21 June By Webmaster | mendasweed

Getting divorced and expect to pay spousal support? You have until June 29, 2018 to do this.

alimony money
  Under the new Tax Law, alimony, or spousal support, is not deductible for tax purposes by the payor for divorce decrees entered after December 31, 2018. In California, there is a statutory six-month waiting period to finalize your divorce from the time your spouse is served with the divorce pleadings. IMPORTANT: Accordingly, next week, specifically June 29, 2018 at the very latest, is the last possible day to serve divorce papers on your spouse…
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29 May By Webmaster | mendasweed

Spousal Support Considerations After the Tax Cuts and Jobs Act – Does California Conform?

portrait of gesticulating girl talking with psychologist
  As you likely already know, after the Tax Cuts and Jobs Act (TCJA), alimony will not be deductible for the payor spouse, or reportable as income to the payee spouse, for divorce decrees entered after 2018. But what about California, do these new rules still apply? California does not conform to the new laws, and it will still allow a deduction for spousal support payments, and require a payee spouse to report the spousal…
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