Tax Warrior Chronicles

Disallowance of Excess Business Losses

Posted on Thu, Oct 03, 2019

By: Steven A. Braun, CPA


The Tax Cuts and Jobs Act added Section 461(l) to the Internal Revenue Code (“the Code”), which limits the excess business losses of noncorporate taxpayers.  The limitation applies to sole proprietors, partnerships, S Corporations, limited liability companies, estates and trusts for years beginning after December 31, 2017 and before January 1, 2026.

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Prepaying Property Taxes? Make Sure This One Condition is Met!

Posted on Thu, Dec 28, 2017

As taxpayers line up to prepay 2018 property taxes in 2017 to get the deduction, the IRS released an advisory with a conditional twist.  We’ve posted the IRS advisory, which contains examples, for you to read and share.

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Employee Business Expenses: What is Deductible?

Posted on Mon, Aug 25, 2014

Miller, TC Summary Opinion 2014-74

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