IRS Provides Tax Relief For Victims Of Kentucky Tornados The IRS announced on December 14, 2021 that victims of last weekend’s tornados in Kentucky now have until May 16, 2022 to file various individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief to any area […]
The California Department Of Tax And Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry under Emergency Regulation 3700 established a new category and tax rate for the cannabis cultivation tax that took effect January 1, 2018, along with the other existing cultivation tax rates. Every six months […]
IRS Criminal Investigation Division Releases Its 2021 Annual Report On November 18, 2021 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, 2021. The IRS noted that a key achievement was the identification of over $10 billion in tax fraud and other […]
IRS Expands Its Wave Of Tax Relief To More Victims Of Hurricane Ida All of Mississippi now qualifies for expanded Hurricane Ida relief. Following the recent decision by the Federal Emergency Management Agency (FEMA) to add 63 counties to its October 22, 2021 disaster declaration, the IRS announced on November 17, 2021 that it is […]
Beware Of New Tax Rule Affecting People Who Use Venmo, Paypal Or Other Payment Apps Why Tax Planning Is More Important If You Earn Income From The Gig Economy. From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and it’s probably […]
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 […]
Infrastructure Bill Tax Provisions Include Increased Reporting Requirements For Cryptocurrency Transactions Section 80603 of the bill imposes new crypto-assets information reporting requirements on brokers. Cryptocurrency / Bitcoin – Is this the 21st century answer to hiding assets in Swiss bank accounts? The IRS thinks this is the case which is why the IRS has stepped up […]
California Proposition 215 a/k/a The Compassionate Use Act of 1996, legalized medical cannabis in the state of California. It granted persons with a doctor’s permission access to cannabis from criminal prosecution regarding the possession or cultivation of cannabis. California voters approved Proposition 215 in November 1996 which was the start of other states legally allowing […]
How To Know When You May Be A Target In An IRS Criminal Investigation A simple mistake, oversight, or your accountant’s malpractice may trigger an IRS criminal investigation. Specifically, unreported income, mismatch of information on a tax return versus third-party reporting information, a false statement, the use of an impermissible accounting or banking service, or […]
Can You Go To Jail For Not Filing Tax Returns? Beware this can happen to you. A man who did not file tax returns for 8 year in a row pleaded guilty before a Federal District Court Judge to evading his income taxes and now must serve 57 months in jail. As reported by the […]
IRS Expands Its Wave Of Tax Relief To More Victims Of Hurricane Ida The IRS announced on August 31, 2021 that victims of Hurricane Ida that began on August 26, 2021 now have until January 3, 2022 to file various individual and business tax returns and make tax payments. This relief was announced with a […]
You should know that when the IRS wants to talk about a particular business sector that it is usually a sign that such business sector is identified as having a high potential for non-compliance and thus more tax revenues. On September 27, 2021, De Lon Harris, the Commissioner of the IRS Small Business/Self Employed (SB/SE) […]
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