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Divorce CPE For CPAs - CDFA & IDFA CE Courses

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Your Three-Minute Guide to Divorce CPE

Are you a CPA looking to improve your expertise on family law especially in divorce? If yes, pursuing divorce CPE is what you need to do. It may sound surprising but in the U.S., around 40-50% of marriages end in divorce.

While the statistic isn’t at all encouraging, there’s one thing you need to understand as an accounting or tax professional – the chances of having some of your clients filing a divorce is pretty high. By taking divorce CPE courses online or through other learning formats, you’ll be able to confidently answer their questions related to the financial impacts of divorce and its effects on their taxes.

We’ve created this post to help you obtain a quick overview of divorce CPE courses.

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Divorce CPE Courses: Things You Can Expect To Learn

Divorce CPE courses are designed to help you learn how to assess and apply various strategic tax aspects of divorce. After completing these courses, you should have an in-depth understanding of divorce litigation and the role of an accountant in it, how to differentiate between marital property and separate property, and which factors may impact the process of valuing assets.

You should also be able to understand the eligibilities to collect Social Security benefits depending on the benefits of the former spouse, how to calculate tax ramifications of divorce, among others. Basically, online divorce CPE courses will help you offer the right guidance while recognizing the red flags and common financial issues.

Online Divorce CPE Courses: Overview of the Impacts of Divorce on Taxes

When someone has gotten divorced, a lot of questions come up pertaining to tax rules. Completing divorce CPE courses online or via other formats will help you clear the doubts of your clients. Here, we’ve rounded up some of the most common tax rules that you’ll be able to learn by taking these courses.

Child support

According to IRS, if someone received or paid money for child support, it’s neither taxable nor tax-deductible. So, child support doesn’t have any impact on the taxes of either the payee or the payer.

Alimony

With the TCJA (Tax Cuts and Jobs Act) being in effect, now an alimony payer cannot deduct the alimony payments he/she made to the former spouse. Therefore, he/she must pay taxes on the part of the income, which was sent to the spouse toward alimony payment. And for the alimony recipient, it’s no longer required to include the alimony payment in his/her gross income, meaning it won’t be taxable.

Filing status

Filing status is something that heavily confuses newly divorced or divorcing couples. If someone isn’t divorced by the tax year’s end, he/she has the option of filing a joint return. However, once the divorce is finalized, it won’t be possible anymore.

Then the person may opt for another filing status namely “head of household”. This will make him/her entitled to a larger standard deduction. For 2020, head of household filers get a standard deduction of $18,650 while the amount comes down to only $12,400 for married individuals filing separate returns and single filers.

However, there’re some conditions that must be fulfilled by a person to be able to apply as head of household. The person must have lived separately from his/her spouse for a minimum of the last six months of that tax year and provided over half the cost of maintaining the household for the whole year.

He/she also needs to have a dependent, who lived with him/her for more than half of that year.

Bottom Line

There’re several other things such as deduction of the expenses associated with the divorce, itemized deductions for medical expenses of children, etc that your clients might require help with. While all these might seem a little complicated, by pursuing divorce CPE you can keep yourself fully updated on the topics and the latest rules.

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