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Alimony Deduction – Get it in writing

Alimony Deduction Attorneys Wichita Ks

A taxpayer who pays alimony to an ex-spouse per a written divorce or separation agreement can generally deduct the agreed-upon alimony on his or her tax return. In one case, a taxpayer made an oral agreement to pay his ex-wife substantially more than he was required to pay per the written agreement, out of his desire “to do the right thing.” However, when he deducted the higher amount on his tax return, the IRS denied the portion that exceeded the written agreement, stating that an oral modification didn’t qualify as alimony. (TC Memo 2017-79)

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Corporate Transparency Act

In January of 2021, Congress enacted the Corporate Transparency Act, (the “Act”). The Act requires most small businesses to file a report to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury, disclosing certain information of small business entities. The Act goes into effect beginning January 1, 2024. The purpose of the Act is to provide transparency regarding ownership of legal entities to prevent money laundering, tax fraud and other illegal activities.

Due To Covid 19 The IRS Pushes Tax Deadline Attorneys Wichita Ks

Due to COVID-19, the IRS Pushes Tax Deadline Back to July 15

The traditional tax day of April 15 has passed and millions of Americans are taking advantage of the three-month reprieve given by the federal government and many states in response to the COVID-19 pandemic. Depending on your individual circumstances, you might be looking to file as quickly as possible in order to collect your refund.