Q: How do I know if a divorce asset search is right for me?
A: We're not going to pull rabbits out of a hat, but we will provide you with additional peace of mind knowing that you are taking the right steps to find potential assets to which your client may be entitled.
Q: Do I need to obtain my spouse's signature to obtain tax return information?
A: No. The IRS is permitted to disclose tax information to individuals having a material interest. The child or legal representative of the child can obtain tax return information in order to comply with the provisions of IRC Â§1(g) involving tax on unearned income of minor children. In addition, there is an investigative disclosure exception, in conjunction with Â§ 301.6103(k)(6)-1, which authorizes the disclosure of return information (but not returns) to the extent that disclosure is necessary in obtaining information that is not otherwise reasonably available with respect to the correct determination of tax. Before your divorce is final, you will want to verify whether your spouse reported all sources of income on jointly filed tax returns. The IRS will hold you responsible even years after your divorce. An unexpected wage garnishment by the IRS could have a devastating impact on your ability to provide for you and your family.
Q: Does my asset search remain confidential?
A. Yes. The tax information will only be made available to the contact person you authorize when you sign up for an account.. The results of the search, is confidential and your spouse will not be informed of your asset request.
Q: What type of information will you provide?
A: We will provide you with an Estimated Asset Value. In addition, we'll provide you with the following:
- Asset Trend Analysis - Breakdown of Assets for Last 4 Years
- Asset Report - Easy to read report that lists the
- Cash, CD's, Bonds& Notes
- Stocks& Mutual Bonds
- Insurance Distribution
- Retirement Fair Market Values
- Real Estate Proceeds
- Sources of Wages
- Non-Employee Compensation
- Sources of Income & Business Entities
- Tax Return Score Report - Results of 37 Diagnostic Tests of Tax Return
- Cash Flow Analysis - Income Minus Adjustments, Itemized Deductions & Federal Taxes
Q: How long would it take a C.P.A. to summarize 4 years of assets and tax returns?
A: Before we computerized our asset search, it took our CPA 20 hours to analyze four years of records. In addition, the Tax Return Score Report summarizes 1,000 lines voluminous tax data into a one page summary.
Q: Will you find hidden assets?
A: We will be able to identify assets that your client's spouse may not have previously disclosed. In addition, the Asset Trend Analysis will allow you to detect unusual fluctuations in value from year-to-year.
Q: How will I know if my client's spouse failed to disclose assets?
A: We give you a detailed checklist that will allow you to identify undisclosed assets in 5 minutes. We will provide you a schedule showing the assets we identified in our search. Next, you'll want to reconcile the list of assets we identified to the Affidavit of Financial Information. You can complete the verification of potential undisclosed assets in minutes.
Q: Will you help me reconcile the assets you've identified to the affidavit?
A: Absolutely. If you fax us a copy of the Affidavit of Financial Information, we will provide you with the results in 48 hours.
Q: How long will it take to complete an asset search and tax analysis?
A: If you submit your request by noon on a business day, you'll receive your complete report within 3-5 business days.
Q: What time period does the search cover?
A: We search records for years 2009 thru 2012. Generally, 2012 information will become available in May of 2013.
Q: What exactly is a Tax Return Score report?
A: We assign a letter grade and numerical score to your tax return. Further, we evaluate nearly every line item on a tax return by utilizing a series of algorithms based on statistics we compiled from 143 million tax returns resulting in an indicator of an individual's financial strength beyond a credit score. Scoring is completed by subtracting points based on tax deviations from IRS averages to arrive at an overall grade and score.
Q: Why is a Tax Return Score Valuable?
A: According to the Sandra Day O'Connor College of Law at ASU, the Tax Return Score is a "wealth management tool" that "identifies all sources of a client's income, excess tax ratios and negative business income." Not only does it assess an individual's financial strength, but the Tax Return Score also alerts your client to potential tax liabilities or refunds that are essential to address prior to completing the divorce process.
Q: Will you identify taxes that are currently owed to the IRS?
A: Yes. We will provide a current list of tax liabilities for the last four years. Even though your client's spouse may have claimed to have filed their income tax returns, you'll want to verify this before the divorce is final to avoid future financial hardship.
Q: How much does it cost to run a preliminary divorce asset search?
A: The cost to receive a preliminary asset search report is $595.00.
Q: How do I set up an account?
A: You will need to complete the new account application located on the home page.
Q: Where could I review a sample report?
A: Go back to the home page and click the Sample Report link.
Q: What do the letter scores on the report represent?
|Asset Score||Est. Asset Value|
Q: Do you provide additional services?
A: Yes. After reviewing the preliminary asset report you can engage us to perform an Advanced Asset Search. This will require a service agreement and pre-paid retainer.
Q: What communication and database security do you employ?
A: We utilize encryption using Secured Socket Layer. The web application requires a browser that is capable of 128 bits SSL. A verifiable security certificate from Go Daddy is used to enable SSL. The raw database files are encrypted by proprietary Microsoft encryption. Sensitive data fields within the data base are additionally encrypted.
Q: What are some reasons that we may not be able to run an asset search?
A: If the information provided contains an error in the social security number or does not include an address used within the past two years, no asset search will be generated. Please carefully review this information prior to submission.
Q: Do you have a customer support staff?
A: Yes. If you are having problems, please call our help desk at (602) 320-3183. An experienced staff member will be happy to assist you.