November 3rd, 2025
October Federal Tax Update
INDIVIDUALS In Potts v. Commissioner, TC Memo 2025-108, the Tax Court denied a theft loss deduction for an investment in a Turks and Caicos entity where the funds were not used as represented, the Court…
October 2nd, 2025
September Federal Tax Update
INDIVIDUALS Proposed Regulations under Code Section 2024 list the occupations that qualify for the deduction for tips but clarify that mandatory service charges or gratuities on a bill disqualify the deduction unless the customer is…
August 18th, 2025
David De Jong Shares Highlights of OBBBA in Bloomberg Tax Article
Stein Sperling Tax Law attorney David De Jong recently wrote an article for Bloomberg Tax entitled “GOP Tax Law Gives Entrepreneurs Incentive to Be C Corporations“ Here are some key highlights from the article: Major…
August 12th, 2025
August Federal Tax Update
INDIVIDUALS In Feige v Commissioner, TC Memo 2025-88, the Tax Court rejected multiple arguments of a terminated employee who received 100,000 shares of company stock at the time of her departure and found the value…
August 8th, 2025
July Federal Tax Update
INDIVIDUALS Public Law 119-21, the One Big Beautiful Bill Act (OBBBRA), contains the following provisions: In Mennemeyer v. Commissioner, TC Memo 2025-80, the Tax Court concluded that a $1.5 million post-arbitration settlement was fully taxable…
July 9th, 2025
Highlights of the Tax Provisions of OBBB Act
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBB), marking one of the most significant tax reforms in recent years. The sweeping changes to the federal tax code…
July 7th, 2025
June Federal Tax Update
INDIVIDUALS In Beaverdam Creek Holdings v. Commissioner TC Memo 2025-53, the Tax Court concluded that a partnership had claimed a conservation easement based on a “preposterous” financial model and allowed a deduction of about $193,000…
June 11th, 2025
May Federal Tax Update
INDIVIDUALS In Stevens v. Commissioner, TC Memo 2025-45, the Tax Court concluded that a $34.2 million tax deduction for an interest accrual on a “loan” arrangement to offset a business sale for $36.2 million was…
May 8th, 2025
April Federal Tax Update
INDIVIDUALS In Zajac v. Commissioner, TC Memo 2025-33, the Tax Court found that one-half of a $35,001 settlement for the taxpayer’s arrest and incarceration for allegedly beating his wife which charges were dropped when not…
April 8th, 2025
March Federal Tax Update
INDIVIDUALS In Jaha v. Commissioner, TC Memo 2025-26, the Tax Court determined that a husband was domiciled in California rather than Oregon when he earned income from a business such that community property law made…
