You may be denied a new passport (or the renewal of an existing passport) if you owe more than $50,000 in taxes, under newly enacted federal legislation. Internal Revenue Code, § 7345, August 8, 2016
It’s tax time. If you received alimony pursuant to a court order or an agreement, you may be liable for income taxes. Did you pay quarterly estimated taxes on the alimony received? If not, you may be in for a hefty tax bill.§ 71, Internal Revenue Code; April 12, 2016
This divorced New Jersey couple had various unresolved income tax issues, necessitating this appeal. These included joint vs. separate filings, IRA withdrawals, tax withholding, a draft tax return vs. an unsigned version and more. DeProspo v. DeProspo, New Jersey App. Div., March 29, 2016
New Jersey child support payers be aware : if you fall into arrears, you’re at risk of losing the child dependency tax exemption, available under federal and state tax laws.Zeitlin v. Zeitlin, New Jersey Ch. Div., May 22, 2015
It was insufficient for the New Jersey divorce judge to merely state alimony is taxable to the recipient and deductible by the payor. Rather, the court must also make specific findings regarding the tax consequences of the award on both the supporting and supported parties. Happold v. Happold, New Jersey App. Div., November 1, 2014
While this New Jersey divorce action was pending, the husband withdrew the entire balance of $353,000 from his 401K retirement account. Moreover, during the 5 years leading up to the divorce trial, he had not filed any income tax returns.Meyers v. Meyers, September 9, 2014
Either by agreement or by court order, New Jersey divorced parents may decide which party is entitled to take advantage of the child dependency exemption under the Internal Revenue Code [26 U.S.C.A. § 151(c)] , even though the Code initially allots the exemption to the custodial parent [26 U.S.C.A. § 152(c)(4)(B)(i)]. MacCormack v. MacCormack, New Jersey App. Div., March 11, 2014
Taxpayers who file joint returns are held jointly and severally liable for liabilities that flow from those submissions. See 26 U.S.C. § 6013(d)(3)."Innocent spouse" relief provisions in the tax code offer a narrow exception to this arrangement. Under these, the tax code exempts a joint filer who "did not know or have reason to know that there was an understatement on the tax return" from joint and several liability. Wheeler, IV v. Wheeler, New Jersey App. Div., July 24, 2013