If a new Tax Court ruling is correct, it means that a tax return I recently prepared is not correct. The issue for the taxpayer in this case, and for my client, is whether or not they are allowed to deduct “away from home“ expenses under code section 162 (a)(2). Those expenses must be incurred...
by John Stevko
On March 23, 2018 President Trump signed into law the Consolidated Appropriations Act of 2018. The $1.3 trillion spending bill funds the federal government through September 30. This article explores the tax-related provisions included in this new law.
Low-income Housing Credit
The Tax Cuts and Jobs Act enacted Code Section 199A which provides a 20% deduction for businesses. However the deduction is not always 20%, and not every business qualifies. This article explores the key elements of this new provision.
The deduction for years beginning after 2017 is...
On September 27, 2017, President Trump revealed a tax plan that he and key Republican leaders in Congress have been working on. The plan is entitled “United Framework For Fixing Our Broken Tax Code.” If enacted, the proposal would affect most tax paying Americans. However passage is uncertain,...
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