When people think about the divorce process, they often imagine combative couples and attorneys at each other’s throats. They picture a process completely void of trust among the parties, along with a cut-throat effort to “win” at any cost. Times have changed. These days, a growing number of divorcing couples are choosing alternatives that involve cooperation and good faith. One of those alternatives is known as a collaborative divorce.
A Certified Public Accountant (CPA) financial expert can provide valuable assistance to attorneys throughout the discovery phase of a litigation case. Cases involving economic damages often depend on documents to establish or disprove the amount of the plaintiff’s damages. A financial expert gathers, analyzes and evaluates information from documents to calculate damages, and to provide expert testimony opining as to the amount of damages. When is the right time to hire your CPA expert? The answer is simple: sooner rather than later. Let’s consider why.
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Thanks to the Tax Cuts and Jobs Act, signed into law at the end of 2017, businesses will experience dramatic tax cuts. Those tax cuts will not only have a positive impact on a company’s bottom line, but will significantly affect the company’s value. If you’re an attorney and have a matter where a business valuation comes into play, or a business owner who is thinking of selling, it’s essential that you know how business values could change as a result of the new tax law.
The new Tax Cuts and Jobs Act (TCJA) raises a lot of questions for divorce attorneys. I recently hosted several seminars on the effects of the TCJA on divorcing couples alongside my colleague, Richard Wolf. At these seminars, several questions were raised, which we will individually address in this and future blog posts. In this article, co-authored with family law attorney Carol Ehlenberger, Esq., we will discuss the new dependency exemption and child tax credit.
I recently hosted several seminars as part of the firm’s divorce seminar series regarding the effects of the new Tax Cuts and Jobs Act (TCJA) on divorcing couples alongside my colleague, Richard Wolf. At these seminars, several questions were raised which we will individually address in this and future blog posts. Under the current law, alimony is considered income for IRA contribution purposes. However, under the TCJA and as of 2019, alimony will no longer be taxable income for the alimony recipient. This raises the question of whether IRA contributions can still be made based on alimony income. For some taxpayers, alimony could be the main or only source of income.
Now that the Tax Cuts and Jobs Act has been signed into law, we can start to examine its impact on family law attorneys and their divorce clients. As a result of the sweeping tax reform, family law attorneys will need to reconsider the financial strategies they use for their divorce clients.