A Brand New Niche Loaded with Interesting Stories| |
We have been approached with many new niche ideas and this was one that I had never heard of. Apparently, the tax code has a classification called "innocent-spouse", which enables a spouse to protection as a result of evasive or dishonest financial behavior from their spouse. It also covers divorces where one person fails to pay tax on the income and intends to leave the other spouse with the tax bill. Clearly, the person claiming they are innocent must provide the appropriate documentation to prove they did not know about the income or fraudulent activity. And the two year window now appears to be widening to ten years of being duped which opens the floodgates.
Over the years, I have several legal buddies who have shared their juicy war stories over a libation or two. This niche would be ripe with interesting tidbits and worth a few laughs too. I'm sure you can only imagine some of the stories that this unique niche creates.
All kidding aside, the innocent spouse relief niche is one to consider for those that have a developed an expertise in divorce accounting, IRS Problem Resolution, and/or forensic accounting. If this niche intrigues you, take a look at how we organized the innocent spouse relief niche for this accountant.