New Tax Bill May Eliminate Right to Deduct Fees Expended “In Connection with the Determination, Collection, or Refund of any Tax”

All taxpayers, whether individuals or not, may deduct as business expenses the costs relating to tax matters that are ordinary and necessary in the conduct of their trade or business under Section 162 of the Internal Revenue Code.  However, certain non-business expenses are also deductible under Section 212, "Expenses for production of income."  Notwithstanding the … Continue reading New Tax Bill May Eliminate Right to Deduct Fees Expended “In Connection with the Determination, Collection, or Refund of any Tax”