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Tax Deductions on Tips and Overtime Under Trump Tax Plan

On July 4, 2024, President Trump signed the “Big Beautiful Bill,” which contains two provisions that provide federal income tax deductions on both tips and overtime compensation beginning January 1, 2025, through December 31,...more

Podcast: Denial of Tax Deductions for Marijuana Businesses - Who is this Inter-Loper to Section 280E [More with McGlinchey, Ep....

Has the Supreme Court’s opinion overturning the Chevron doctrine altered the landscape for the denial of tax deductions for marijuana businesses under Section 280E of the Internal Revenue Code? Here to explore that question...more

Paid or Incurred: Marijuana Rescheduling, Taxes, and Section 280E

The cannabis industry knows well the economic burden imposed by Section 280E of the Internal Revenue Code of 1986 (Code). It substantially increases the cost of doing business because it disallows deductions for expenses...more

IRS Acknowledges Congressional Reversal On Deducting Eligible PPP Expenses

In a previous alert we reported that the Consolidated Appropriations Act, 2021, which contains The COVID-related Tax Relief Act of 2020, specifically provides that “no deduction shall be denied, no tax attribute shall be...more

Yes, I Can Deduct Expenses Paid With A Forgiven PPP Loan

Congress has overridden the IRS position that expenses paid with PPP loan proceeds cannot be deducted if the PPP loan is forgiven. In our November 20, 2020, alert captioned “Can I Deduct Expenses Paid with a PPP Loan?” we...more

Can I Deduct Expenses Paid With A PPP Loan?

In recently released Revenue Ruling 2020-27, the IRS addressed the following two fact patterns: •First, Maria received a PPP loan in 2020 that she used to pay “Covered Expenses.” Maria meets the requirements for...more

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