Taxes May 7, 2025
The Tax Blotter – May 2025
Along with casualty losses, deductions for personal theft losses remain suspended at least through the end of the year, although there are certain exceptions.
Taxes April 28, 2025
Taxpayer Fails Test on Frivolous Tax Claim
Tax Court judges are notoriously a no-nonsense bunch. They consistently deny claims by taxpayers that are considered to be “frivolous” in nature.
Taxes April 16, 2025
How to Navigate Depreciation Deductions for Business Property
Generally, you can claim depreciation-related tax breaks for qualified business property that is “placed in service” during the year. But in a new case involving a yacht chartering operation, the Tax Court acknowledged that these can be tricky tax waters.
Taxes April 4, 2025
The Tax Blotter – April 2025
The Tax Blotter is a round-up of recent tax news and Tax Court rulings.
Payroll March 31, 2025
Taxpayer Absorbs Full Tax Weight on Hardship Distribution
If a taxpayer is in dire need, the taxpayer may choose to take a “hardship distribution” from a qualified retirement plan. However, as shown in a new case, Campana, TC Memo 2025-23, 3/19/25, this doesn’t absolve any tax liability.
Taxes March 14, 2025
Staying In Step with Irrevocable Life Insurance Trusts
Wealthy individuals often set up an irrevocable life insurance trust (ILIT) to avoid federal estate tax on large insurance policies. But a small misstep could lead to a tax disaster.
Taxes March 7, 2025
The Tax Blotter – March 7, 2025
The Tax Blotter is a round-up of recent tax-related news briefs.
Taxes February 25, 2025
Tax Court Rejects Self-Employment Claim by Freelance Movie Critic
Generally, self-employed individuals are required to pay annual self-employment tax, the equivalent of FICA tax for employees, on most business earnings.
February 21, 2025
The Tax Blotter – Feb. 2025
The Tax Blotter is a round-up of recent tax news briefs and tax court rulings.
Small Business February 7, 2025
Tax Court Sides with IRS: Businesses Need to Prove Their Expense Deductions
If you’re a self-employed individual, you can deduct your “ordinary and necessary” business expenses, just like the corporate giants do. However, you’re also held to the same strict substantiation rules.
Taxes February 4, 2025
IRS Says No Tax Deduction for IVF Expenses of Surrogate
In a new private letter ruling, the IRS said that in vitro fertilization (IVF) expenses for a surrogate on behalf of a married couple are not deductible by the couple as a medical expense under the tax code.
Taxes January 23, 2025
Tax Court Tunes Out Deduction for Gift to Orchestra
If you’re a frequent or sizable donor to a charitable organization, you may be recognized with membership in a special group or level. However, simply attaining that status and being acknowledged for it does not, on its own, warrant any charitable deduction.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
