In a hearing before the House Appropriations Financial Services and General Government Subcommittee on February 23, 2021, IRS Commissioner Charles Rettig told Congress that the federal agency would “prefer” for state-legal marijuana businesses to be able to pay taxes electronically, as the current largely cash-based system under federal cannabis prohibition is onerous and presents risks […]
Democratic Governor Andrew M. Como signed the Marijuana Regulation And Taxation Act (S.854-A/A.1248-A) into law on March 31, 2021 – $2.5 billion market expected. Governor Como’s office in a press release stated that the development of an adult-use cannabis industry in New York State under this legislation has the potential to create significant economic opportunities for […]
More COVID-19 Tax Relief: IRS extends additional tax deadlines for individuals to May 17 and affirms deductibility of PPE The IRS announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15th, such as making IRA contributions and filing certain claims for refund. Additionally, the IRS announced that […]
“Tax Day” For Individuals To File And Pay Extended To May 17, 2021. On March 17, 2021 The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Formal guidance from […]
While the United States federal government refuses to make any use of marijuana legal and maintains banking and taxing roadblocks to the cannabis industry and despite a growing number of States legalizing cannabis, Canada has made huge strides into the United States market effectively pulling profits out of the United States into Canada. Well soon […]
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 […]
Federal Court Provides Relief From FBAR Penalties – What You Must Know About IRS FBAR Penalty Negotiations In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS audit, […]
Businessman Indicted For Not Reporting Foreign Bank Accounts And Filing False Documents With The IRS In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS audit, IRS agents […]
IRS Provides Tax Relief For Victims Of Texas Winter Storms The IRS announced on February 22, 2021 that victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief to […]
In January 2015, the IRS issued a memo to provide guidance to its agents on conducting audits of cannabis businesses addressing whether an IRS agent can require a taxpayer trafficking in a Schedule 1 controlled substance to change its tax accounting to conform to IRC section 280E. Not surprisingly that the IRS ruled that IRS […]
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