As of January 1, 2019, the new TCJA tax rules have impacted any U.S. spouse who has paid or received child support under a divorce or separation agreement entered into after December...
Posted by Unifirst Financial & Tax Consultants on 10/14/2020
Divorce is hard and horrible. But at times, love turns sour, and two people have to part ways. The singular decision of parting ways involves many things. There are a ton of decisions...
Posted by Tim Thompson CPA PLLC on 08/07/2020
Also known as spousal maintenance, alimony is the payment from one spouse to the other after divorce. This payment helps the lower-earning spouse maintain the same standard of living...
Posted by Daniel P Vigilante CPA and Profit Consultants on 08/07/2020
Over the last 70 years, child support payments have been deductible by the payer and taxed as income for the recipient (note that significant rule changes occurred in 1984). The previous...
Posted by Elliot Kravitz, ATP on 08/02/2019
For divorces finalized after Dec 31, 2017, alimony will no longer be deductible by the payer and will no longer be taxable to the recipient. Alimony for divorces finalized...
Posted by R Pace Tax Service, LLC on 01/25/2018
Alimony is regarded as court-ordered payments given to a spouse or former spouse in a separation or divorce agreements. The aim is to provide financial support to the spouse that earns...
Posted by Advanced Accounting & Tax Planning on 07/25/2019
Among the many changes made by the Tax Cuts and Jobs Act (TCJA) that was signed into law on December 22, 2017, is the elimination of the alimony deduction from the tax code through...
Posted by Global Accounting on 01/24/2019
Every taxpayer can get the gain of a few essential rights. While handling the IRS, you need to recognize those rights on your safety. As an instance, each taxpayer has a proper to...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 05/15/2018
