tax planning

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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

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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

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IRS Provides Tax Relief for California Wildfire Victims

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,

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Business man caught by the law for tax evasion
Tax blog
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Virginia Businessman Sentenced for Tax Evasion and Fraud

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

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Tax blog
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What Happens if the 2017 Tax Cuts Expire?

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.

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Indianapolis CPA Pleads Guilty to Tax Shelter Fraud

Irresponsible taxpayer Facilitated False Tax Deductions, Costing IRS Over $2.5 Million An Indianapolis Certified Public Accountant (CPA) has admitted to helping clients nationwide, including in Mississippi, file fraudulent tax returns. The scheme, centered around an illegal tax shelter, caused significant

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Tax blog
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Connecticut Fisherman Pleads Guilty to Tax Evasion

Irresponsible taxpayer Failed to Report $1.4 Million in Fishing Income A Connecticut commercial fisherman has admitted to evading taxes on over $1.4 million in income earned across a decade. This case highlights the critical importance of complying with federal tax

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