FinCEN recently confirmed the 2017 FBAR deadline and the automatic extension option. 2017 FBAR Deadline: FBAR Background FinCEN Form 114, the Report of Foreign Bank and Financial Accounts, is commonly known as FBAR. US taxpayers should use this form to report their financial interest in or signatory authority over foreign financial accounts. Failure to timely […]
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26 U.S.C. §1041(a)(2) states that transfers of property between former spouses are not taxable as long as they are “incident to divorce”. The question is what is the definition of divorce for Section 1041 purposes? Section 1041 Definition of Divorce: 26 U.S.C. §71(b)(2) The Treasury regulations specifically refer to 26 U.S.C. §71(b)(2) for the definition […]
Sherayzen Law Office PLLC hereby gives notice that, as of January 1, 2018, its official owner is Sherayzen Law Office, Ltd (“Sherayzen Law Office Ltd”). Sherayzen Law Office Ltd will continue to utilize “Sherayzen Law Office” as its trade name. Furthermore, Sherayzen Law Office Ltd will continue to maintain the disregarded entity (for tax purposes) […]
In a previous article, I discussed that a late IRC Section 1041 transfer between former spouses is presumed to be unrelated to the cessation of the marriage. This means that such a transfer may not be considered tax-free for US tax purposes. In this article, I would like to explain what a late IRC Section […]
This article introduces a series of articles on 26 U.S.C. §1041 and specifically the issue of tax treatment of ex-spouse property transfers incident to divorce. As a result of a divorce, it is very common for ex-spouses to transfer properties to each other as part of their settlement agreement. A question arises: are these ex-spouse […]