By Inna G. Materese | Esquire
The recently-released House Tax Reform Bill has seemingly sent analysts and experts in all kinds of field scrambling to determine how the proposed changes may impact the rest of us.
Family law practitioners, litigants, and policy-makers are no exception. Indeed, the Bill would eliminate certain deductions and exemptions many of our clients rely upon. Some family law veterans are concerned about the Bill's plan to eliminate the adoption tax credit. Others debate the choice to eliminate the alimony deduction used by many litigants and attorneys alike to negotiate as mutually acceptable deal in their divorce.
As the House and Senate continue to debate the merits of the new Bill, it is important to consider how these changes may impact your case, if your matter is still pending. Be sure to speak with your attorney regarding the possible tax implications of your family law matter.