The chances of a marriage ending in divorce is still hovering around 50%, meaning half of your clients are going to go through the devastating effects of dividing property, assets, retirement accounts, and even businesses.
As a CPA, clients rely on your expertise to guide them through not only the tax implications of a marriage ending but the sticky financial do’s and don’ts around how the split will affect the dependents involved. You’ll also be called upon to minimize damage throughout the process and plan for the future.
CPAs need to be prepared to answer all kinds of questions about divorce. We’ve put together a list of courses you can find on CPE Advisory to educate you.
The Basic Marital Tax course covers initial marital tax matters such as living together, property rights, premarital agreements, filing status, exemptions, and dependents are explored. The detail support test for children of divorced or separated parents, the tax treatment of back child support, the deduction of divorce costs, and estimated tax payments are reviewed. Emphasis is given to marital property rules, married versus unmarried tax rate comparison, head of household status, and treatment of refunds and deficiencies.
CPE credits: 2
The Defensive Divorce course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital dissolution and living together arrangements. Current perspectives on property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined with an emphasis on planning considerations. Property settlements, basis allocation, third party transfers, and purchases between spouses are explored and analyzed. Special attention is given to the division of business interests, retirement plans (including QDROs), insurance policies, and the family residence.
CPE credits: Depends on the state
In Divorce Transfers & Settlements, participants will learn how to apply, implement, and evaluate the strategic tax aspects of marital dissolutions and living together arrangements. Current perspectives on property transfers and asset divisions are examined with an emphasis on planning considerations. This mini-course reviews property settlements and other transfers incident to divorce. Basis allocation, third party transfers and purchases between spouses are also examined. Common pitfalls for the unwary such as transfers in trust, installment notes, and purchases between spouses are analyzed. Application of these tax principles is exampled in selected asset divisions of the residence, business interests, insurance, and pension benefits.
CPE credits: 2
In this class, you will learn how to navigate the emotionally charged and financially complex issues that surround divorce. It will discuss the exposures your client could face; identify pitfalls; and develop solutions that can be used to address these existing and future tax and financial planning weaknesses.
Learn everything from preparing for divorce to paying for the divorce, and from income tax issues to the re-evaluation of goals after the divorce. Also, since divorce disturbs the initial financial planning process, additional emphasis will be presented on how clients can overcome the initial downfall, re-tool and start the process all over again.
CPE credits: 8
Dealing with divorce is never fun, but it’s part of the job. You might just end up playing the psychologist occasionally. With these courses, you’ll be prepared to help your clients navigate through the tough times to see the light at the end of the tunnel.