In recently-proposed regulations, the IRS states that, in general, taxpayers can deduct 50% of the ordinary food and beverage expenses necessary for operating their trade or business. Similar to before, the expenses may not be lavish or extravagant as related to the context in which they are used, and the taxpayer or employee must be present. The IRS… Read more

Donor-advised funds (DAFs) have grown in popularity over the past decade. According to the National Philanthropic Trust 2019 Donor-Advised Fund Report, the sky-rocketing growth has led to nearly double the amount of recommended grants—over $23 billion—to qualified charities over the past five years. So, what are donor-advised funds, and why are we seeing this spike in… Read more

Over the past few years, we have seen some of the greatest shifts in tax legislation. And just as the dust starts to settle on the unprecedented tax reform changes of 2018, we now turn our attention to one of the most extensive pieces of retirement legislation to become law in over 13 years. The… Read more

Whether you’re a partner or an associate in a law firm, the IRS has rules that apply specifically to you as well as several opportunities. Following is a list of tax provisions that affect attorneys in particular. Tax Benefits for Partners The following deductions and benefits pertain to partners in a law firm: Home office… Read more

The IRS announced that they will be keeping a watchful eye on certain land donation deals that receive significant tax deductions. This pronouncement was disclosed in IRS Notice 2017-10 and later modified by IRS Notices 2017-29 and 2017-58. Taxpayers who are involved with land donation deals known as syndicated conservation easements will be under a… Read more