All-day events created on Mac Calendar not syncing properly to iPhone

When I create a one-day, all-day event on my Mac, then sync my Calendar to my iPhone (using Finder and USB-C cable, not iCloud), the event appears on my iPhone as a two-day, all day event: the day I intended plus the prior day, and an alert at midnight is added. See screenshots of the original one-day event on Mac and the resulting two-day event on iPhone.

Similarly, if I create a multiple-day, all-day event on Mac and sync to iPhone, the iPhone shows the event as one day longer, adding the preceding day, and adds the alert at midnight.

Any ideas why this is happening? Always open to finding it's a user error with suggested remedy. If a bug, can we get it fixed?

If I create an all-day event on iPhone and sync to the Mac, the event syncs to the Mac properly. So for now my workaround is to only create all-day events on iPhone. Also of note, if I create an event for specific times of day (i.e., not an "all-day" event) on Mac, it syncs properly to iPhone.

Using M3 iMac running the latest MacOS Sequoia 15.1 and an iPhone 16 running the latest iOS 18.1. This problem has existed since the prior OS versions.

Thanks for any help.