Recent Articles
IRS Clarifies Cannabis Tax Rules
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...
IRS Denies Tax Deduction for IVF Expenses of Surrogate
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...
Trump Pledges to End Taxes on Tips During Las Vegas Visit
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...
Tax Court Tunes Out Deduction for Gift to Orchestra
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...
What to Do If You Suspect Your Tax Preparer Is Under IRS Investigation
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...
IRS Issues Tax Guidance on State Paid Family and Medical Leave Programs
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...