Entries by TAX

Federal Income Tax Update No. 1

By Keith A. Wood This is the first of two installments of this article.  The second installment will be posted soon on the Tax Section’s blog. I. Audit Statistics: What Are Your Chances of Being Audited? The 2017 Internal Revenue Service Data Book (Publication 558) contains audit statistics for the fiscal year ended September 30, […]

Qualified Opportunity Zones

By Herman Spence III On October 19 the IRS issued proposed regulations and a revenue ruling about opportunity zones, which are an important tax incentive program in the major tax legislation enacted late last year.  Although the guidance addresses many important issues, the IRS intends to issue further guidance on additional issues. The opportunity zone […]

When Are Meal Expenses Nondeductible Entertainment?

By Herman Spence III The IRS recently issued Notice 2018-76 to provide transitional guidance on the deductibility of certain business meal expenses.  Taxpayers may rely on the Notice until regulations are issued. 1. Interim guidance. Under the Notice, taxpayers may deduct 50% of an otherwise allowable business meal expense if (a) the expense is ordinary […]