News & Analysis as of

Internal Revenue Service Deductible Expenses

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
McDermott Will & Emery

Weekly IRS Roundup August 1 – August 5, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 1, 2022 – August 5, 2022...more

McDermott Will & Emery

Weekly IRS Roundup May 1 – May 7, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 1, 2022 – May 7, 2022... May 2, 2022: The IRS issued a news release as part of National...more

Gray Reed

Taxpayer’s Testimony on Businesses Losses Defeats IRS Arguments and Penalties

Gray Reed on

Starting any business has risk, and most businesses take time to become profitable. Unfortunately, the IRS sees multiple years of losses from a business as a red-flag that usually results in further scrutiny. That scrutiny...more

ArentFox Schiff

Tax Court Allows Mylan to Deduct Patent Suit Legal Fees

ArentFox Schiff on

The United States Tax Court on April 27, 2021, ruled that Mylan Inc. could deduct the legal fees it incurred in defending itself against patent infringement claims made by other drug manufacturers while pursuing generic...more

Farrell Fritz, P.C.

The IRS, Forgiven PPP Loans, And Business Deductions: Once Was A Mistake, Twice Is An Inexcusable Decision

Farrell Fritz, P.C. on

It has been more than eight months since the enactment of the CARES Act, yet here we are, with the end of 2020 in sight, and we are still debating whether taxpayers should be allowed to claim a deduction for business expenses...more

Benesch

Tax Guidance on Paycheck Protection Program (PPP)

Benesch on

The IRS has previously released guidance saying that expenses paid with Paycheck Protection Program (PPP) proceeds which would otherwise be deductible will not be permitted to be deducted. There was much hope in the business...more

McDermott Will & Emery

Weekly IRS Roundup July 27 – July 31, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 27, 2020 – July 31, 2020... July 28, 2020: The IRS issued final regulations providing...more

Ballard Spahr LLP

States Waive Cost-Sharing for Screening and Testing in Face of COVID-19 Pandemic

Ballard Spahr LLP on

To encourage individuals to seek prompt medical attention for the coronavirus (COVID-19), a number of states have taken, or are considering, action to eliminate the costs associated with testing and treating the virus and to...more

Seyfarth Shaw LLP

More Viral Benefits News

Seyfarth Shaw LLP on

Seyfarth Synopsis: One of many COVID-19 benefits-related concerns focused on the ability of individuals covered under High Deductible Health Plans to have services to diagnose or treat the coronavirus covered before their...more

Foster Garvey PC

Taxpayers Can Have Their Cake and Eat It at an Entertainment Event, and the Cost of the Cake May Be 50% Deductible

Foster Garvey PC on

As we discussed in our February 27, 2018 blog post, the Tax Cuts and Jobs Act ("TCJA") eliminated the deduction for entertainment expenses. Despite commentary to the contrary, we have consistently reported that meals continue...more

Baker Donelson

Tax Reform Impacts Resolutions of FCA Enforcement Actions

Baker Donelson on

The tax reform law passed in December 2017 establishes requirements and conditions for the tax deductible treatment of payments made to the government to resolve enforcement actions. See 26 U.S.C. § 162(f) (2018); see also...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Trouble Keeping Track of Automobile-Related Expenses? There’s an App for That

If you provide your employees with company-owned or company-leased vehicles, you know that it is not always easy for your employees to keep track of all of their automobile-related expenses. To meet Internal Revenue...more

Foster Garvey PC

Golly Gee—the U.S. Tax Court Ruled That the Cost of a Taxpayer's Microsoft Xbox 360 and a Nintendo Wii Used by His Children Did...

Foster Garvey PC on

In 2015, the U.S. Tax Court issued its ruling in the case of David W. Laudon v. Commissioner, TC Summary Option 2015-54 (2015). The case may not raise or even resolve any novel tax issues, but it reminds us of what is...more

Farrell Fritz, P.C.

When Investing In A Partnership May Be A Tax Problem

Farrell Fritz, P.C. on

A business entity that is treated as a “flow-through” for income tax purposes enjoys the benefit of a single level of tax – the entity itself is typically not subject to tax on its net income; rather, that income “flows...more

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