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 […]
Starting In 2022, New Tax Rule Affecting People Who Use Venmo, Paypal Or Other Payment Apps. Why Tax Planning Is More Important If You Earn Income From The Gig Economy. From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and it’s […]
5 Moves To Make Before Year End That Can Save You A Lot of Money on Your 2022 Taxes On August 16, 2022 President Biden signed the 2022 Inflation Reduction Act which has some favorable tax changes you should be aware especially now that we are approaching the end of 2022. Major Changes From The […]
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 […]
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 – […]
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. What Must California Retailers Do Before January 1, 2023 In December 2022, CDTFA will automatically register cannabis retailers and microbusinesses that sell cannabis or cannabis products at […]
IRS Criminal Investigation Division Releases Its 2022 Annual Report On November 3, 2022 the IRS released the Criminal Investigation Division’s (CI) annual report, highlighting significant successes and criminal enforcement actions taken in fiscal year ending September 30, 2022. The IRS noted that a key achievement was the identification of over $31 billion in tax fraud and other […]
IRS Providing Tax Relief For Victims in Federal Declared Disaster Areas Did you miss the October 17, 2022 tax return filing deadline? Areas with a new filing deadline of February 15, 2023, include: Florida, Puerto Rico, North Carolina, South Carolina, Areas in Alaska identified under FEMA’s Major Disaster Declaration 4672 and Hinds County, Mississippi. The IRS announced on October […]
California Franchise Tax Board Provides Tax Relief For Hurricane Ian Victims The California Franchise Tax Board (“FTB”) announced on October 6, 2022 special state tax relief for taxpayers and businesses affected by Hurricane Ian. Taxpayers and businesses in presidentially declared disaster areas are granted an extension to Feb. 15, 2023, to file California tax returns on 2021 […]
This November, voters in five states—Arkansas, Maryland, Missouri, North Dakota and South Dakota—will decide on whether they want to legalize adult-use marijuana. The Growing Trend In Legalizing Cannabis – Current Standings: Medical marijuana is legal in 37 states. The medical use of cannabis is legal (with a doctor’s recommendation) in 37 states and Washington DC. […]
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