California Governor Gavin Newsom signed a bill into law that will approve cannabis companies for tax deductions that have otherwise been denied them under IRC Section 280E. This law give legal cannabis businesses a tax break to help them thrive and level the playing field with cannabis businesses that continue to operate in the grey […]
Since 2014 the only guidance issued by IRS on the taxation and reporting of crypto currency was Notice 2014-21. Expanding on this guidance, the IRS issued additional detailed guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions (FAQs). […]
Updated Facts To Know When The IRS Sends A Private Debt Collection Service To Collect On IRS Debt You would think that with all the fraudulent calls being made by parties presented themselves as working for the IRS to scam taxpayers out of money, the IRS would crackdown on this problem and tighten its reins. […]
In an article published July 22, 2019 in High Times, it is reported that an Orlando, Florida cannabis church known as “Reflections Ministry” is producing a new cannabis-inspired multi-sensory experience blending music, light, live performers, and theatrical effects with a spiritual message about overcoming life’s obstacles. The production, titled “The Reflections Show,” was created by […]
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 supervision. The federal penalties for possession of any […]
Trick Or Treat – Fake IRS Agents Stealing Your Identity And Scamming You For Money. With Halloween coming up, it is just not the neighbor kids looking forward to trick or treat but also people pretending that they are the Internal Revenue Service looking to steal your identity and scam you for your money. Arrests […]
The Drug Enforcement Administration (“DEA”) announced on August 26, 2019 that it is moving forward to facilitate and expand scientific and medical research for marijuana in the United States. The DEA is providing notice of pending applications from entities applying to be registered to manufacture marijuana for researchers. DEA Acting Administrator Uttam Dhillon stated: “the […]
IRS Announces Program For U.S. Expats To Come Into Compliance With Their U.S. Tax And Filing Obligations On September 6, 2019 the IRS announced procedures for certain persons who have relinquished, or intend to relinquish, their United States citizenship and who wish to come into compliance with their U.S. income tax and reporting obligations and […]
IRS Agrees To Hold Off Denying Passport Privileges For Certain Taxpayers Taxpayers who are seriously behind on their taxes to the IRS are putting their passports in jeopardy! Fixing America’s Surface Transportation Act Under section 32101 of the Fixing America’s Surface Transportation Act (“FAST Act”), signed into law in December 2015, the IRS is required […]
According to reports from the Sacramento Bee and Marijuana Business Daily, Lori Ajax, chief of the California Bureau Of Cannabis Control, issued on February 16, 2018 a cease and desist order to Weedmaps.com, an internet company based in Irvine that maps marijuana dispensaries, to immediately stop promoting cannabis businesses that do not have state licenses. […]
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