Welcome to TaxBlawg, a blog resource from Chamberlain Hrdlicka for news and analysis of current legal issues facing tax practitioners. Although blawg.com identifies nearly 1,400 active “blawgs,” including 20+ blawgs related to taxation and estate planning, the needs of tax professionals have received surprisingly little attention.
Tax practitioners have previously lacked a dedicated resource to call their own. For those intrepid souls, we offer TaxBlawg, a forum of tax talk for tax pros.
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As we enter the final stretch of 2020, certain windows of opportunity are closing for many clients to lawfully reduce their taxes or obtain cash refunds of taxes paid. Here we focus on a big and soon-expiring opportunity for clients with heavily distressed assets or investments, and in net loss situations for 2020, which is all-too-common in the midst of Covid-19.
The opportunity, which is unique to 2020 and thus requires immediate attention, involves triggering losses in a manner to achieve ordinary loss treatment. Triggering losses at year-end is an annual ritual for many ...
The IRS wants you to be entertained – in a twisted sort of way. The deductibility of employer expenses around entertainment, amusement, recreation, or qualified transportation fringes has a long history that most people would not find very entertaining. Just when many of us thought we understood what an employer could or could not deduct under Internal Revenue Code Section 274, the Tax Jobs and Creations Act of 2017, made the entertainment’s plot change dramatically. The boring documentary suddenly became a bit of a horror picture.
With those caveats, if you read no further ...
The Tax Cuts & Jobs Act (TCJA) includes Internal Revenue Code Section 67(g) which on its face suspends all miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. But not all deductions are “miscellaneous itemized deductions” and thus some deductions are unaffected by new Section 67(g). When Congress enacted the TCJA in December 2017, many practitioners urged Treasury to clarify that the Act’s suspension of miscellaneous itemized deductions did not impact the ability of trusts and estates to deduct ...