The Tax Cuts and Jobs Act (TCJA) of 2017 lowered corporate tax rates from a graduated schedule that reached 35% to a 21% flat rate. However, many business expenses are no longer tax deductible. That list includes all outlays that might be considered entertainment or recreation.
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When couples divorce, financial negotiations often involve alimony. The tax rules regarding alimony were dramatically changed by the Tax Cuts and Jobs Act (TCJA) of 2017, but existing agreements have been grandfathered. In addition, the old rules remain in effect for divorce and separation agreements executed during 2018. Beginning next year, the rules will change, and the roles will be reversed.
