California Responding To COVID-19 With Relief For Cannabis Businesses On May 14, 2020 the three State Of California cannabis licensing authorities (The Bureau of Cannabis Control (BCC), California Department of Food & Agriculture (CDFA) and California Department of Public Health (CDPH)) announced that businesses with state commercial cannabis licenses expiring between now through June 30, […]
Paycheck Protection Program Changes Are Here! 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 […]
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 its investigation efforts to uncover non-compliant taxpayers just like the IRS successfully did in its investigation of the Swiss banks leading Congress to enact […]
How To Make Sure You Don’t Pay More Than What You Owe To The IRS I have not yet anyone who does not mind paying more to the IRS than they are legally obligated to. In fact it is a basic right known enumerated in the Taxpayer Bill of Rights that taxpayers pay no more than […]
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 […]
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