IRS providing tax relief for victims of severe New York winter storms The IRS announced on March 24, 2023 that the December 23 to December 28, 2022 Storm victims in parts of New York now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having […]
Just because California suspended the cultivation tax on cannabis, don’t think that as an unlicensed grower you have nothing to worry about. Legal California cannabis businesses have been complaining about taxes, which in parts of the state are among the highest in the nation. This is one of the reasons why the black market continues to […]
On March 7, 2023, Oklahoma held a single-issue special election to legalize adult-use cannabis. State Question 820 was left off the ballot last fall, after the Oklahoma Supreme Court flagged the petitioners for a missed deadline but Gov. Kevin Stitt called this March 7th vote specifically to give the electorate a shot at the issue. […]
U.S. Supreme Court Provides Relief From FBAR Penalties – What You Must Know About IRS FBAR Penalty Negotiations In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS […]
IRS and FTB providing tax relief for victims of severe winter storms, flooding, and mudslides in California New announcement extends tax deadlines to October 16, 2023. The IRS announced on January 10, 2023 that California storm victims have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. […]
Tax Planning For Businesses – What You Need To Know About Business Meals, Business Travel, And Advertising And Marketing Costs Under prior law, a taxpayer generally can deduct business-related meal and entertainment expenses paid or incurred in entertaining a client, customer, or employee. The taxpayer had to show that the item was directly related to […]
IRS Issues Guidance On Taxability Of State Tax Payments On February 10, 2023 the IRS announced the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments […]
If You Can’t Beat Them, Join Them! US Virgin Islands Passes Cannabis Legalization Bill On January 18, 2023 the U.S. Virgin Islands legislation to legalize cannabis for adult, medicinal and sacramental use (Virgin Islands Cannabis Use Act “Act 8680”) was signed into law by Governor Albert Bryan Jr. The governor of the Caribbean island territory also […]
Getting Ready For Tax Season 2023 – What You Need To Know About Reporting Cryptocurrency. Cryptocurrency / Bitcoin – Is this the 21st century answer to hiding assets in Swiss bank accounts? The IRS thinks this is the case which is why the IRS has stepped up its investigation efforts to uncover non-compliant taxpayers just like […]
On January 12, 2023, the Internal Revenue Service (IRS) announced that it will process 2022 tax returns beginning January 23, 2023. The IRS states that with the three previous tax seasons dramatically impacted by the pandemic, the IRS has taken additional steps for 2023 to improve service for taxpayers. As part of the August 2022 […]
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