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 updatebut just how does this effect the cannabis industry? Major Changes From The TCJA Include: Lower […]
On February 13, 2019 a hearing was conducted by the Subcommittee on Consumer Protection and Financial Institutions which is under the U.S. House Committee On Financial Services headed by Chairwoman Maxime Waters (D–CA). Testimony was provided at this hearing which could lead to the subcommittee putting forth a bill in Congress that eventually could put […]
How Another Government Shutdown In The Middle Of Tax Season Can Stifle IRS Operations And Increase Tax Problems For Taxpayers. As required by law, once a year the Taxpayer Advocate’s Office (an independent Federal government department that monitors the Internal Revenue Service) must send a report to Congress describing challenges the IRS is facing, problems […]
The IRS announced on February 5, 2019 that victims of the earthquake that took place on November 30, 2018 in Alaska may qualify for tax relief. Individuals who reside or have a business in the Municipality of Anchorage, Kenai Peninsula Borough and Matanuska-Susitna Borough have until April 30, 2019, to file certain individual and business […]
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 […]
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 […]
A bill was just re-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 286 Was First Introduced February 16, 2018 The proposed legislation, which is sponsored […]
Israeli researchers record sharp improvement in measures such as quality of life, ability to dress and shower independently after 6 months of cannabis oil treatmen taccording to an Israeli study published in Nature. The joint study conducted by Ben Gurion University and Soroka Medical Center in Beer Sheva showed that cannabis oil was an effective treatment for […]
Don’t Let The Government Shutdown Give You A False Sense Of Security If You Owe The IRS With the temporary opening of the Federal government for three weeks announced on January 25, 2019, tax issues that were held in limbo may now see some movement. Temporary funding for the IRS for fiscal year 2019 expired […]
On January 4, 2018, former U.S. Attorney General Jeff Sessions announced the revocation of what is known in the cannabis industry as the “Cole Memo”. Attorney General Nominee William Barr Appears Committed To Reverse This Stance And Leave State-Legal Marijuana Programs Alone. In Senate testimony on January 15, 2019, nominee for Attorney General William Barr committed to […]
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