Storm victims in 4 states facing expiration of IRS tax relief: File and pay by July 31; parts of Arkansas, Indiana, Mississippi and Tennessee. Individuals and businesses in parts of four states where Federal Disaster Relief was announced are facing a deadline of July 31, 2023 to file their 2022 federal income tax returns and […]
Can You Go To Jail For Not Filing Tax Returns? Beware this can happen to you. A man who did not file tax returns for 8 year in a row pleaded guilty before a Federal District Court Judge to evading his income taxes and now must serve 57 months in jail. As reported by the […]
IRS Looking For Taxpayers To Report Gig Economy Income, Virtual Currency Transactions, And Foreign Source Income And Assets Chances are you are involved in one of these areas – Income from the Gig Economy, Dealing with Virtual Currency, or Having Foreign Source Income And Assets. If so, pay particular attention to what the IRS will […]
If you are conducting business in cannabis in the State of California, there are several taxing authorities that have interest in your business, specifically: Internal Revenue Service (IRS), Franchise Tax Board (FTB), California Department Of Tax & Fee Administration (CDTFA) and your local jurisdiction (municipality). Additionally, if your business has workers, the Employment Development Department […]
On May 30, 2023, Minnesota Governor Tim Walz (D) signed a bill into law legalizing recreational marijuana use in the state, this making Minnesota the 23rd state to legalize cannabis for adult-use (previously Minnesota legalized only medical cannabis). Under the measure, Minnesota residents who are 21 years and older will be able to possess up […]
California Resident Taxpayers Have Extended Period Of Time To File And Pay In 2023. The IRS and Franchise Tax Board (“FTB”) may grant individuals and businesses additional time to file or pay when a major disaster in their area is declared by the federal or state government. California generally follows the IRS extended deadlines to […]
How To Know When You May Be A Target In An IRS Criminal Investigation A simple mistake, oversight, or your accountant’s malpractice may trigger an IRS criminal investigation. Specifically, unreported income, mismatch of information on a tax return versus third-party reporting information, a false statement, the use of an impermissible accounting or banking service, or […]
Why It Is Important To Tell The Difference Between A Hobby And A Business For Tax Purposes Your “hobby business” could land you in Tax Court – avoid IRS pitfalls by how you structure your small business. Knowing the difference between having a hobby and running a business is important because hobbies and businesses are […]
IRS providing tax relief for victims of severe Florida storms The IRS announced on May 2, 2023 that April 12 to 14 Storm victims in parts of Florida now have until August 15, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on […]
IRS Issues Notice Updating Prior Guidance On Taxation Of Cryptocurrency On April 24, 2023 the IRS issued Notice 2023-34 as an update to its previous Notice 2014-21 governing taxation of cryptocurrency. The IRS in 2014 issued Notice 2014-21 stating that it treats crypto currency as property for tax purposes. At the time this Notice was issued, […]
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