On February 4, 2022, the Congressional Research Service (“CRS”) issued a report on how different federal courts across the country are interpreting a spending bill rider that has generally shielded state medical cannabis programs from interference by the Department of Justice (“DOJ”). The Growing Trend In Legalizing Cannabis. Medical marijuana is legal in 37 states. […]
IRS To Consolidate Processing Centers Despite Huge Backlog Of Unanswered Taxpayer Inquiries On February 7, 2022 the Treasury Inspector General For Tax Administration (“TIGTA”) issued a report evaluating the IRS’s efforts to close the Fresno California Tax Processing Center and its continued planned closure of the Austin Texas Tax Processing Center. The IRS entered this […]
IRS Continues To Expand Tax Relief From COVID On February 9, 2022 the IRS announced additional relief for taxpayers suspending the mailing of certain enforcement letters. IRS Coronavirus Tax Relief The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus and as information becomes available, […]
Justice Department Shuts Down Three Tax Return Preparation Businesses Recently in three separate cases, the U.S. Justice Department (“DOJ”) successfully secured injunctions from U.S Federal District Courts barring certain tax return preparation businesses from preparing tax returns and in some cases ordering the tax return preparers to disgorge the fees they obtained by preparing false […]
In 2020, voters in Mississippi approved Initiative 65, a ballot measure to legalize medical cannabis; however, last year the state’s Supreme Court overturned it and invalidated the ballot initiative. That then set the state for the state legislature to pass legalization. On January 26, 2022, both the Mississippi House of Representatives and the state’s Senate voted […]
What Taxpayers Who Pay Business Expenses With A Credit Card Can Learn From A Recent Investigation Made By The Treasury Inspector General for Tax Administration On January 28, 2022, the Treasury Inspector General for Tax Administration (TIGTA) released its audit report citing violations of IRS officials improperly charging expenses on credit cards. Why TIGTA Did […]
Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical […]
Getting Ready For Tax Season 2022 – Did You Receive Your Third Round of Economic Impact Payments from IRS? The IRS announced that as of February 26, 2022 all third-round Economic Impact Payments (EIP) have been issued and reminds people how to claim any remaining stimulus payment they’re entitled to on their 2021 income tax […]
According a report published in the journal Science Advances, a research study found that cannabidiol (CBD) effectively blocks SARS-CoV-2 replication in human cells. The goal of this study was to determine whether CBD, a natural product extracted from the cannabis plant, has the potential to inhibit infection of cells by SARS-CoV-2. To this end, researchers utilized […]
Getting Ready For Tax Season 2022 – 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 […]
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