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Itemized Deductions Tax Planning

McAfee & Taft

Gregory v. Commissioner : A lesson in application of the ‘hobby loss’ rules

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Many of you are familiar with what are commonly referred to as the “hobby loss” rules. Section 183 of the Internal Revenue Code limits a taxpayer’s ability to deduct expenses associated with activities “not engaged in for...more

Freeman Law

Tax Court in Brief | Patitz v. Comm’r | Schedule A and Schedule C Itemized Deductions and Documentation Requirements

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Tax Litigation: The Week of September 26th, 2022, through September 30th, 2022 Powell and Iakovenko v. Comm’r, T.C. Summary Opinion, 2022-19 | Sept. 26, 2022 | Copeland, J. | Docket No. 20268-19S Powell and Iakovenko v....more

Freeman Law

Tax Court in Brief | Butterfield v. Comm’r | Travel Reimbursements and Itemized Deductions

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Tax Litigation: The Week of August 29th, 2022, through September 2nd, 2022 Sparta Pink Property, LLC v. Comm’r, T.C. Memo. 2022-88 | August 29, 2022 | Lauber, J. | Dkt. No. 12114-20 Pressman v. Comm’r, T.C. Summ. Op. 2022-15...more

Freeman Law

Tax Court in Brief | Luna v. Comm’r | Disallowance of Itemized Business Deductions and Lack of Substantiation

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Tax Litigation: The Week of August 29th, 2022, through September 2nd, 2022 Sparta Pink Property, LLC v. Comm’r, T.C. Memo. 2022-88 | August 29, 2022 | Lauber, J. | Dkt. No. 12114-20 Pressman v. Comm’r, T.C. Summ. Op. 2022-15...more

Freeman Law

Tax Court in Brief | Colbert v. Commissioner | Accuracy-Related Penalties and IRS Procedural Requirements

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Tax Litigation:  The Week of July 11th, 2022, through July 15th, 2022 Knight v. Comm’r, T.C. Memo. 2022-76| July 14, 2022 | Lauber, A. | Dkt. No. 11719-20L Kelly v. Comm’r, No. 13353-21L, T.C. Memo 2022-73 | July 13, 2022 |...more

Freeman Law

Tax Court in Brief | Romana v. Commissioner | Miscellaneous Itemized Business Expenses and Accuracy-Related Penalty

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Tax Litigation: The Week of June 13th, 2022, through June 17th, 2022 Phillips v. Comm’r, T.C. Memo. 2022-58 | June 13, 2022 | Lauber, J. | Dkt. No. 18553-21L Chavis v. Comm’r, 158 T.C. No. 8 | June 15, 2022 | Lauber, J. |...more

Freeman Law

Tax Court in Brief | Spencer v. Commissioner | Itemized Business Deductions and Substantiation Requirements

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Tax Litigation: The Week of June 6th, 2022, through June 10th, 2022 Pocock v. Commissioner, T.C. Memo. 2022-55 | June 6, 2022 | Vasquez, J.| Dkt. No. 12558-17 Consolidated with Dkt. No. 23569-17L Musselwhite v. Commissioner,...more

Freeman Law

Tax Court in Brief | Harrison v. Commissioner | Itemized Deductions, Charitable Contributions, Passive Income

Freeman Law on

Tax Litigation:  The Week of May 9th, 2022, through May 13th, 2022 Lewis v. Commissioner, TC Memo. 2022-47| May 9, 2022 | Greaves, J. | Dkt. No. 10007-20W Rogerson v. Commissioner, TC Memo. 2022-49| May 12, 2022 | Toro, J. |...more

Freeman Law

Tax Court in Brief | Mighty v. Commissioner | Collection Due Process and 1,862 Days from Notice of Deficiency to Determination

Freeman Law on

Tax Litigation:  The Week of May 2nd, 2022, through May 6th, 2022 DelPonte v. Comm’r, 158 T.C. No. 7 | May 5, 2022 | Holmes, J. | Dkt. Nos. 1144-05, 1334-06, 20679-09, 20680-09, 20681-09 Mazzei v. Comm’r, T.C. Memo 2022-43 |...more

Freeman Law

Tax Court in Brief | Scholtz v. Commissioner | Itemized Deductions, Charitable Contributions and Unreimbursed Employee Expenses

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Tax Litigation: The Week of April 4th, 2022, through April 8th, 2022 Middleton v. Comm’r, T.C. Memo. 2022-28 | April 4, 2022 |Kerrigan, J. | Dkt. No. 8158-19L Salter v. Comm’r, T.C. Memo. 2022-9 |April 5, 2022 |Lauber, J. |...more

Freeman Law

Tax Court in Brief | Salter v. Commissioner | Substitute for Return and Itemized Deductions

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Tax Litigation: The Week of April 4th, 2022, through April 8th, 2022 Middleton v. Comm’r, T.C. Memo. 2022-28 | April 4, 2022 |Kerrigan, J. | Dkt. No. 8158-19L Scholz v. Comm’r, T.C. Summary Opinion 2022-5 |April 4,...more

Freeman Law

The Tax Court in Brief - October 2021

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Tax Litigation: The Week of September 27 – October 1, 2021 - Whistleblower 14377-16W v. Comm’r, T.C. Memo. 2021-113 | September 27, 2021 | Halpern, J. | Dkt. No. 14377-16W - Short Summary: The whistleblower brought a...more

Dickinson Wright

Year-End Income Tax Planning - Itemized Deduction Planning: “Bunching”

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The 2017 Tax Act: The act significantly changes itemized deduction planning, making it very simple for some and more daunting for others. Most know the overall rules by now. But it doesn’t hurt to be reminded....more

Ballard Spahr LLP

IRS Finalizes Regulations Disallowing Workarounds for State and Local Taxes

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The IRS recently published Final Regulations and Notice 2019-12 largely blocking state efforts to circumvent limitations on deductions for state and local taxes. (See our alert on the Proposed Regulations, issued in August...more

Foodman CPAs & Advisors

Itemized Deductions Anyone?

Taxpayers can either itemize or take the standard deduction. They can’t do both. Many Taxpayers that were able to itemize deductions in prior tax years are unable to do so in Tax Year 2018 because the Tax Reform has made it...more

Bowditch & Dewey

Massachusetts Tax Deduction for Gambling Losses

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Since the MGM casino opened in August, gamblers have reportedly wagered more than $428 million on MGM Springfield’s slot machines that generated about $40 million in revenue for MGM and reportedly another $18.5 million in...more

Verrill

Connecticut Reacts to Federal Tax Law Reform Changes

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The sweeping changes created by the federal Tax Cuts and Jobs Act (“TCJA”) has resulted in some states enacting their own legislation in response to the federal tax reform. On May 31, 2018, Connecticut signed into law a bill...more

Womble Bond Dickinson

2018 is a Unique Year for Taxes

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You may be happy that a refund is coming, or you may be steamed at the amount of taxes you had to pay. Regardless, the experience you had for the 2017 tax season likely will be significantly different from the 2018 tax...more

Foster Garvey PC

Decoding the Tax Cuts and Jobs Act – Part VIII: Charitable and Tax-Exempt Organizations / Estate and Gift Taxes

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Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more

Foster Garvey PC

Decoding the Tax Cuts and Jobs Act – Part VII: Family Matters and Major Events in the Lives of Individuals

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The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more

Saul Ewing LLP

Major New Tax Law Changes That Affect Individuals

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The 2017 tax reform legislation colloquially referred to as the Tax Cuts and Jobs Act (the Act) made some significant changes in the taxation of individuals, and these changes have already begun to generate new planning...more

Blank Rome LLP

2017 Tax Planning: Accelerate Deductible Expenses Before Year End

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Blank Rome’s “2017 New Tax Law – Client Alert” is a special series on the Tax Cuts and Jobs Act and related changes to the tax code. In the series, Blank Rome’s lawyers share their analysis of different provisions in the Bill...more

Sullivan & Worcester

Massachusetts DOR Authorizes 2018 Payments, But Congress Says No

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On the evening of December 15, 2017, Congress released the Conference Report on its Tax Cuts and Jobs Act (the "Act"). Among the provisions is one that prevents individuals from claiming an itemized deduction in 2017 for...more

Bowditch & Dewey

Year-End Tax Planning Tips

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If Congress is successful in lowering tax rates for at least some taxpayers in 2018, there are several year-end taxing-saving tips to consider prior to December 31st....more

Holland & Knight LLP

A Comparison of the House and Senate Tax Bills

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It has been a busy week in Washington, D.C., as Congress works its way through tax reform. The House Ways and Means Committee completed its "markup" of the House bill this week, paving the way for a floor vote on the measure...more

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