Divorce Is Not Any Easier After Trump’s Tax Cut

wedding cake split apart to show divorce and split of assetsThe following is a guest post from Ed Lyman, a trial and appellate attorney at Walzer Melcher LLP who handles complex dissolution of marriage and domestic partnerships for high net worth individuals.

Family law attorneys and accountants are struggling to grasp the impact of the GOP’s tax overhaul on divorces. The biggest changes that affect divorcées is the repeal of various deductions, the creation of new ones, large tax cuts for business entities, and eliminating many exemptions. These changes require special attention when calculating alimony, child support, and division of marital assets. Continue reading

Just Passing Through: New Deduction for Business Income Expires in 2026

pass through tax benefit dollarsUnder new IRC §199A, business entity owners may be able to deduct 20 percent of passthrough income. This tax boon, which is set to sunset after December 31, 2025, has many lawyers wondering whether they might personally benefit.

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The Times They Are A-Changing (for Estate Planners)

The corporate tax cut is permanent, but most individual provisions of the Tax Cuts and Jobs Act (Pub L 115–97, 131 Stat 2054) are set to expire for tax years beginning after December 31, 2025. These expiring provisions will tax the ingenuity and patience of estate planners and their clients. What to do? Continue reading