Blog Written by: Lori B. Shlionsky
On December 17, 2017 the Tax Cuts and Jobs Act of 2017 was signed by President Trump and made a number of significant modifications to the Internal Revenue Code ("IRC") that will either directly or indirectly effect newly divorcing couples. Under the Tax Cuts and Jobs Act, in all divorces occurring after Dec. 31, 2018, alimony will no longer be tax deductible for the payor, and alimony received will no longer be considered income to the payee and therefore the payee will no longer be required to pay taxes on their alimony.
