Community Property Taxation: What is mine is not ours…! 1 Credit
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Community property, rooted in Spanish law with influences from Roman civil law and the Visigothic Code, serves as a safeguard for spousal rights. It operates on the principle that both spouses contribute to the marriage in distinct ways, legally valuing these contributions equally. This legal framework aims to streamline contentious divorce proceedings by prescribing a fair division of assets, reducing disputes over ownership and proportions.
It's important to note that community property rules don't enforce a blanket "what's mine is ours" policy. They exclude assets owned by either spouse before marriage or acquired after a legal separation. Gifts and inheritances received during the marriage also fall outside the scope of community property. Furthermore, pre-marital debts remain the sole responsibility of the incurring spouse. In cases where property is purchased using a combination of shared and individual funds, only the portion acquired through joint resources is considered communal.
Practitioners in the field should be well-versed in the intricacies of community property rules, especially in the 11 states where they apply. These states have unique tax regulations for married couples who choose to file separate tax returns. For comprehensive guidance on understanding these rules and effectively managing IRS filings, consider enrolling in our online CPE/CE webinar on Tax.
This Online CPE webinar covers the following key topics:
Join this CE Tax Course will also discuss how the tax code has treated marriage, as community property laws play a large role in why we have "filing statuses" in the modern-day tax code.
Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent.Â
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Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well known presenter of continuing education courses. He has an impeccable acumen for tax subjects, by virtue of which, he is known to create very well researched course materials helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries.
Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.
He has presented over dozens of webinars on Form 1099 (MISC & R); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credit and other issues relating to the modern-day household setting.
Moreover, Jason is known to be producing every other webinar/course a little different and updated from the previous one. No wonder, he is a top ranked presenter whose webinars and self-study course materials are very well received by the audience.
He also teaches 2 classes at Simpson College, Individual Income Tax and Business Analytics.
Jason was born and raised in Iowa and has a degree in corporate communications from Simpson College in Indianola. He has a big family that includes his wife, two sons, 5 cats and 3 dogs. Jason holds season tickets to University of Iowa football, and enjoys using his chainsaw. Topmost item in his 2022 bucket list is to learn how to properly ‘nose & taste’ whisky.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
DWW
Covered all of general bases. I have not stumbled upon a schedule C all by one taxpayer in this respect that has been filed MFS, but if an example of what that would look like on the tax form (Form SE and possibly the allocation form 8958) would be good to see.
FM
Interesting info on the changes in the filing statuses since 1913. Great info on the complexity of tax law, with different states treating items differently.
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