Expenses & Deductions
While businesses involving the performance of services in the health care field were generally understood as not qualifying for the Sec. 199A deduction, further analysis could provide a favorable result.
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.
Numerous rules and restrictions govern the timing
of deductibility of bonuses accrued in one year and paid in another.
The IRS has created an LB&I compliance campaign that affects multichannel video programming distributors and television broadcasters.
The IRS concluded that a taxpayer could deduct the unamortized debt-issuance costs related to its existing debt upon its exchange for new debt.
All companies should maintain supporting documentation for payments.
The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.
The House tax reform bill contains a large number of proposed changes that would affect businesses.
This column discusses whether fuel blending may be
treated as a domestic production activity for purposes of the DPAD deduction.
The U.S. Tax Court held that pregame meals provided to players and personnel before away games qualify as a de minimis fringe benefit.
The U.S. Tax Court held that a professional hockey team could deduct the cost of meals provided to players and other employees at the team’s hotel
while traveling for games.
Pregame meals provided to Boston Bruins players and personnel before away games qualify as a de minimis fringe benefit.
Certain business expenses incurred to start or expand a business can be currently deducted.
The Tax Court held that the owners of the Boston Bruins could deduct the full cost of their team’s pregame meals for away games as a de minimis fringe benefit.
Among the first wave of examination “campaigns” announced by the IRS’s LB&I is the application of the Sec. 199 domestic production activities deduction to “multi-channel video programming distributors.”
Taxpayers should expect to see continued controversy
regarding when a liability is fixed for customer discounts.
The IRS determined a taxpayer’s substantial renovation, construction, and erection of certain
property qualified as the construction of real property under Sec. 199.
In this case, compensation paid by a closely held corporation was reasonable and therefore deductible.
The fees were unnecessary because the taxpayer did not provide proof to show that any services were actually performed in exchange for the fees.
This item discusses the ability of a target in a Sec. 338(h)(10) transaction to use the safe-harbor election provided by Rev. Proc.
2011-29.
Qualified business income deduction regs. and other guidance issued