Friday, December 28, 2018
From the Hill:
Divorcing couples are scrambling to finalize their cases before the end of the year as a result of President Trump’s tax law.
The 2017 GOP tax overhaul eliminates the deduction for alimony payments in divorce agreements entered into after Dec. 31, 2018. That means beginning next month, tax savings for many divorcing couples will be smaller than they are now.
Divorce lawyers and financial planners say they are racing to have couples complete their agreements before the changes take effect.
Twenty-seven percent of Certified Public Accountant (CPA) financial planners have seen an increase in the number of clients aiming to finalize their divorces this year, with 6 percent reporting a substantial increase, according to survey results released Thursday by the American Institute of CPAs.
Read more here.