Partner Expenses Not Always Deductible by Partner

Partners in partnerships may be surprised to learn that they are not necessarily permitted to deduct expenses on their personal tax return that were incurred while engaging in a partnership activity. The rules concerning the deduction of partnership expenses were revisited by the Fifth Circuit earlier this year when federal judges ruled in favor of the IRS in affirming a Tax Court decision from 2011. Click here to read the full article.

For more information or questions about partner expenses, please contact Torie Barry by calling 770.396.2200