Matrimonial litigators are bracing for big changes to their practice thanks to the overhaul of the U.S. tax code signed into law in late December.
The Tax Cuts and Jobs Act of 2017 shifts the tax burden for alimony from the recipient to the payer, eliminating a deduction for anyone making such payments while no longer including them in the recipient’s reportable income. The changes take effect for divorces signed after Dec. 31, 2018, and some practitioners say they’ve already seen signs of a last-minute rush by litigants who are seeking to wrap up divorce proceedings before year-end, thereby avoiding the changes to the tax law.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]