Tips On Holding Cryptocurrency In An IRA To Defer Taxation Cryptocurrency was not well known and confusing for the general public to get comfortable with but with innovations in the industry starting in 2017, cryptocurrency is becoming more widely known and accepted as a means to do business. One of those innovations increasing the popularity […]
Israel’s communal farms known as “kibbutzim” have been on the brink of extinction as Israel’s economy becomes more capitalist but some kibbutzim are thriving thanks to the addition of a new crop … cannabis. Since 2016 when the Israeli government established a regulatory framework, dozens of kibbutzim in Israel have become active growers of cannabis. […]
IRS Making It Easier For Taxpayers To Come Into The Voluntary Disclosure Program A tax crime is complete on the day the false return was filed. It is a federal crime for anyone to knowingly and willfully file an income tax return that he or she knows to be false in some material way. 26 […]
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 […]
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