Brady Ware News

Are Contingent Attorneys’ Fees Tax Deductible?

If you agree to a contingent-fee arrangement with your attorney, you may wonder whether the expense is deductible for federal income tax purposes. Unfortunately, the guidance on this controversial issue isn’t favorable to taxpayers in most situations. The federal income tax treatment of contingent fees paid to an attorney out of a taxable non-business judgment or…

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Reclassifying Business Expenses: Dos and Don’ts

Reclassifying Business Expenses as Constructive Dividends To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that’s helpful and appropriate for your business. The IRS sometimes challenges deductions claimed for certain types of…

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Bob Reynolds Receives Outstanding CPA in Community Service Award

Bob Reynolds, Director and Nonprofit Services Team Leader at Brady Ware, received the INCPAS Outstanding CPA in Community Service Award. Bob was recognized for his exceptional dedication to the community and the outstanding services he has provided to the INCPAS and CPA profession. The winners were announced at the annual CPA Celebration ceremony held on May 12 in Indianapolis. For over…

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China Revises Transfer Pricing Rules

In a long-awaited announcement, China updated its special tax adjustment measures. The Special Tax Investigations, Adjustments and Mutual Agreement Procedures (Announcement 6) integrates elements of the Base Erosion and Profit Shifting (BEPS) transfer pricing work of the Organisation for Economic Co-operation and Development. Clarifying positions It should help taxpayers better understand the focus areas and…

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10 Ways to Cut Taxes This Summer

10 Simple (and Fun) Ways to Cut Taxes This Summer It’s already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don’t get stuck in a holding pattern yourself. Give some attention…

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