date of marriage and separation is considered marital property, which includes business interests. When determining the value of businesses, goodwill is often a component of the valuation. This includes intangible assets like brand reputation, intellectual property, customer relationships, and future earning potential. While goodwill is challenging to quantify, it does have value and marketability. Continue reading →

Published on:

By

Qualified Domestic Relations Orders (QDROs) are used to divide certain retirement plans and award a portion of the funds to an alternate payee. QDROs are typically used as part of the distribution of assets and property in a divorce, and the alternate payee is typically a spouse or former spouse. However, there are other scenarios in which a QDRO may be used to give someone rights to a retirement plan as an alternate payee. Continue reading →

Published on:

By

Divorce decrees often include terms regarding the division of property, like bank accounts and real estate, but these court orders do not always have the authority to distribute every asset. Typically, a qualified domestic relations order (QDRO) must be used to divide and distribute rights to pension funds and certain other retirement accounts. Continue reading →

Published on:

By

In the case of Hopkins v. AT&T Global Information Solutions Co., the U.S. District Court ruled on cross-motions for summary judgment. The main issue in this matter was regarding the award of surviving spouse benefits to a former spouse rather than a current spouse. Continue reading →

Published on:

By

Filing taxes can be complicated in the best of situations, but when there are complex factors involved, like financial control by one spouse, the outcome is not always equitable. The Internal Revenue Code Section 6015 provides a remedy for some spouses facing tax deficiencies, but there are strict qualifications for entitlement under this section. Continue reading →

Published on:

By

North Carolina spouses who file federal taxes jointly are typically liable for the taxes that are due when they file. This may create issues and complications in a number of scenarios, but there is an exception to this rule if one spouse seeks to be relieved from liability.

Requesting equitable relief under the Internal Revenue Code can be challenging because taxpayers must meet specific conditions to be eligible.

LaRosa v. Commissioner of Internal Revenue

Continue reading →
Published on:

By

For spouses and ex-spouses facing economic hardship and seeking equitable relief from joint and several tax liability, filing a request for relief under federal law may be an option. The Internal Revenue Code (I.R.C.) provides an exception to the usual rule that spouses are liable for each other’s tax debt and liabilities, but filers must provide convincing evidence that they are facing an economic hardship if they choose that route for relief.

Thomas v. Commissioner of Internal Revenue

In the case of Thomas v. Commissioner of Internal Revenue, Thomas requested relief from underpayments for three years of tax returns based on her assertion that she was facing an economic hardship. Thomas sought liability relief for tax underpayments discovered by the Internal Revenue Service (IRS) for tax years 2012 through 2014, but Commissioner denied the request. When the issue went before the United States Tax Court, the Court denied Thomas’ request for equitable relief based on economic hardship under Internal Revenue Code Section 6015(f) because she had significant assets and did not prove hardship based on her income.

Continue reading →
Published on:

By

Which filing status is the best option for you on your federal income tax return this year? More than one may apply, such as deciding with your spouse whether to file jointly or separately, but if you plan on filing as head of household, you must be sure you meet the requirements. Continue reading →

Published on:

By

Members of some religious groups can submit a request to be exempt from the Social Security tax, but this choice may limit the tax credits you can claim on your federal return. For example, in order to claim a child tax credit, your child must have a Social Security number. A child who has an individual taxpayer identification number (ITIN) will not qualify. Continue reading →