Every five years, Congress passes legislation that sets national agriculture, nutrition, conservation, and forestry policy, commonly referred to as the “Farm Bill”. On December 20, 2018 President Donald Trump signed legislation into law that includes language lifting the United States’ decades-long prohibition on domestic, commercial hemp and hemp-derived products. The provisions were included within The Agriculture Improvement Act of […]
U.S. Successfully Disrupts Three Terror Finance Cyber-Enabled Campaigns Using the same tools in the investigations of U.S. taxpayers, this is the largest ever seizure of terrorist organizations’ cryptocurrency accounts. The Department Of Justice on August 13, 2020 announced the dismantling of three terrorist financing cyber-enabled campaigns, involving the al-Qassam Brigades, Hamas’s military wing, al-Qaeda, and […]
Taxpayers Invested In Syndicated Conservation Easements Have A Limited Opportunity To Settle With The IRS Tax Court strikes down four more abusive syndicated conservation easement transactions prompting taxpayers to accept IRS settlement offers in syndicated conservation easement cases or face a higher tax bill. A conservation easement imposes a restriction on real property, granted in […]
“J5” Global Tax Chiefs Mark Two Years Of Cooperation To Tackle International Tax Evasion Leaders from five international tax organizations are marking the two-year anniversary of the formation of the Joint Chiefs of Global Tax Enforcement (J5). The J5 was formed in 2018 after a call to arms from the OECD Taskforce on Tax Crime and […]
The California Department of Tax and Fee Administration (CDTFA) oversees the reporting and collection of taxes for the California cannabis industry. On July 8, 2020 the CDTFA announced that over the past several weeks twelve illegal cannabis retailers in Los Angeles and San Bernardino counties were served tax warrants with the assistance of the California […]
With the recent wave of break-ins and robberies to local dispensaries in particular, cannabis business should not overlook this opportunity to save taxes. Cannabis Excise Tax for Cannabis Retailers As a cannabis retailer, you are required to pay the cannabis excise tax (15%) to your distributor based on the average market price of the cannabis […]
Advantages To Filing A 2019 Tax Return – Getting Money Due To You On March 25, 2020 the IRS issued a press release announcing a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions in what it calls “The IRS […]
After July 15, 2020, Taxpayers Must Resume Making Payments To IRS Or Face Renewed Collection Action On March 25, 2020 the IRS issued a press release announcing a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions in what it […]
Why Taxpayers Involved In Offshore Accounts, Crypto Currency Or Cannabis Should Be Filing An Extension For Their 2019 Income Tax Returns If you did not report your offshore accounts, crypto currency income or cannabis income earned before 2019, you should hold off on filing your 2019 taxes and instead file an extension. An extension is your way of asking […]
It is a false sense of security to think that the COVID-19 pandemic will essentially terminate cannabis enforcement initiatives throughout California. 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 […]
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