Attention Cannabis Businesses Dealing With Cash – Beware Of IRS Required Filings That If Not Followed Could Lead To Penalties And Jail-time While there is no law making it illegal to transact business with cash, the IRS has an interest in requiring parties to report cash transactions to deter those who evade taxes, profit from […]
The Five Ways That IRS Selects Tax Returns For Examination I have yet to meet anyone who looks forward to having their tax return be selected for an audit by IRS so you should know the five main ways that the IRS selects returns for examination. Potential participants in abusive tax avoidance transactions — Some returns are selected based on […]
U.S. Attorney’s Office Files Charges In Rhode Island Against Two Borrowers Alleging Fraud In Seeking Paycheck Protection Loans This is the first case in the nation to be charged with fraudulently seeking CARES Act SBA Paycheck Protection Loans. The U.S. Attorney’s Office for the District Of Rhode Island announced on May 5, 2020 in a […]
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 […]
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 many benefits intended to deliver cash into the hands of individuals and businesses, as well as many […]
FBAR Penalties Survive Taxpayer’s Death – What You Must Know About IRS FBAR Penalty Negotiations In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS audit, IRS agents […]
I think the amount of my Economic Impact Payment is incorrect. What can I do? 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 many benefits […]
FDA Warns Companies Illegally Selling CBD Products to Treat Medical Conditions, Opioid Addiction The U.S. Food and Drug Administration (FDA) announced on April 23, 2020 that it has sent warning letters to two companies for illegally selling unapproved products containing cannabidiol (CBD) in ways that violate the Federal Food, Drug and Cosmetic Act (FD&C Act). […]
IRS Recalling Agents Back To Work On April 24, 2020 the IRS issued an email to its employees that was shared with certain members of the House Ways and Means Committee. The IRS email was released to the public by Chairman Richard Neal (D-Mass.) and Rep. John Lewis (D-Ga.). The email directs “certain employees in […]
Still Waiting For Your IRS Economic Impact Payment? As the IRS closed its web-based portal for non-filers and taxpayers for whom the IRS does not have your Direct Deposit Information, taxpayers with a filing requirement must file a tax return to get an Economic Impact Payment. On March 27, 2020 President Trump signed the $2 […]
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