Expenses & Deductions
A taxpayer who consistently lost money playing the slots at two casinos in California was found not to have an actual and honest profit objective and could not deduct her gambling losses on Schedule C.
This article is Part I of a two-part article covering recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
The optional standard mileage rates for use of a vehicle have gone down by one-half cent per mile for 2014.
The optional standard mileage rates for use of a vehicle will go down by one-half cent per mile for 2014, the IRS announced.
This article discusses the unique tax issues facing creators of intellectual property, particularly federal income tax treatment for individual taxpayers.
The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014.
Final regulations clarify the treatment of reimbursement arrangements for the 50% meals and entertainment deduction under Sec. 274.
A district court held that a taxpayer who prosecuted an action against his former employer for false claims was was entitled to deduct his legal fees from the suit as ordinary and necessary business expenses.
The IRS issued final regulations clarifying which party is subject to the 50% limit on deductible meal and entertainment expenses.
The IRS issued its annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2013 and 2014.
This article covers recent developments in individual taxation. The items are arranged in Code section order.
A taxpayer who zealously and single-mindedly pursued False Claims Act lawsuits against his former employer was engaged in the trade or business of prosecuting those lawsuits and could deduct legal related expenses business expenses.
The IRS will now allow taxpayers who otherwise qualify for the home office deduction to use a simplified safe-harbor method that reduces the recordkeeping generally involved under the actual-expense method.
Under the hobby loss rules, the deductible expenses of a hobby are limited to the amount of income it generates and are further subject to a floor of 2% of AGI as a miscellaneous itemized deduction.
The Tax Court upheld IRS-assessed deficiencies caused by the disallowance of a number of travel expenses an oral surgeon deducted on his Schedule C and its imposition of a negligence penalty under Sec. 6662(a).
The Tax Court upheld the IRS’s determination that a taxpayer’s tithing payments to his church were conditional expenses for purposes of determining the amount of the taxpayer’s monthly payments under a partial payment installment agreement.
The IRS provided taxpayers with an optional safe-harbor method to calculate the amount of the deduction for expenses for business use of a residence during the tax year under Sec. 280A, beginning with the current tax year.
This article covers recent developments in individual taxation. The items are arranged in Code section order.
The Tax Court held that the taxpayers were not entitled to take an investment interest deduction for any of the mortgage interest they paid on property they had purchased because they failed to substantiate their claimed allocation of the mortgage debt.
Optional standard mileage rates for use of a vehicle went up by 1 cent per mile for 2013.
States look to unclaimed property for revenue
Understanding the new Sec. 199A business income deduction