A recent report reveals how the IRS plans on increasing audits on former spouse’s receiving spousal support, also know as, alimony payments. At Provinziano & Associates, we often recommend to our clients to seek the assistance of a trained tax professional to help them interpret the specific tax consequences of a divorce judgment.
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As illustrated in the article below, many people receiving spousal support are not properly claiming it as income, which may result in tax audits and penalties. Read the full article from the Wall Street Journal.