The most outrageous tax deductions of 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 ever 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.

S Corporation Fringe Benefits after the Recent Tax Reform

Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these fringes as deductible expenses for your S corporation.

Tax Reform Makes Professional Gamblers Who Lose Money Suffer More

As a professional gambler, you know that tax law did you no favors before tax reform.