On May 16, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by tornadoes that began on March 14, 2024 in Ohio. These taxpayers now have until September 3, 2024, to file various federal individual and business tax returns and make tax payments. The September 3, 2024, deadline will now apply to: Individual […]
If this change is approved, the Federal government would recognize medical benefits of cannabis, make Section 280E inapplicable to licensed cannabis operators, and open up financial and banking markets. The Associated Press reported on April 30, 2024 that the Drug Enforcement Administration (“DEA”) will propose a rule to reschedule cannabis to Schedule III under the […]
IRS further extends tax relief for Rhode Island and Maine 2024 flooding and storm victims On April 4, 2024 the Internal Revenue Service (IRS) announced further postponement until July 15, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by severe storms and flooding that began on December 17, 2023, and January 9, […]
IRS Using Inflation Reduction Act Funding To Catch Taxpayers Who Illegally Secured COVID Funds IRS announced it has investigated 1,644 tax and money laundering cases related to COVID fraud potentially totaling $8.9 billion, with well over half that amount coming from cases opened in the last year. Under the Inflation Reduction Act the IRS is […]
IRS further extends tax relief for Hawaii 2023 wildfire victims On March 27, 2024 the Internal Revenue Service (IRS) announced further postponement until August 7, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by the August 8, 2023, wildfires in Hawaii. Previously, the deadline was February 15, 2024. The August 7, 2024, […]
IRS Using Inflation Reduction Act Funding To Ramp Up Audits Of High-income Non-filers IRS has identified 125,000 persons who failed to file tax returns with financial activity topping $100 billion. Under the Inflation Reduction Act the IRS is receiving $80 billion in new funding over nine years. The $80 billion price tag is more than […]
Alaska taxpayers impacted by November 2023 severe storms qualify for tax relief On March 25, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms, landslides and mudslides that began on November 20, 2023 in parts of Alaska. These taxpayers now have until June 17, 2024, to file various federal individual […]
IRS Using Inflation Reduction Act to Launch Further Initiatives and Penalties to go after High-Income Taxpayers More than $482 million recovered from 1,600 millionaires who have not paid tax debts and even more taxpayers will be subject to further scrutiny. Under the Inflation Reduction Act the IRS is receiving $80 billion in new funding over […]
Spokane area taxpayers impacted by August 2023 wildfires qualify for tax relief On February 28, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by wildfires that began on August 18, 2023 in parts of Washington State. These taxpayers now have until June 17, 2024, to file various federal individual and business tax […]
San Diego area taxpayers impacted by January 2024 severe storms and flooding qualify for tax relief On February 27, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms and flooding that began on January 21, 2024 in parts of California. These taxpayers now have until June 17, 2024, to file […]
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