The 2017 federal tax reform legislation is just now beginning to show its impact for many filers. As April 15 approaches, many individual taxpayers may begin to see different totals than they have been used to on their tax returns. The change in the standard deduction has gotten lots of attention, but the new limits on deductibility are also having an effect on the bottom line. Last year, the...read more
The most recent tax reform laws could have a significant impact on filers who have itemized their deductions in the past. (Many people have historically itemized their deductions to take advantage of mortgage interest deductions and deductions for donations to charity.) People who’ve itemized deductions on past tax returns should consider doing a “paycheck checkup.” You can use the updated IRS...read more
New guidance for private foundations from the IRS addresses treatment of foreign grantees. The groups may wish to treat grants to foreign grantees as qualifying distributions that satisfy the minimum distribution requirements rather than as expenditures requiring expenditure responsibility. If a private foundation makes a “good faith determination” that a foreign grantee qualifies as a...read more
Under I.R.C. § 213, a deduction is available for medical services provided to a taxpayer, his/her spouse, and dependents. But this doesn’t mean that all IVF procedures and other pregnancy-related costs are covered simply because the taxpayer’s dependent is ultimately conceived by virtue of the procedures… Joseph Morrissey and his partner decided to try to have children...read more
Jefferson, Madison, and Hamilton could never agree on what "Necessary and Proper" meant in the Constitution.
200 years ago today, John Marshall wrote that Congress's acts must "consist with the letters and the spirit of the Constitution."
Happy Birthday, McCulloch v. Maryland https://t.co/Ofa6mb9y4s