Category Archives: Tax Issues

The House Passes Their Tax Reform Bill While The Senate Finance Committee Approves an Amended Version of Their Initial Proposal

On Thursday, November 16, 2017, the House passed their Tax Bill with a vote of 227-205.  Thirteen Republican members (eight from New York and New Jersey), along with every single Democrat member, voted “No” on the bill.  Regardless of its passing, however, the bill still faces an uphill battle of aligning with what is emerging […]

The Possible Impact to Employee Benefits Under the Proposed “Tax Cuts and Jobs Act”

This article was co-authored by Patrick T. Ryan and Anne Prenner Schmidt In many cases, Employee Benefit plans represent the most valuable asset accumulated during the marriage. Dividing these funds in the event of a divorce can be a complex process and often have serious tax implications. The GOP proposed tax legislation the “Tax Cuts […]

New Tax Legislation

Yesterday, the GOP unveiled their proposed tax legislation, the “Tax Cuts and Jobs Act.” While this is just the initial proposal, as soon as next week, the House Ways and Means Committee (the principal tax writing committee of the House) will begin to propose changes and modifications, before sending it to the floor for a […]

Five Tax Considerations When Divorcing

Whether you are in the process of getting divorced or are considering filing for divorce, there are a five (5) tax considerations you should be aware of as you move forward.  As we are in the midst of tax season it is the perfect time to consider these tax issues to avoid potential pitfalls. 1. […]

IRA, Roth IRA, MyRA, What’s a MyRA?

On January 28th, in his fifth State of the Union Address, President Obama announced the MyRA (rhymes with IRA). In his own words, “It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in.” While some additional details are […]

IRS Tips: Five Tips if You Changed Your Name Due to Marriage or Divorce

From IRS.gov IRS TAX TIP 2011-23 If you changed your name as a result of a recent marriage or divorce you’ll want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the name shown on your tax return and […]

Tax Filing or Fooling: Review Your Spouse’s Tax Forms

Among the annual rites of spring is the filing of your income tax return. In the majority of households, that means one spouse will simply ask another to ”sign here,” and the other spouse never looks at any part of the return other than the signature line.  However, the fine print right above the signature […]