July 3, 2018
Determining and supporting deductions is complex for those not well-versed in federal and state rules and regulations, not to mention differentiating between the two. As it does every year, the Minnesota Society of CPAs recently surveyed its CPA members about the most outrageous tax deductions clients tried to claim on their tax returns.
"Creativity is a beautiful trait to embrace, but there are better places to exercise yours than with your CPA and the IRS," said MNCPA Board Chair Jeff White. "Tax laws are very nuanced, but many of the deductions our members shared from their clients would create issues with the IRS."
The following list shows that, quite often, taxpayers don't know which deductions are allowed or not. Here is the MNCPA's annual list of the most outrageous, and unacceptable, deductions.
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It's a sad fact . . .
The Tax Cuts and Job Act took a big bite out of a bunch of valuable business-meal and entertainment deductions...