When Are Prepaid Expenses Deductible? A recent Seventh Circuit Court decision allows taxpayers to deduct fixed, one-year recurring items whose benefit extends into the next taxable year. The IRS has announced that they expect to issue proposed regulations allowing for the immediate deduction of prepaid expenses that satisfy a one-year rule, which would eliminate much of the uncertainty surrounding ...
|Year of Publication:||
|Contributors:||Koski, Timothy R.|
|Type of Publication:||Article|
|Title record from database:|| OLC-SSG Economic Sciences|
|Availability:||More access options|
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