The Internal Revenue Service released updated guidance on tax policy for the cannabis industry. The new guidance briefly covers the rules for income reporting, cash payment options, estimating tax payments and keeping financial records. 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 […]
This year, voters in five states (Arizona, Mississippi, Montana, New Jersey and South Dakota) will decide whether to adopt either new medical or recreational cannabis laws with South Dakota looking to legalize both medical and recreational cannabis. Arizona, Montana and New Jersey are looking to expand legalization to recreational use. Mississippi is looking to legalize […]
9 Million Non-filers To Receive Letter From The IRS Urging Them To Claim The Economic Impact Payment What To Do If You Have Not Received Your Economic Impact Payment. 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 […]
Were You Affected By Hurricane Laura? IRS Is Providing You With Tax Relief And Extending Upcoming Tax Deadlines. The IRS announced on August 31, 2020 that victims of Hurricane Laura starting August 22, 2020 may qualify for tax relief. Individuals who reside or have a business in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis and Vernon […]
Are You Affected By The Summer 2020 California Wildfires? IRS Is Providing You With Tax Relief And Extending Upcoming Tax Deadlines. The IRS announced on August 24, 2020 that victims of the California wildfires that began August 14, 2020 may qualify for tax relief. Individuals who reside or have a business in Lake, Monterey, Napa, […]
IRS Takes New Steps For 50,000 Spouses To Get “Catch-up” Economic Impact Payments What To Do If Your Economic Impact Payment Is Wrong. 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 […]
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 […]
Two California-based cannabis companies had their petition thrown out of appeals court after it was delivered to court a day late by an unapproved delivery service. Organic Cannabis Foundation and Northern California Small Business Assistants (“NCSB”) were challenging a nearly $2 million combined tax bill at the U.S. 9th Circuit Court of Appeals based in […]
IRS Takes New Steps To Ensure People With Children Receive $500 Economic Impact Payments What To Do If Your Economic Impact Payment Is Wrong. 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 […]
Arizona Secretary of State Katie Hobbs tweeted that her office “has certified the signatures submitted by the Smart and Safe Arizona initiative. After review, the petition exceeded the minimum requirement with approximately 255,080 valid signatures and will be placed on the General Election ballot as Prop. 207.” The campaign had submitted 420,000 signatures to officials in July, they needed […]
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