Deductions

Theft loss deduction requirements

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).

AICPA recommends QBI improvements

The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.

Proving employee business expense deductions

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.

Tax Court rules on property basis reduction timing

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.

Individual tax update

This semiannual update surveys recent federal tax developments involving individuals.

AICPA recommends QBI improvements

The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.

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.

Sec. 199A and Subchapter M: RICs vs. REITs

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.

Tax Insider Articles

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.