Feb. 9, 2013
9th Circuit lawyers get better tax breaks
The 9th Circuit held that attorneys could currently deduct costs if they had a gross fee contract and certain other criteria are met; the IRS has made clear that it will allow this only in the 9th Circuit.
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.
Many lawyers assume that if they pay $1,000 for a deposition transcript or court reporter, they can deduct it as a business expense. What could be more ordinary or necessary? But is the lawyer advancing these costs or actually paying them?
Under most contingent fee agreements, the client pays nothing (not even costs) unless there is a recovery. Costs are subtracted solely from the client's share or are taken off the top bef...
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