When divorcing spouses don’t cooperate, the only one who benefits is the IRS
East Northport, NY (PRWEB) September 01, 2011
Organizers of the 9th Annual Conference of the Association of Divorce Financial Planners are expecting a record attendance from divorce financial planners and other practitioners seeking to master divorce taxation.
Coming to the prestigious Doral Arrowwood Resort, September 23-24, this year’s Conference will address some of the most common tax misconceptions during a divorce, and attendees will learn how to make these issues more understandable to their clients.
“As divorce financial professionals, one of our key goals is to ensure tax-related issues are settled clearly in separation agreements and divorce decrees,” says ADFP president Lili Vasileff. “When it comes to divorce and taxes, there are actually three parties involved: the wife, the husband, and the government. When divorcing spouses don’t cooperate, the only one who benefits is the IRS.”
Due to the ever-changing Internal Revenue Code, the ADFP Conference features more than one session on understanding complex tax laws. Certified Financial Planner®, Enrolled Agent and tax planning/preparation specialist William Donaldson will take on “Basic and Advanced Divorce Taxation” – both at the main Conference, and at the September 22 Pre-Conference ADFP University.
Mr. Donaldson, Director of Financial Planning and co-founder of The Vista Companies, will address some of the most common points of confusion surrounding divorce taxation, such as:
- Why is it important to know the “true” worth of each divorcing spouse, especially when each spouse is in a different income tax bracket?
- What impact does Alternative Minimum Tax have on claiming dependency exemptions and other deductions?
- Can legal/accounting fees accrued during a divorce qualify as a deduction?
- What are the common pitfalls surrounding capital gains taxes? Why is it critical to carefully plan exactly how and when property is sold?
- Do you know how to preserve the full capital gain exclusion on a residence when it is sold subsequent to a divorce?
- How can potential tax obligations due on investments impact current value to each spouse?
- What are the potential tax traps of alimony and child support?
“It’s important to remember that avoiding tax issues during a divorce may likely make the government richer at the expense of both parties,” says ADFP Executive Vice President Carl Palatnik. “Attendees at this year’s Conference will learn how to avoid disastrous tax consequences that can follow divorcing couples many years after they’ve parted ways.”
More about the Association of Divorce Financial Planners (http://www.divorceandfinance.org)
The ADFP is an interdisciplinary association of professionals who research and analyze personal and business financial issues, as well as tax implications related to divorce. The association develops outreach programs, training opportunities, and continuing education to financial practitioners, allied divorce professionals, and the general public. The organization is a key role player in policy making regarding divorce financial issues and holds members to high standards in professional and ethical protocols in the U.S., Canada, and other countries.
For more information and to register for the ADFP Conference, go to http://www.divorceandfinance.org or call the ADFP office at 888-838-7773.
About ADFP Conference Presenter, William Donaldson, CFP®, EA
Bill Donaldson is the Director of Financial Planning and co-founder of The Vista Companies located in Westport, CT. In addition to the Certified Financial Planner® and Enrolled Agent designations, Mr. Donaldson is also a Registered Investment Advisor and a divorce mediator. He is President of the Collaborative Divorce Team of Connecticut and immediate past President of the Connecticut Council for Divorce Mediation and Collaborative Practice. Donaldson completed the Master of Taxation course of study at the University of New Haven in November 2010. He currently lives in Newtown, CT with his wife Kristen and son Robert.