2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreThe IRS has provided a safe harbor under Code Sec. 213(d) for amounts paid for condoms. Because amounts paid for condoms are treated as expenses for medical care, these amounts are deductible if the other requirements of Code Sec. 213(a) are met (for example, if a taxpayer’s total medical expenses exceed the 7.5-percent adjusted gross income limitation and are not compensated for by insurance or otherwise).
To be eligible for the deduction, the amounts must be paid by the taxpayer for condoms for the taxpayer, the taxpayer’s spouse, or the taxpayer’s dependent. Additionally, because amounts paid for condoms are treated as expenses for medical care, these amounts are also eligible to be paid or reimbursed under a health FSA, Archer MSA, HRA, or HSA. However, if an amount paid for condoms is paid or reimbursed under a health FSA, Archer MSA, HRA, HSA, or any other health plan, it is not a deductible expense under Code Sec. 213.
The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]
Read MoreThe IRS, in partnership with the Coalition Against Scam and Scheme Threats (CASST), has unveiled new initiatives for the 2025 […]
Read MoreThe IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire […]
Read MoreThe IRS has announced plans to issue automatic payments to eligible individuals who failed to claim the Recovery Rebate Credit on their […]
Read MoreFlorida has issued motor vehicle sales tax rates by state as of January 15, 2025. Florida law allows a partial […]
Read MoreFor purposes of calculating the 2025 intangible personal property tax on governmental leaseholds, the Florida Department of Revenue has issued […]
Read MoreThe IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists […]
Read MoreThe IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against […]
Read More