Alimony Tax Law Deadline Approaching

Alimony Tax Law Deadlne Approaching By Robert Napper, Ayo & Iken Legal Correspondent Are you considering a divorce with a major sticking point being alimony? If so, it is imperative that you pay attention to changes to federal tax laws effective Jan. 1 which could drastically affect your finances if you file for divorce after Dec. 31. Our Ayo & Iken attorneys, area tax professionals, and statewide alimony reform advocates are eyeing the portion of the Tax Cuts and Jobs Act signed by President Donald Trump in December 2017 that removes the ability of an alimony payor to deduct said alimony from his or her taxes, and an alimony recipient to report received alimony as income after 2018. In the legal community, there is keen interest as to whether this will mean a mad dash to courthouses before the end of the year to get divorces finalized. And on the other side of the coin, in some divorce cases, attorneys dragging their feet to file dissolutions for people…

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