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.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01973-24-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01973-24-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1566) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01973-24-S) | 1 CE | Approved |
| Taxes for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01973-24-S) | 1 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01973-24-S) | 1 CE | Approved |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00810-21-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-00810-21-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0752) | 1 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00810-21-O) | 1 CE | Approved |
| Taxes for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-00810-21-O) | 1 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00810-21-O) | 1 CE | Approved |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
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.
Jason Dinesen is a seasoned tax professional, educator, and entrepreneur with a passion for simplifying complex tax concepts. He is a go-to expert in accounting, bookkeeping, tax preparation, business advisory and interpretations of tax laws and regulations.
Jason has trained over 200,000 accounting, tax, and HR professionals through his engaging presentations, webinars, and self-study courses. Sharing his knowledge in the classroom, teaches Individual Income Tax and Business Analytics at Simpson College, where he earned his degree in corporate communications.
He has delivered numerous webinars on topics like:
Who Jason really is
He is a Whiskey Lover mastering the art of whisky tasting, a football fan, a craft man holding Chainsaw and Pen by IRS. Born and raised in Iowa, Jason leads a vibrant life with his wife, two sons, five cats, and three dogs.
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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.
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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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.webp "Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)")
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