Tax
Oct. 21, 2010
Why Can't Lawyers Deduct Client Costs?
Lawyers would be wise to adopt gross fee contracts when dealing with their clients.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
For some years now there's been confusion over whether contingent fee lawyers can claim tax deductions for the costs they pay in prosecuting their cases. Exactly what costs are allowed? There is even confusion over why there's confusion and why the lawyer's fee agreement is important. In some ways, the confusion is counterintuitive.
After all, contingent fee lawyers are in business. Travel, court costs, depositions, expert...
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