Under the new reimbursement arrangement, employees can substantiate to Employer D the actual amount of deductible expenses
incurred in purchasing their equipment in connection with performing services for Employer D.
It is a deductible expense
while the property is held, based on the premise that the property is declining in value over time due to wear and tear, usage or obsolescence.
Staff entertaining is a deductible expense
for your company, however there is potentially an income tax charge on the employee, where the cost per head exceeds pounds 150, and the party is not available to all employees.
The investment company can also make loans to its parent; generally, the interest the parent pays for the loan is a deductible expense
Contains comprehensive information on each deductible expense
, including dollar limits and record-keeping requirements
Long term care insurance premiums can be a tax deductible expense
and we believe a percentage of seniors neglect to take advantage of the deductibility," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance, the national trade group.
The long-standing rule for corporate client entertaining is that it is not a deductible expense
for tax purposes.
Yet, according to a Norwich Union Healthcare survey, seven in 10 firms fail to protect themselves and their staff with income protection insurance even though the cost is a tax deductible expense
The Court of Federal Claims reviewed prior cases and determined that classification of such a payment as either a deductible expense
or a constructive dividend is based on five factors.
Thus, the mismatch of income inclusion versus deductible expense
previously enjoyed by taxpayers using SIFL to value personal use may be a thing of the past.
However, the entity's deductible expense
was 10 times higher than the imputed income and, thus, was fully deductible to the S corporation, (20) under Sutherland Lumber.
The bureau imposed the punitive tax on the ground that the booking of the amount as a deductible expense
was an act of malicious income concealment, according to the sources.
The IRS also said that a deductible expense
is not converted to a capital expenditure solely because the expense is incurred as part of a reorganization.
The payment is a deductible expense
for federal tax purposes.
Additionally, a taxpayer could argue cleanup expenditures should be a currently deductible expense
under regulations section 1.