Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast April, 26 2019, Episode 38 Listen as Lynn Nichols provides commentary on 4 Items pertaining to current developments in U.S. tax law. 2 Percent S Corp Shareholder May Deduct Insurance Premiums In a legal memorandum, the IRS concluded that an individual who is a 2 percent shareholder of an S corporation under the attribution of ownership rules is entitled to the section 162(l) deduction for amounts paid by the S corporation under a group health plan for all employees and included in the individual’s gross income, if some requirements are met. [ILM 201912001; 12/21/2018, rel. 3/22/2019]   Man May Deduct Some Litigation Costs for Suits Against Ex-Wife A man suing his ex-wife over various debts can deduct some of those legal fees because the underlying claims involved investment opportunities, according to the Tax Court. [Tax Notes Today; 4/16/2019, Article by Nathan Richman]     Individual May Deduct Some Legal Fees After Suing Former Spouse The Tax Court, sustaining