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September 2015 Archives

How do alimony payments affect your taxes?

Many states have moved away from using the term "alimony" for court-ordered payments from one former spouse to another to provide financial support in cases of separation or divorce. But whatever these payments are called -- alimony, spousal maintenance, spousal support or something else -- they do have tax implications.

IRS Expands List of Foreign Facilitators

Over the summer, the IRS continued its fight against offshore tax evasion by reaching nonprosecution agreements with dozens of Swiss banks, bringing the total list of "facilitators" to nearly fifty. This list should continue to grow over the next few months. As part of the new reforms made to the ongoing Offshore Voluntary Disclosure Program (OVDP), individuals with one or more accounts at a bank included on this list must pay an increased offshore penalty of 50%, rather than the usual 27.5% that has been required since 2012.

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