Divorce, the IRS and unexpected tax consequences, part 1

Posted on February 15, 2011 by Bill Faiferlick

By the time most people make the decision to get a divorce, hire attorneys and start the emotional process of separating assets, few people understand that the IRS is also going to be involved and expect their share of the assets as well. Bill Faiferlick’s guests are John Raspante and Arthur Garcia from the firm of Graf Repetti & Co., LLP in New York City. John Raspante is a CPA, MST, and CDFA. He holds the dual roles of Director of Compliance and Risk Management as well as the Director of Education for Graf Repetti. Arthur Garcia is a Senior Tax Attorney and Co-Director of the Graf Repetti matrimonial team. Will your divorce leave you in financial ruin? The show will focus on some of the forgotten or poorly understood consequences of divorce from a tax and accounting perspective. Frequently CPAs are not included in the divorce process and John is going to discuss why CPAs should be part of the team and how their contribution could dramatically alter the financial outcome.

Guests:
Arthur Garcia, Senior Tax Attorney, US

Arthur Garcia is a Senior Tax Attorney at Graf Repetti & Co., LLP. He was admitted to practice in the State of New York. He received his BA at Montclair State University. He graduated from the Seton Hall School of Law. He received his Master’s Degree from Hofstra University School of Business in Taxation. He specializes in taxation, estate and business planning. Arthur is a published author in the fields of divorce and taxation and was formerly the managing editor of the Hofstra Journal of Business and Law.

John Raspante CPA, MST, CDFA

John F. Raspante, CPA, MST, CDFA, holds dual roles as Director of Compliance, Risk Management and Director of Education for Graf Repetti & Co. LLP, Certified Public Accountants & Business Advisors. Prior to Graf Repetti, Mr. Raspante worked 9 years for CAMICO Mutual Insurance Company, the nation’s second largest provider of accountants’ professional liability insurance providing loss prevention services to the organization’s largest insured’s. His professional affiliations include the American Institute of Certified Public Accountants and 12 state accounting societies. He serves on NYSSCPA’s Compilation and Review Committee, NJSCPA’s Editorial Board, the Accounting and Auditing interest group, and the National Conference of CPAs’ Ethics Committee. Mr. Raspante is a frequent author and speaker on issues relating to risk management and professional ethics. He earned a B.B.A. in accounting from Baruch College (CUNY) and a master’s degree in tax from Washington School of Law.