States that have legalized marijuana for adult use have collectively generated nearly $8 billion in tax revenue from cannabis since legal sales first began in 2014, according to a new report from the Marijuana Policy Project. The authors of the report examined the tax structure and revenue streams of all 18 states that have legalized […]
The Biden Administration Continues Its Stance Against Cannabis In A Section 280E Legal Battle On May 21, 2021, acting Solicitor General Elizabeth Prelogar filed an Opposition Brief on behalf of the United States in its opposition to a Petition For A Writ Of Certiorari To The United States Court Of Appeals For The Tenth Circuit […]
President Biden Proposes Doubling IRS Workforce And Increase Funding To IRS To Chase Down Tax Cheats On May 20, 2021 the U.S Department Of Treasury issued a report called the “U.S. Treasury American Families Plan Tax Compliance Agenda” which under the plans announced by President Joe Biden is proposing to double the size of the […]
Facing A Surprise Tax Bill – Here Is Why You Should Still File Your 2020 Income Tax Return By May 17th. Why You Should Not Disregard The May 17, 2021 Filing Deadline The most important thing everyone with a tax liability should do is file a return by the May 17th due date, even if […]
IRS Provides Tax Relief For Victims Of Tennessee Storms The IRS announced on May 14, 2021 that victims of this spring’s storms and tornadoes in Tennessee will have until August 2, 2021, to file various individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief to any […]
On May 14, 2021 the California Bureau of Cannabis Control issued a press release announcing Governor Newsom’s “California Comeback Plan” which proposes $100 million in grant funding for local governments to complete environmental studies, license reviews, and mitigate environmental impacts. The proposal supports a broader effort to transition cannabis businesses into the regulated market and […]
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 […]
According to an analysis of sales data published in the journal Cannabis and Cannabinoid Research, older patients are more likely to purchase sublingual formulations of cannabis, as well as products higher in CBD. Researchers from New York University’s School of Medicine analyzed invoice data from nearly 6,000 patients ages 50 and older who patronized a state-licensed medical dispensary […]
Why Taxpayers Involved In Offshore Accounts, Cryptocurrency Or Cannabis Should Be Filing An Extension For Their 2020 Income Tax Returns. If you did not report your offshore accounts, cryptocurrency income or cannabis income earned before 2020, you should hold off on filing your 2020 taxes and instead file an extension. An extension is your way of asking the IRS […]
Living In The Era Of COVID-19 – Business Meals May Be Fully Deductible The Consolidated Appropriations Act, 2021, Pub. L. No. 116- 260, 134 Stat. 1182 (December 27, 2020) amended §274 of the Internal Revenue Code (Code) providing a temporary 100-percent deduction for expenses that are paid or incurred after December 31, 2020, and before […]
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