Why You Don’t Mess With California – A Primer On California Tax Collection Actions. California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal government uses a single tax agency called the IRS. But California has three tax agencies! They are the Franchise Tax Board […]
IRS Has A Plan To Crack Down On Crypto Tax Evaders 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 pay their taxes. […]
Florida Tax Return Preparer Found Guilty of Filing False Tax Returns and Theft of Government Funds The U.S. Attorney’s Office for the Southern District Of Florida announced on November 6, 2019 in a press release that Paul Senat, age 39, the owner and operator of American Fast Services & Tax, American Justice Services & Tax […]
I.R.C. § 280E disallows all trade or business expense deductions for a cannabis business even though the cannabis business operates legally under state law. As more “280E Tax Audits” make their way up to the U.S. Tax Court, various creative arguments have been made challenging the constitutionality and legality of § 280E. A recent such […]
Anyone conducting business in cannabis surely knows that 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 […]
With the legalization of medical and recreational cannabis in California there has been an increase in inquires to our office by people who are just entering into the cannabis market place or looking to provide services to the cannabis market place or looking to bring an existing cannabis operation into legal compliance. We also have […]
What You Need To Know To Deduct Charitable Contributions On Your 2019 Income Tax Return The end of 2019 is coming and so more people are thinking how they can reduced their taxes. The more itemized deductions you can rack up on you individual income tax return, the smaller amount of taxable income you will […]
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 a national threat. The IRS appears to be following the agenda of the […]
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). […]
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