deductions Archive

Tax Cuts and Jobs Act impact mortgage interest deduction state and local tax deduction 2017 tax law, Mortgage interest deduction: reviewing how the TCJA impacted deductions (mortgage interest deduction TCJA salt deduction) taxes against their federal taxable

Reviewing How TCJA Impacted Deductions

Kevin Kaufman October 14, 2021 No Comments

TweetShareSharePin0 Shares Two major provisions in the federal tax code have been limited since the Tax Cuts and Jobs Act (TCJA) of 2017: the state and local tax (SALT) deduction and the home mortgage interest deduction (MID). Limiting the two provisions helped broaden the tax base, offsetting tax revenue loss from reduced tax rates. The

U.S. Global Minimum Tax Revenue Analysis

Kevin Kaufman August 19, 2021 No Comments

TweetShareSharePin0 Shares The Biden administration has proposed significant changes to the tax rules that govern how much U.S. companies owe on their foreign profits while working to negotiate a global minimum tax. However, the global minimum tax and the Biden administration’s proposals are quite different. A recent Tax Foundation report dug into the details on

TIGTA Report Recommends Shortcutting Deficiency Procedures For Returns Claiming Casualty Loss Deductions

aallenlenth August 9, 2021 No Comments

TweetShareSharePin0 Shares A recent TIGTA report discusses the processes the IRS uses to evaluate tax returns that reflect a claimed casualty loss deduction. TIGTA criticizes the IRS for allowing casualty loss deductions that are not allowed under current law. It recommends that the IRS institute up front checks to prevent the processing of returns that may reflect an

Sports Owners Deductions & Amortization

Kevin Kaufman July 26, 2021 No Comments

TweetShareSharePin0 Shares Over the past few weeks the media has reported on how wealthy taxpayers who own sports teams lower their tax liability by deducting the cost of purchasing a sports team over 15 years. Contrary to claims that deducting the cost of a sports team from taxable income is a “loophole,” such deductions are

IRS explains which meals qualify for temporary 100% expense deduction

aallenlenth April 16, 2021 No Comments

TweetShareSharePin0 Shares News Expenses & Deductions By Sally Schreiber, J.D. The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). Under Sec. 274(n)(1), a deduction for any