Getting Ready For The 2021 Tax Filing Season On January 15, 2021, the Internal Revenue Service (IRS) announced that it will process 2020 tax returns beginning February 12, 2021. Last year the opening date was January 27, 2020; however, for the 2021 tax filing season this had to be extended to allow the IRS time […]
How COVID-19 And Underfunding Impacts IRS Operations And Increases Tax Problems For Taxpayers. As required by law, once a year the Taxpayer Advocate’s Office (an independent Federal government department that monitors the Internal Revenue Service) must send a report to Congress describing challenges the IRS is facing, problems experienced by taxpayers in dealing with the […]
Beware 2021 Could Be A Banner Year For IRS Audits Of Cannabis Businesses. 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 […]
According to a report published on October 7, 2020 in the Journal of the American Geriatric Society, in a study of 568 adults ages 65 years and older who initiated cannabis consumption for medical purposes experienced positive results in treating pain, sleep disturbance, anxiety, and/or depression. Researchers found approximately 15% of survey responders reported using cannabis within the […]
Federal & California Governments Making It Easier For Taxpayers In The Gig Economy To Be Treated As Independent Contractors. 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 […]
Israel Is Dominating Global Medical Cannabis Research Despite An Anti-Federal U.S. Climate Most people would be surprised to hear that Israel is the global leader in medical cannabis research. Not a surprise here considering that Israel is already known as an agricultural heavyweight and first allowed patients with qualifying conditions to use cannabis in the […]
Where Is My IRS Second Economic Impact Payment? Starting December 29, 2020 the IRS begins delivering the second round of Economic Impact Payments On December 27, 2020 President Trump signed the $900 million Stimulus Bill formally known as the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (the “CARES Act II”) to provide assistance […]
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 […]
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