I have this item in my pay stubs:
I wonder if I can deduct it. My employer told me that it is for 'legal and accounting expenses'. My W-2 makes no mention of it. The total for the year is more than 2% of AGI.
You can only deduct (with the 2% AGI threshold) expenses that:
You've actually incurred. I.e.: you actually paid for equipment or services provided and can show receipts for the payment.
At the request of the employer. I.e.: you didn't just decide on your own to buy a new book or take a class, your employer told you to.
With business necessity. I.e.: it was in order for you to do your job.
And you were not reimbursed by your employer.
I.e.: you went somewhere and spent your after tax money on something employer explicitly told you to pay for, and you didn't get reimbursed for that.
From your story - these conditions don't hold for you.
As I said in the comments - I strongly suggest you talk to a lawyer. Your story just doesn't make any sense, and I suspect your employer is doing something very fishy here.