Expenses & Deductions
Legal and professional fees incurred in a divorce action were nondeductible personal expenses since the "origin of the claim" in the divorce action was not related to the taxpayer’s trade or business.
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.
This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.
Jeff Bilsky, CPA, senior practice leader for BDO’s national partnership taxation group, sat down recently for a question-and-answer session on guidance that has been issued on the Sec. 199A qualified business income deduction.
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
This article discusses the limitations that apply to
specified service trades or businesses.
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
The suspension of the deduction for expenses from hobby activities in the years 2018 through 2025 makes it all the more important for taxpayers to be
able to establish a profit motive for their activities.
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
A taxpayer could not deduct the original sales price
of clothing donated to charity when the clothing was bought at a discount.
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
A recent Tax Court case highlights pitfalls frequently encountered by small businesses that engage in related-party transactions without appropriate planning.
This semiannual review covers changes made by the TCJA, cases and guidance involving hobby losses, qualifying as a real estate professional, innocent spouse relief, and other key topics affecting individuals.
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
This article addresses two common business expenses whose tax rules changed beginning Jan. 1, 2018.
Two Code provisions, Sec. 162 and Sec. 165, offer a potential deduction for a taxpayer who has property that has been damaged by a casualty.
This article examines the requirements and limitations taxpayers face when seeking benefits of significant education-related income tax provisions.
