Author Archives: William Murphy

About William Murphy

William F. Murphy is the owner of Murphy Financial Group, P.C. The firm emphasizes in providing tax consulting and financial planning services to corporations, professional practices and individuals. He also provides consultation services on tax and financial planning issues to various news and publishing organizations on current tax law changes occurring within federal and state government. He is also the author of the “Murphy Minute” that is syndicated through various news organizations. Mr. Murphy is also associated with the law firm of Mallor Grodner LLP. The firm has offices in both Indianapolis and Bloomington Indiana. He assists in providing tax, valuation and financial analysis services focusing in the areas of Family law and business tax planning. https://www.linkedin.com/in/william-f-murphy-cpa-pfs-abv-cff-cgma-b38aa713/.

Tax Court Rules …Legal fees were only deductible as “Miscellaneous Itemized deductions”…watch out !

Posted on March 2, 2017 by William Murphy

Legal fees were only deductible as miscellaneous itemized deductions Ellen Sas, TC Summary Opinion 2017-2TC Summary Opinion 2017-2 The Tax Court has held that taxpayers must deduct legal fees that they incurred as miscellaneous itemized deductions subject to the 2% … Continue reading →

Posted in Tax Blog | Comments Off on Tax Court Rules …Legal fees were only deductible as “Miscellaneous Itemized deductions”…watch out !

President Trump signs Executive order to delay implementation of DOL Fiduciary Regulations

Posted on March 2, 2017 by William Murphy

Delay implementation of DOL Fiduciary regulations As reported by Reuters, President Trump on Feb. 3, 2017, signed an executive order that will delay implementation of fiduciary regs issued by the Department of Labor (DOL) for 180 days. The fiduciary rule … Continue reading →

Posted in Tax Blog | Comments Off on President Trump signs Executive order to delay implementation of DOL Fiduciary Regulations

Tax Court concludes shareholder intended his advances to be loans…. NOT compensation. !

Posted on October 29, 2016 by William Murphy

What are the factors that an owner of a closely held “S corporation “must recognize to avoid repayments of personal expenses as ‘compensation’…REALLY ! Scott Singer Installations, Inc., TC Memo 2016-161TC Memo 2016-161 The Tax Court has concluded that an S corporation’s … Continue reading →

Posted in Newsletter, Tax Blog | Comments Off on Tax Court concludes shareholder intended his advances to be loans…. NOT compensation. !