This topic contains a solution. Click here to go to the answer

Author Question: Jo, a former client who has just received a divorce, has also just received notice that the last ... (Read 34 times)

ghost!

  • Hero Member
  • *****
  • Posts: 560
Jo, a former client who has just received a divorce, has also just received notice that the last three years' taxes were improperly filed and they should have paid an additional 15,000 . Jo remembers signing the joint returns, but her ex-spouse was the businessman, and he always prepared them himself. She has no memory of ever reading them before signing. What can we tell her about her situation?
 
  What will be an ideal response?

Question 2

Which of the following does not apply to periodic payments a spouse makes to his or her ex-spouse for the support of both spouse and children?
 
  a. They may be taxable to the extent that they comprise alimony.
  b. They are known as unallocated support.
  c. They should be reduced to reflect a child's age or needs in order to remain untaxed.
  d. They are known as family support payments.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

KKcool

  • Sr. Member
  • ****
  • Posts: 340
Answer to Question 1

Because they filed a joint return that apparently has a deficiency (we should at least explore that), we may pursue innocent spouse relief. We can file a Request for Innocent Spouse Relief on IRS Form 8857, per IRS Publication 971 . We will need to be able to confirm that the understatement was due to the other spouse's erroneous item, such as disallowed deductions or credits. At the time Jo signed the return she did not, in fact, know there was an error, nor did she have any reason to believe there was one. She may be able to avoid full, or at least partial, liability.

Answer to Question 2

c




ghost!

  • Member
  • Posts: 560
Reply 2 on: Aug 3, 2018
Excellent


xthemafja

  • Member
  • Posts: 348
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

For a complete list of videos, visit our video library