Entries by Tax Attorney

Starting January 1, 2024 – Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders

/0 Comments/in , , /by

Starting January 1, 2024 – Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate Transparency Act (CTA). This rule will require […]

California Continues Applying Pressure On Delinquent Taxpayers To Pay

/0 Comments/in , /by

California Continues Applying Pressure On Delinquent Taxpayers To Pay Like the Federal government, State governments also enforce collection of taxes.  California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal government uses a single tax agency called the IRS. But California has three tax agencies! […]

New Tax Benefit Available for California Qualified Licensed Cannabis Retailers Beginning January 1, 2023

/0 Comments/in , /by

Beginning January 1, 2023, the responsibility for collecting and paying the cannabis excise tax to the California Department of Tax and Fee Administration (CDTFA) shifts from distributors to cannabis retailers.  Additionally, given this new responsibility for cannabis retailers, CDTFA is offering a 20% vendor compensation to those qualified cannabis retailers who apply. What Must California Retailers Do […]

Biden Signs Marijuana Research Bill Into Law – If You Can’t Beat Them, Join Them!

/0 Comments/in , /by

The Medical Marijuana and Cannabidiol Research Expansion Act is the first standalone federal marijuana reform law enacted since the adoption of the Controlled Substances Act in 1971. The Act was signed into law by President Joe Biden on December 2, 2022.  It had passed the House of Representatives in July 2022 by a strong bipartisan […]

IRS Examinations Of Cannabis Businesses Expected To Rise In 2023 – Are You Ready For An I.R.C. § 280E IRS Tax Audit?

/0 Comments/in , /by

Under the Inflation Reduction Act the IRS is receiving $80 billion in new funding. Speaking at an IRS facility in New Carrollton, Maryland on September 15, 2022, Treasury Secretary Janet Yellen stated that “the Inflation Reduction Act finally provides the funding to transform the IRS into a 21st century agency,” Yellen said.  “While all the improvements […]

Bipartisan Marijuana Research Bill On Its Way To President Biden For Signature Into Law – If You Can’t Beat Them, Join Them!

/0 Comments/in , /by

On November 16, 2022 the Senate passed by voice vote the Medical Marijuana and Cannabidiol Research Expansion Act, a bill introduced by Senators Dianne Feinstein (D-Calif.), Chuck Grassley (R-Iowa) and Brian Schatz (D-Hawaii) to expand research into marijuana-derived medications. The goal of the bill – which passed the House of Representatives in July 2022 by a […]

How Did Cannabis Fare In The November 2022 Elections?

/0 Comments/in , /by

The November 2022 Elections gave voters in five states—Arkansas, Maryland, Missouri, North Dakota and South Dakota—the opportunity to decide on whether they want to legalize adult-use marijuana. Here are the results …. Arkansas – FAILED Maryland –PASSED Missouri – PASSED North Dakota – FAILED South Dakota – FAILED The Growing Trend In Legalizing Cannabis – […]