December 18, 2018

Deductions

Why You Can Kinda Blame President Trump and His Tax Cuts for Your Favorite NFL Team Sucking

More than 30 years ago, President Trump tried to sabotage the NFL. Now you could say he’s indirectly sabotaging your favorite NFL team’s chances of making the playoffs. But before we explain why, first a little background on why Trump hates the NFL. In 1986, the NFL was sued by its biggest competitor, the United […]

corporate tax changes

Controllers Tight-Lipped About New Corporate Tax Changes

During an article brainstorming call I had with Caleb a couple Fridays ago, we both agreed that it would be interesting to ask corporate controllers and chief accounting officers what they thought of the Tax Cuts and Jobs Act, the sweeping tax legislation that was signed into law in late December. Surely they must have […]

Look at This Adorable Dependent in a ‘Just Deduct It’ Onesie

If you're an accountant with a baby and you don't have one of these, your parenting is seriously questionable. This Just Deduct It cutie says "Good luck Jr Core students on your Financial Exam today!" #justdeductit #justaccountit #byuaccounting pic.twitter.com/U9W8MlZ0ux — BYU Accounting (@BYUSOA) September 28, 2016

IRS: Hookers, Even if They Dress Up as Doctors, Do Not Qualify as Medical Expenses

sex_doctor.jpgWe’re not ones to judge people who prescribe to home remedy treatments of any kind. However, if you choose to run through questionable means of treatment, like say BJ’s, HJ’s, etc., as deductible medical expenses, you’re on your own.
Gothamist:

A state judge has ruled that a 77-year-old Bay Ridge tax lawyer must pay back taxes after wrongfully deducting more than $300,000 for prostitutes, porn, sex toys and erotic massages…he dutifully documented each liaison in a notebook titled “Tax Journal,” in case he ever got audited

It sounds like the old guy was trying to be on the up and up about the whole dildo/Hustler/hooker-therapy methods but since paying for sex isn’t legal, the IRS and the New York state auditor (and are probably prudes) weren’t really down with the whole idea. He probably should have known better as Eliot Spitzer would have likely taken advantage of these deductions long ago had it been kosh.
Court Denies Tax Lawyer’s $100,000 Medical Expense Deduction for Prostitutes and Porn [TaxProf Blog]
Would Skipping Viagra Have Avoided These Expenses? [Tax Update Blog]