News & Analysis as of September 20, 2024

Income Taxes › Spousal Support

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

The Deductibility of Future Alimony Payments Just Might Depend on the Past

Cozen O'Connor on 9/25/2019

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

Divorce and Taxes

Jaburg Wilk on 8/26/2019

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

Changes to the Pennsylvania Support Guidelines in Response to the New Tax Law

Cozen O'Connor on 5/29/2019

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 Tax Cuts and Jobs Act and Spousal Support: Dividing a Smaller Pie

Sands Anderson PC on 3/12/2018

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act, Public Law 115-97 (“the Act”). Among the changes to the tax code made by the Act were significant changes to the deductions available to taxpayers. For...more

The Revised U.S. Tax Code’s Impact On Alimony

Obermayer Rebmann Maxwell & Hippel LLP on 12/22/2017

By now most people are aware of the impending changes to the U.S. tax code brought about by the GOP tax bill, dubbed the “Tax Cuts and Jobs Act,” which Congress voted to pass on December 20, 2017. These substantial changes,...more

Divorce Planning: How Tax Reform Could Affect Your Decisions

Lewitt Hackman on 12/21/2017

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

Estate Planning and Prenuptial Agreements: Tax Implications of Alimony

Burr & Forman on 6/16/2017

When contemplating marriage and estate planning, frequently, individuals will enter into prenuptial (premarital) agreements to address their rights and obligations during the marriage and in the event of a divorce or death. A...more

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