Wisselman & Associates Attorney Lloyd C. Rosen recently presented at the 14th Annual Nassau/Suffolk Chapter of NCCPAP/IRS Long Island Tax Professionals Symposium on Wednesday, November 16, 2016 at the Crest Hollow Country Club. Mr. Rosen’s topic, “How Your Client’s Tax Return Can Really Hurt Your Client in Divorce” was well received by over 50 accountants and tax professionals.
Mr. Rosen answered many questions and walked participants through all of the potential pitfalls of a client’s tax return that have the potential to create evidentiary and strategy issues in divorce proceedings. These include forensic evaluations of a client’s business (and the role of the tax professional in that process), unreported or cash income, itemized personal expense deductions for business owners, IRS liabilities and indemnification issues, as well as the effect of shareholder loans, stock options, depreciation, and account receivables deemed as marital assets. He also provided a brief overview of the landmark Court of Appeals case of Mahoney-Buntzman as it relates to jointly filed tax returns by married couples.
The Long Island Tax Professionals Symposium is the premier event for practicing tax professionals. Each year, more than 700 practicing tax professionals, including CPAs, enrolled agents, corporate tax executives, financial planners, and attorneys, gather to update their knowledge, network, solve tax questions with peers and the IRS, and visit with current and prospective vendors.
“The Long Island Tax Professionals Symposium is a fantastic place for tax professionals and attorneys to learn new information and grow their professional network. I am grateful for the opportunity to participate in this event and look forward to next year’s symposium,” says Mr. Rosen.
Thank you LI Tax Professionals Symposium for inviting us to participate in this event.