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From the Headlines to your Bottom Line

Are Contingent Attorneys' Fees Tax Deductible?

Individuals who agree to attorneys' fees that are contingent on the outcome of their case may wonder if they can deduct the fees on their personal tax returns. The federal income tax treatment of contingent attorneys' fees taken out of a taxable non-business judgment or settlement has led to litigation between taxpayers and the IRS. Here, we cover guidance on this issue and provide an overview for taxable and business-related recoveries.
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Reclassifying Business Expenses as “Constructive Dividends”

Corporations that make payments to shareholders beware: The IRS may challenge deductions claimed for certain business expenses and other related-party transactions. An inquiry could lead to reclassification of certain payments as constructive dividends, which could have unfavorable tax consequences for the company and its shareholders. Here's a recent Tax Court case that highlights this contentious issue.
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Green Tax Breaks: Are You Claiming All the Credits You Deserve?

Have you made energy-efficient purchases in recent years? If so, certain expenditures including the cost of qualifying residential equipment and certain electric vehicles may be eligible for significant credits to offset your income tax and alternative minimum tax liabilities. Here's what you need to know, including how you can still take advantage of an expanded list of qualifying expenditures for 2016.
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How We Add Up

"Our clients rely on Fust Charles Chambers to provide innovative thinking by anticipating changes in tax laws, accounting methods and industry and economic trends. At other times, our clients depend on us to act as a sounding board for their ideas and concerns. We’re proud to be part of our clients’ team with the purpose of assisting them in attaining their goals and objectives."

- Joseph L. Charles, Partner