News & Analysis as of

Deductibles Tax Deductions

McDermott Will & Emery

IRS Announces HSA Contribution Limit Increase for 2018

On April 26, 2018, the Internal Revenue Service (IRS) increased the 2018 maximum deductible Health Savings Account (HSA) contribution for taxpayers with family coverage under a High Deductible Health Plan (HDHP) to $6,900....more

Maynard Nexsen

You Lost Your Case to the IRS: Are Accountant and Lawyer Fees Deductible?

Maynard Nexsen on

Section 212(3) of the Internal Revenue Code [Code] provides in pertinent part: “In case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year...more

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