This article was published in the September 4, 2019 issue of FamilyLawyerMagazine.com. The 2017 Tax Cuts and Jobs Act created significant ramifications in the divorce context, particularly on the income tax front. This article discusses seven areas impacted by the current tax laws–including taxation of trust income and other important considerations. Issues including taxation of alimony payments, the suspension of the personal exemption and the miscellaneous itemized deduction, as well as possible higher valuations for closely held businesses, are also covered.
Sharon further shared her insights on this subject in a podcast titled The New Tax Laws for Trust Income Following Divorce.
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