DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Alimony Tax Changes Require Planning: Law change to have dramatic tax impact in 2019 and beyond

The taxation of alimony will change drastically starting in 2019. Here’s what you need to know:

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June 2014 DiSabatino CPA Newsletter

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In this issue:

  • The Chances of Being Audited
    2013 audit statistics show changes
  • Alimony in the Spotlight
  • Setting up Your Business
    Accounting System
  • Looking for a Summer Job

The Month of May:

  • June 15th: Father's Day
  • June 16th: 2nd Quarter Estimated Tax Due
  • July 4th: Independence Day

 

With the end of tax filing and the start of summer why not focus on new beginnings? Included in this month's newsletter are some ideas to help find summer employment and some suggestions on the benefits of creating a good accounting system for your small businesses.

Wonder what the IRS has in store for audits? Consider reviewing the article on audit statistics and a new area of focus within the agency on alimony reporting compliance.

Should you know of someone who may benefit from this information please feel free to forward this newsletter to them.

The Chances of Being Audited

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Alimony Mis-match Getting IRS Audit Attention

The U.S. Treasury Department recently released an audit report revealing a disturbing level of non-compliance in alimony reporting on tax returns. This non-compliance will result in vast increase in tax return reviews now and in the years to come. Here is what you need to know.

The study

The Treasury Inspector General for Tax Administration (TIGTA) recently conducted an Audit of 2010 tax returns that claimed an alimony deduction. What they found:

  • Over 560,000 taxpayers reduced their income for alimony paid in 2010.
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