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Community Property Taxation: What is mine is not ours…!

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer

Published: December, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • What is community property?
    4 mins
  • What is included in Community income?
    11 mins
  • Various income types in form 8958
    19 mins
  • Allocation of estimated taxes
    26 mins
  • A brief history of marriage in the tax code
    33 mins
  • 1920s IRS & court rulings
    42 mins

Course Description

The concept of community property exists to protect spousal rights. It originated in Spanish law, a system of civil law derived from Roman civil law and the Visigothic Code.

It recognizes that both spouses contribute to marriage in different ways, and considers both contributions financially equal under the law. The aim is to ease the squabbling over who gets what, and how much of it, by having the law dictate the divide for a contested divorce.

What is mine is ours is not in most of the community property rules.

Community property does not include assets owned by either spouse before the marriage or acquired after a legal separation. Gifts or inheritances received by one spouse during the marriage are also excluded. Responsibility for any debts that date from before the marriage is not shared. And if you purchased the property with a combination of community and individual funds, only the part bought with community funds is considered shared.

The practitioners need to be aware of "community property" rules in 11 states, where special tax rules apply when a married couple files separate tax returns.

This online CPE/CE webinar on Tax will help practitioners identify the rules and how to file returns with the IRS.

In this CPE/CE course speaker will also discuss the history of 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.

This Online CPE webinar covers the following key topics:

  • What do we mean by "community property rules"?
  • What states are community property states?
  • Dividing income and expenses
  • Reporting with the IRS
  • A brief history of marriage in the tax code

Learning Objectives

  • To define and explore what community property is
  • To recognize what community income is
  • To identify how to report with the IRS
  • To recognize how community property led to the modern-day concept of filing statuses

Recommended For

  • This Online CPE webinar on Taxes is recommended for CPAs, CMAs, EAs, Tax Professionals, CTEC, and Any other professionals who desire to support their clients with community property rules.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Management Accountant
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00810-21-S)
  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00810-21-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0752)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)

Presenter

About Presenter

Jason Dinesen, EA, LPA

President Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. 

Dinesen is a regular CPE Presenter at myCPE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics.  Jason has developed a strong following within the professional community for tax-related subjects. 

Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.

About Company

Dinesen Tax & Accounting, P.C.

www.dinesentax.com

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Faq

FAQs content

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