Investment Advisory Fees—In a significant new case, the U.S. Supreme Court has ruled that the usual 2%-of-AGI (adjusted-gross-income) deduction floor for miscellaneous expenses applies to most investment advisory fees paid by a trust or estate. Facts: The trustee of an affluent family’s trust argued that the fees were fully deductible under a tax law exception. But the nation’s high court disagreed because the fees are miscellaneous expenses that are commonly incurred by individuals.

Doubling Up—Certain workers may be entitled to time off under the Family and Medical Leave Act (FMLA). However, that does not necessarily mean they can “double up” by working another job at the same time. One suggestion for employers: Impose a “no moonlighting” policy in your company manual. Be consistent about applying the ban. This may prevent employees from taking unfair advantage of the law. Note: Recent FMLA changes will be reflected in a future issue.