Author Archive for: Tax Attorney
Entries by Tax Attorney
Evolution Of California Cannabis Law – Pending Bills Considered By The Legislature: Senate Bill 34 and Senate Bill 67.
Two bills currently being considered by the California State legislature that would authorize legal cannabis businesses to provide free cannabis or cannabis products to a medicinal cannabis patient and would allow temporary licenses to be re-validated if an annual license application has been submitted. These measures if enacted into law could help legal cannabis businesses […]
Are You Effected By The Alabama Tornadoes And Severe Storms? IRS Is Providing You With Tax Relief And Extending Upcoming Tax Deadlines.
Are You Effected By The Alabama Tornadoes And Severe Storms? IRS Is Providing You With Tax Relief And Extending Upcoming Tax Deadlines. The IRS announced on March 7, 2019 that victims of the tornadoes and severe storms that took place March 3, 2019 in Alabama may qualify for tax relief. Individuals who reside or have […]
California Cannabis Tax Relief Coming? Check Out Assembly Bill 37.
A bill was introduced in the California legislature that would 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 and black markets. Assembly Bill 37 Was First Introduced December 3, 2018 The proposed legislation, which is sponsored by […]
More Cannabis Legalization Bills Introduced In Congress – If You Can’t Beat Them, Then Join Them!
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 […]
Attention Cannabis Businesses – Be Prepared To Prove Your Deductions To The IRS
Generally, businesses can deduct ordinary and necessary business expenses under I.R.C. §162. This includes wages, rent, supplies, etc. However, in 1982 Congress added I.R.C. §280E. Under §280E, taxpayers cannot deduct any amount for a trade or business where the trade or business consists of trafficking in controlled substances…which is prohibited by Federal law. Cannabis, including […]
Beware: Failing To Pay The IRS Could Land You In Jail
Beware: Failing To Pay The IRS Could Land You In Jail The IRS is notorious for taking aggressive collection action including filing tax liens, issuing wage garnishments, seizing assets and levying bank accounts in order to collect outstanding IRS debt. In some cases the IRS is also looking to make an example of what happens […]
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 but for taxpayers. Major Changes From The TCJA Include: Lower Income Tax Rates For Individuals. […]
Do You Have A Business That Involves Transactions In 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 drug trade and engage in terrorist financing and other criminal activities. The government can often trace money from these illegal activities […]
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