On May 25, 2022 Rhode Island officially became the 19th state in the U.S. to legalize adult-use marijuana when Democratic Governor Dan McKee signed into law a bill passed by state lawmakers the day before. Existing medical cannabis operators will be able to obtain hybrid adult-use licenses on December 1, 2022 so recreational sales are expected to begin then. […]
Every six months the California Department Of Tax And Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry re-determines the cannabis markup rate. This rate is the markup between the wholesale cost and the retail selling price and is based on statewide market data. For the period commencing […]
Advantages To Filing A 2021 Tax Return – Getting Money Due To You Most people with gross income of $12,550 or more must file a federal tax return. Some people with a lower income are not required to file. However, these individuals should still consider filing for a refund of federal income tax withheld. They […]
Including A Tax Plan With Your Summer 2022 Wedding Planning Checklist With all the planning and preparation that goes into a wedding, taxes may not be high on your summer wedding checklist but along with the cake and gift registry, the first tax return as a married couple should be included on your checklist. Here […]
What You Should Do If You Missed The April 18th Deadline For Filing Your 2021 Income Tax Return. It is still not too late to claim the Child Tax Credit for 2021. Families who don’t owe taxes to the IRS can still file their 2021 tax return and claim the Child Tax Credit for the […]
Your “hobby business” could land you in Tax Court – avoid IRS pitfalls by how you structure your small business. A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making a profit. Many enterprising people successfully develop […]
Five Tax Shelter Promoters and Two Appraisers Indicted in Syndicated Conservation Easement Tax Scheme Conspiracy Allegedly Involved Sale of Over $1.3 Billion in Fraudulent Tax Deductions The U.S. Justice Department (“DOJ”) announced on March 1, 2022 that a federal grand jury sitting in Atlanta, Georgia, returned a superseding indictment on February 24, 2022 charging seven […]
Facing A Surprise Tax Bill? Here Is Why You Should Still File Your 2021 Income Tax Return By April 18th. Why You Should Not Disregard The April 18, 2022 Filing Deadline The most important thing everyone with a tax liability should do is file a return by the April 18th due date, even if they […]
Why Taxpayers Involved In Offshore Accounts, Cryptocurrency Or Cannabis Should Be Filing An Extension For Their 2021 Income Tax Returns. If you did not report your offshore accounts, cryptocurrency income or cannabis income earned before 2021, you should hold off on filing your 2021 taxes and instead file an extension. An extension is your way of asking the IRS […]
Justice Department Shuts Down Brooklyn Tax Return Preparation Business Recently, the U.S. Justice Department (“DOJ”) successfully secured injunctions from U.S Federal District Court for the Eastern District of New York barring Keith Sang, Kashana Sang, Tareek Lewis, Kimberly Brown and their business K&L Accounting Inc. from preparing tax returns. K&L Accounting Inc. of Brooklyn, New […]
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