The IRS issued guidance on May 6th about returning Economic Impact Payments received by a deceased person. According to this guidance, if the recipient of the payment was deceased at the time the payment was received, IRS is requesting that it be returned. If the payment was in the form of a paper check: Write […]
Spousal Support in Virginia and the New Federal Tax Law
The Tax Cuts and Jobs Act (“Tax Act”) was signed into effect in December of 2017. Before then, spousal support in Virginia was tax deductible to the payor, who is usually the higher income earning spouse. It was tax includable to the recipient spouse, who is the spouse with a lower income. By shifting the […]