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Archive for November 2nd, 2017

Earlier today, the House of Representatives released its vision of tax reform, and there’s a lot to digest. Over 420 pages, in fact. Luckily, there has been no shortage of quality coverage of the bill around the interwebs, detailing the changes to tax rates and personal exemptions and the like.

But with 420 pages, some things are sure to slip through the cracks, and it is to these less publicized items that this column intends to draw attention.

Of course, there are both unexpected tax breaks and increases hidden within the bowls of the bill, but lest you forget, I’m generally a miserable person who prefers to dwell on the negative. As a result, let’s take a look at six tax breaks that you very likely didn’t realize you will lose if today’s bill becomes law.

#1: Divorce just got even more expensive

Under current law, alimony payments are deductible by the payor, and considered taxable income to the payee. And because you people are simply incapable of remaining faithful, there is a lot of alimony paid each year, about $10 billion to be exact.

Continue reading on, Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Today was the day. At long last, the first domino that may eventually leave to a thorough overhaul of our tax law was toppled by the House of Representatives with the release of the Tax Cuts and Jobs Act.

For members of the tax-paying public, it can be tough to make sense of it all. When searching for someone to explain the potential changes in terms anyone can understand, options are scarce. Of course, you could simply wait around for the White House’s afternoon presser and listen to Sarah Huckabee Sanders correlate the corporate tax cuts with the exploits of “a man from Nantucket.”

Or, you could just keep reading here. Because what follows is a 30,000 foot view of the new bill, and I say that not because it’s a brief and top-level summary, but rather because I’m actually typing on a plane from Aspen to NYC.

Continue reading on, Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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