Deductible or Not? An Analysis of the Impact of the TCJA on Section 67

One narrow part of the new tax code has been the subject of some confusion among commentators. The new IRC Section 67(a) provides that for individuals, miscellaneous itemized deductions are only allowed if the aggregate of those deductions is greater than 2% of adjusted gross income. Miscellaneous itemized deductions are any itemized deductions that are … Read more