June 2024 Declaration Keeps Marijuana Businesses Under Strict Tax Rules: No Business Deductions for 2025 Tax Season On June 28, 2024, the IRS reaffirmed that marijuana remains a Schedule I controlled substance, reminding cannabis businesses that they cannot claim standard
What Couples Need to Know About Medical Deductions for Surrogacy In a recent private letter ruling (PLR 202505002, 1/31/25), the IRS clarified that in vitro fertilization (IVF) expenses related to a surrogate are not deductible as medical expenses under the
A Bold Proposal for Service Industry Workers President Donald Trump, fresh off his second-term inauguration, visited Las Vegas to unveil a significant new tax initiative. Speaking at Circa Las Vegas surrounded by enthusiastic supporters, Trump promised to eliminate federal taxes
Why Recognition as a Donor Doesn’t Guarantee a Deduction If you’re a frequent donor to charitable organizations, you may enjoy special recognition, such as exclusive membership levels. However, being acknowledged as a donor doesn’t automatically qualify you for a charitable
Learn the Warning Signs and Essential Steps to Protect Yourself Hiring a tax preparer is supposed to make tax filing easier and ensure compliance with complex regulations. However, if your preparer becomes the target of an IRS investigation, it could
New IRS Guidance on Paid Family and Medical Leave Programs The IRS recently issued Revenue Ruling 2025-4, which provides clarity on the income and employment tax treatment of contributions and benefits under state-mandated paid family and medical leave programs. This
Extended Deadlines and Key Benefits for Affected Taxpayers The IRS has announced significant tax relief for individuals and businesses impacted by the California wildfires and straight-line winds that began on January 7, 2025. Affected taxpayers now have until October 15,
Fraudulent Tax Returns Cause Nearly $7 Million Loss to the IRS A Minnesota businessman has been sentenced to 108 months in prison for orchestrating a tax fraud scheme involving falsified tax returns. His actions caused the IRS a loss of
IRS Collection Efforts Thwarted by Concealed Assets A Virginia businessman has been sentenced to 78 months in prison for evading employment taxes, filing false tax returns, and obstructing IRS investigations. His actions led to a tax loss of over $1.5
Understanding the Financial and Economic Implications: Explore the Costs, Benefits, and Potential Impacts of Letting the 2017 Tax Cuts and Jobs Act Provisions Expire The 2017 Tax Cuts and Jobs Act (TCJA) introduced sweeping changes to the U.S. tax code.