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The Biden Tax Plan
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NOWOTNY KNOWS SQUAT! Helping Financial Advisors Build a Clientele and Asset Under Management (AUM)!
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THE SPLIT DOLLARMINATOR!
Divorce is a complex and emotionally charged process that also brings substantial financial considerations, with three of the most significant financial aspects of a divorce being alimony (spousal support), child support, and...more
Divorce and legal separation can entail more than just emotional and legal complexities. They can also involve navigating intricate and complex tax implications. There are eight key considerations to consider relative to...more
Summary: In this non-precedential opinion (see section 7463(b)), the Tax Court addresses an alimony deduction claimed by taxpayer Terrence Aragoni. Aragoni divorced his wife. By court order, Aragoni was ordered to pay $9,146...more
Tax Litigation: The Week of May 16th, 2022, through May 20th, 2022 Caldwell v. Comm’r, T.C. Memo 2022-51 | May 20, 2022 | Lauber, J. | Dkt. No. 3333-19. Ibrahim v. Commissioner, TC Summary Opin. 2022-7| May 16, 2022 |...more
The Tax Cuts & Jobs Act of 2017 eliminated the tax deduction previously allowed for alimony payments effective January 1, 2019. This meant that alimony payments made pursuant to an agreement executed after December 31, 2018...more
When a couple is getting divorced both current and future tax obligations as well as tax basis are very important. There are four areas that we frequently advise our clients about. Originally published on ABC15 Sonoran...more
For the past several decades the “alimony deduction” has been available to all divorcing couples. This deduction provided that the spouse making alimony payments could deduct alimony payments from his or her income and the...more
The current federal tax laws enacted in late 2017 have been the subject of many news stories and articles. Although most aspects of the legislation took effect in 2018, the changes to the tax treatment of alimony went into...more
The smell of tax season is in the air. Accountants and tax attorneys alike are sharpening their pencils, replacing the batteries in their calculators, and stocking up on coffee. But something feels different this year. . . ...more
Under a new tax law that is going into effect in 2019, alimony (also known as “maintenance” or “spousal maintenance” in many states) is going to be treated differently than before for tax purposes. Dating back to the Internal...more
If you or a client is going through a divorce or separation, do not forget to consider the changes enacted under the 2017 Tax Cuts and Jobs Act (“TCJA”). ...more
A change in the tax law will eliminate a tax break for alimony payments made pursuant to divorces that are finalized after December 31, 2018. For 2018, alimony (or spousal support or spousal maintenance) is tax deductible...more
The recently enacted tax law changes can have dramatic effects on all kinds of income tax situations, including divorce. With news that the alimony deduction will expire at the end of this year, many clients are asking if...more
Here are the changes from the Tax Cut and Jobs Act (TCJA) that will impact “most” Individuals when they prepare their 2018 Tax Returns in 2019...more
Deep within the text of the Tax Cuts and Jobs Act of 2017 (TCJA) are two provisions that will have a significant effect on both alimony and child support....more
Since the early 1940’s, alimony payments have been tax deductible for the Payer Spouse. The recipient of the alimony (Recipient Spouse) paid the income tax on the alimony payments. The Tax Cuts and Jobs Act (TCJA) puts an...more
The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more
Not only is divorce emotionally draining, the tax ramifications of recently passed tax laws will have a direct and adverse effect on divorcing parties. Tax reform will substantially alter the award of alimony in...more
For the first time in more than 30 years, the countdown to the New Year was also the countdown to major revisions to the tax code. The Tax Cuts and Jobs Act (Act) became law in late December 2017 and contains sweeping changes...more
The Tax Cuts and Jobs Act of 2017 makes substantial changes to the income taxes of individuals. The Act's individual changes noted in the attached chart generally expire on January 1, 2026, and the speculation will...more
The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more
On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”), implementing sweeping changes to United States income tax regimes for individuals and businesses and...more
Under the current tax law, individuals making spousal support payments may deduct the payments on their tax returns. Conversely, the individual receiving alimony must count those payments in his or her gross income....more
Since the first go round of the proposed massive revisions to the tax code were announced several weeks ago, matrimonial lawyers, litigants, accountants, etc. have been in a veritable tizzy over the prospect that one of the...more
As this is written, the House and Senate this week are scheduled to vote upon a conference report of both houses of Congress which will “reform” tax law in a major way for the first time since the Reagan administration. In...more