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Investment Fees Are Not Deductible But Borrow Fees Are

(Forbes) - The Tax Cuts and Jobs Act suspended “certain miscellaneous itemized deductions subject to the two-percent floor,” which includes “investment fees and expenses.” However, the new law retained “other miscellaneous deductions” not subject to the two-percent floor, including short-selling expenses...

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Lesson From The Tax Court: An 'Origin of the Claim' Test For §104(a)(2) Exclusions 
(TaxProf Blog) - Summary Op. 2018-36 (July 12, 2018) involves taxpayers seeking to exclude a settlement payment under §104(a)(2), the section that allows taxpayers to exclude from gross income the amount of damages received because of personal physical injury or physical illness.

What to Do if You Lose Your Two-factor Phone 
(How-to-Geek) - Many websites send security codes to your phone number to confirm your identity when signing in. You may use apps that generate security codes on your phone, too. But what happens if you lose your phone?

The Last Blockbuster Video Standing is in Bend, Oregon 
(Quartz) - Two other remaining locations, in Alaska, are closing soon, the owners announced on July 12. At its peak in the mid-2000s, Blockbuster was a behemoth that had 9,000 stores worldwide.

Tax Credit for Buying Tesla Cars to be Cut from $7,500 to $3,750 
(CPA Practice Advisor) - Tesla, which had earlier refused to say how close it was to the 200,000 mark that triggers the first cut to the $7,500 credit, revealed on its website that it had reached that number.

Stocks Mixed as Earnings Rev Up; Dollar Declines 
(Bloomberg) -

AICPA: 2019 Form W-4 needs to be simplified 

About AccountantsWorld

At AccountantsWorld, we value the crucial role that YOU play in core business services - accounting and payroll - just as much as you do.

That's why, since 2003, we've used the unprecedented power of the cloud to put you back in full control of your accounting and payroll services so you can best serve your clients, while raising your own firm's value and relevance. And we never sell our products or services directly to your clients.

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