The IRS May Take a Closer Look at Home Mortgage Interest Deductions

A July 2009 report on Home Mortgage Interest Deductions by the Government Accountability Office has received a lot of publicity recently. The report highlights the tremendous amount of confusion on how to appropriately report Mortgage Interest. And many people speculate that the IRS will soon pay more attention to how people report their Home Mortgage Interest.

Is There Change on the Horizon for Business Meal and Entertainment Tax Deductions?

The business meal and entertainment tax deduction may soon change from an appetizer to a main course. U.S. Representative Neil Abercrombie (HI) has reintroduced a bill to the 111th Congress that aims to increase the business meal and entertainment tax deduction from 50% to 80%. Cosponsored by three U.S. Representatives, House Bill 3333 has been floating throughout congress in some capacity for several years. Most recently, Representative Abercrombie’s 2007 version of the bill (H.R 2648) died in the 110th Congress after being referred to the House Committee on Ways and Means. The bill has also been presented to the Senate during previous sessions, always suffering the same fate.