Recent Articles
Tax Court Sides with Japanese Restaurant Owner Amid Missing Records
Tax Court Allows Partial Deductions Despite Missing Records: Cohan Rule Saves Business Owner from Full IRS Penalty In a recent Tax Court ruling (Pak, TC Memo 2024-86, 9/11/24), a Japanese hibachi and sushi restaurant owner in Alabama successfully invoked the...
Federal Court Issues Permanent Ban Against Brooklyn Tax Preparer
Tax Preparer Barred for Filing Fraudulent Returns A federal court in the Eastern District of New York has permanently barred a tax preparer and her business, from preparing or filing tax returns for others. She consented to the injunction following...
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...