Keeping CPAs Up to Date on Tax Matters

A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice.

Unlike Some Feared, TCJA Did Not Block a Trust's Ability to Deduct Expenses Incurred Due to Property Being Held in Trust

July 13, 2018 by Ed Zollars, CPA

In the Tax Cuts and Jobs Act (TCJA), Congress eliminated the ability of individuals to claim miscellaneous itemized deductions beginning with their 2018 income tax returns. In Notice 2018-61 the IRS explains how this rule will impact trusts and estates whose returns are computed in a manner similar to that of individuals, but with some modifications found at IRC §67(e).