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Criminal Law

: Crime & Federalism

The Trial Lawyer's "Tax Cut" That Isn't

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Running a business costs money, and under normal accounting practices, ordinary and necessary business expenses are tax deductible.  If I buy a printer cartridge, for example, I'm able to claim that expense as a tax deduction.  I am also able to claim that business expense immediately.For years there existed an odd-ball method of tax accounting for trial lawyers.  Unlike every other small businesspersons, trial lawyers were not able to deduct expenses immediately.  Instead, trial lawyers were required to wait until a lawsuit had reached a final outcome before deducting its business expenses.   Here's an example: Lawyer A files a lawsuit for a wage-and-hour violation in 2010.  Lawyer A has to pay to file fees to file the lawsuit; serve the lawsuit; depose witnesses; and hire experts...continue to full post

Full post as published by Crime & Federalism on July 20, 2010 (boomark / email).

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