Entries by Tax Attorney

The Biden Administration Continues Its Stance Against Cannabis In A Section 280E Legal Battle

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

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 […]

Governor Newsom’s California Comeback Plan Proposes Millions in Funding for Cannabis

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 […]

Cannabis Consumption Trends: Older Patients More Likely to Consume Cannabis Tinctures, High-CBD Products

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.

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

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 […]

Maryland Tax Preparer Pleads Guilty To Conspiring To Defraud the IRS

Maryland Tax Preparer Pleads Guilty To Conspiring To Defraud the IRS The U.S. Department Of Justice announced on March 5, 2021 in a press release that Anita Fortune, age 56, of Upper Marlboro, Maryland, who provided return preparation services under multiple business names, including Tax Terminatorz Inc., pleaded guilty to conspiracy to defraud the United States and […]