Male couple cannot deduct medical expenses related to having a baby
The IRS ruled against the deductibility of medical expenses arising from the couple’s use of gestational surrogacy, in vitro fertilization procedures, and related items.
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The IRS ruled against the deductibility of medical expenses arising from the couple’s use of gestational surrogacy, in vitro fertilization procedures, and related items.
In a recent case, a taxpayer was unable to prove that a theft had actually occurred or that, if one had occurred, he had sustained the loss during the taxable year as required by Sec. 165(e).
Because unreimbursed employee business expenses will be deductible again in 2026, and court cases involving disputes on tax returns for years before 2018 continue to make their way through the courts, knowledge of the details of the unreimbursed employee business expense deduction remains important.
The Tax Court held that a taxpayer was required to reduce the bases of depreciable real properties to calculate the basis adjustment necessary for determining the amount of the QRPBI discharge that may be excluded from income.
The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
This item discusses Illinois Legislature's S.B. 2531, which includes a PTE tax that allows a workaround to the federal $10,000 limitation for state and local tax deductions.
A suit challenging the actions of a donor-advised fund by a donor to the fund was dismissed because the plaintiffs lacked standing.
This semiannual update surveys recent federal tax developments involving individuals.
The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
Sec. 199A, may create a potential difference in how the same type of income is taxed to shareholders of RICs and REITs and therefore offers an opportunity for fund managers.
The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
The COVID-19 pandemic brings taxpayers into uncharted territory with regard to casualty losses without physical damage but where there is still an undeniable impact to the business, especially where property values are permanently reduced due to the pandemic.
Educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses.
The IRS issued guidance on Thursday on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.
Contribution of a house to a charity for deconstruction was not a donation of the taxpayers’ entire interest in the property.
The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.
DEDUCTIONS
Business meal deductions after the TCJA
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
TAX RELIEF
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.