Proposed Treasury Regulations Issued On Deducting Business Meals The Tax Cuts And Jobs Act Of 2017 (“TCJA”) was signed into law by President Trump on December 22, 2017. It has been a good 30 years since the last time the Internal Revenue Code received such a major update but for taxpayers. Deductions Relating to Meal […]
Better Late Than Never; What High Income Taxpayers Should Know About Filing Late Tax Returns How To Handle Late Tax Returns? Every year, about 7 million taxpayers miss tax deadline or fail to file their tax returns according to data from the Internal Revenue Service. This figure constitutes roughly 5% of the taxpayer base in […]
On June 20, 2019, the House of Representatives voted to restrict the Department Of Justice (“DOJ”) from interfering with States that have legalized adult-use marijuana, including those allowing recreational use, cultivation and sales. This amendment was attached to a large-scale appropriations bill to fund parts of the federal government for Fiscal Year 2020. But under […]
Roger Thomas Clark Pleads Guilty In Manhattan Federal Court On January 30, 2020, the United States Attorney for the Southern District of New York (SDNY) issued a press release that Roger Thomas Clark, who was also known as “Plural of Mongoose” or “Variety Jones,” pled guilty for conspiring to distribute illicit narcotics in mass quantities. The […]
Beware 2020 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 […]
Don’t Let A Simpler Form 1040 Fool You – Be Prepared For An IRS Audit. The Tax Cuts And Jobs Act Of 2017 (“TCJA”) was signed into law by President Trump on December 22, 2017. It has been a good 30 years since the last time the Internal Revenue Code received such a major update […]
Britain’s Tax Authority Updates Crypto Guidelines – Is IRS Next To Update Its Guidelines? In December 2019, Her Majesty’s Revenue and Customs (HMRC) in the United Kingdom which would be the equivalent of IRS here in the United States published updated policy papers concerning crypto currency transactions undertaken by companies, other businesses such as sole […]
Could 2020 Be The Year That IRS Is Serious About Targeting Crypto Currency Traders? After years of analyzing data from third parties involved in the cryptocurrency exchanges, the IRS announced in a press release on July 26, 2019 that it has started sending letters to cryptocurrency owners advising them to report their cryptocurrency transactions and […]
Are You Affected By The December 2019 Puerto Rico Earthquakes? IRS Is Providing You With Tax Relief And Extending Upcoming Tax Deadlines. The IRS announced on January 17, 2020 that victims of earthquakes that took place beginning on December 28, 2019 in parts of the Commonwealth of Puerto Rico may qualify for tax relief. Individuals and […]
On January 6, 2020, the Internal Revenue Service (IRS) announced that it will process 2019 tax returns beginning January 27, 2020. April 15th Filing Deadline. The filing deadline to submit 2019 tax returns is Wednesday, April 15, 2020. Since the IRS will begin processing tax returns on January 27th there is no advantage to filing […]
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