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

Changes to the Big Three: SALT, home mortgage interest and charitable contributions

We have nearly finished covering the changes made to individual taxation! Business owners can prepare for the upcoming crash course in new tax structures, but for now, we return to the adjustments that affect those who itemize their deductions.  First is the State and Local Tax Deduction, known as SALT. Previously, taxpayers could deduct the entirety … Read more Changes to the Big Three: SALT, home mortgage interest and charitable contributions

Taxpayers Recover Attorney’s Fees & Costs

In United States v. Johnson, Case No. 2:11-cv-00087 (U.S. District Court, D. Utah 1/8/2018), the District Court awarded taxpayers $285,648.06 in attorney’s fees and $30,558.00 in expert witness report costs in an estate tax controversy. Robert Keebler, CPA/PFS,MST,AEP,Distinguished reports reports in this LISI 60-Second Planner. You can read the entire text of the court’s opinion … Read more Taxpayers Recover Attorney’s Fees & Costs