Why You Don’t Mess With California Even During A Pandemic – A Primer On California Tax Collection Actions. Don’t think that you can avoid California tax enforcement action just because we are in a pandemic. California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal […]
We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures in a negative light while attempting to portray the drug as a national threat. The IRS appears to be following the agenda of the […]
With the proliferation of licensed cannabis businesses sprouting in the State Of California and a growing number of States, a lot of cannabis business will be filing tax returns with the IRS for the first time. But beware, the IRS is well aware that successful cannabis businesses don’t just sprout overnight and now that your […]
5 Moves To Make Before Year End That Can Save You A Lot of Money on Your 2020 Taxes On December 22, 2017, President Trump signed into law the 2017 Tax Cuts And Jobs Act. It’s been a good 30 years since the last time the Internal Revenue Code received such a major update. Major […]
More Guidance From IRS On PPP Loans: Deductibility of Expenses Where a Business Received a PPP Loan On March 27, 2020 President Trump signed the $2 trillion Stimulus Bill formally known as the Coronavirus Aid, Relief and Economic Security [CARES] Act (the “CARES Act”) to provide assistance to workplaces and employees. The CARES Act provides […]
The United Nations Commission on Narcotic Drugs held a vote on December 2, 2020 that medical cannabis be taken off the Single Convention on Narcotic Drugs (1961) Schedule IV list. The list contains other drugs such as fentanyl, cocaine and heroin. This runs contrary to U.S. Federal law where under the Controlled Substances Act (21 U.S.C. 801) cannabis […]
Even though more and more states are allowing the sale of cannabis at the medical and/or recreational level, it is still a business that deals essentially in cash only. Why? Because most traditional banks refuse to deal with any cannabis businesses. This forces cannabis businesses to seek alternative financial institutions, smaller banks and credit unions […]
68% of Americans support legalizing the possession and use of cannabis by adults, according to recent nationwide polling data compiled and reported by Gallup. 1969, when Gallup first began surveying the question, only 12% of Americans backed cannabis legalization. The poll results were released just days after voters in five states (Arizona, Mississippi, Montana, New Jersey and […]
IRS Criminal Investigation Division Releases Its 2020 Annual Report On November 16, 2020 the IRS released the Criminal Investigation Division’s (CI) annual report, highlighting significant successes and criminal enforcement actions taken in fiscal year ending September 30, 2020. The IRS noted that a key achievement was the identification of over $10 billion in tax fraud and other […]
IRS Gearing Up To Resume Home Visits – What High Income Taxpayers Should Know About Filing Late Tax Returns Every year, about 9 million taxpayers miss tax deadline or fail to file their tax returns according to data from the Internal Revenue Service. How To Handle Late Tax Returns? The Treasury Inspector General for Tax Administration on […]
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