Author Archive for: Tax Attorney
Entries by Tax Attorney
7 Moves To Make Before Year End That Can Save You A Lot of Money on Your 2017 Taxes
On December 22, 2017, President Trump signed into law the 2017 Tax Cuts And Jobs Act. It’s been a good 30 years since the last time the Internal Revenue Code received such a major update. Major Changes From The New Law Include: Compressed And Lower Income Tax Rates For Individuals. Increased Standard Deduction For Individuals […]
How Do Marijuana Businesses Substantiate To IRS Expenses Paid In Cash?
It is outrageous that the $6.7 billion U.S. cannabis industry is forced by disparities in state and federal law to conduct nearly all transactions in cash. Experts believe that by 2021 the cannabis industry is expected to balloon to $21 billion. The lack of banking opportunities for marijuana business and being forced to deal in […]
City Of Long Beach Rings In 2018 Opening Its Gates To Medical Marijuana Businesses
Long Beach Municipal Code Chapter 5.90 – On November 8, 2016, the citizens of Long Beach voted to approve the regulatory portion of Measure MM, making it legal to own and operate a medical marijuana business in the City of Long Beach. The ordinance allows for medical marijuana dispensaries, delivery, manufacturing, cultivation, distribution, and laboratory […]
Who’s Been Naughty And Who’s Been Nice? President Trump Signs New Tax Law In Time For Christmas.
On December 22, 2017, President Trump signed into law the 2017 Tax Cuts And Jobs Act. It’s been a good 30 years since the last time the Internal Revenue Code received such a major update. With much discussion on the touted benefits of the plan, there has been very little discussion on what is missing. […]
Tax Planning For Marijuana Businesses
Medical marijuana is now legal in 29 states plus the District Of Columbia and recreational marijuana is legal in 8 states plus the District Of Columbia. In 2000, 70% of Americans believed marijuana should be illegal. Attitudes have since dramatically changed with a complete flip as a 2017 Yahoo News/Marist Poll survey showed that 83% […]
Are You A Marijuana Business Owner With Incomplete Books And Records Facing An IRS Audit?
It is common that marijuana businesses operating in States that have legalized marijuana for medical and/or recreational use (Medical marijuana is now legal in 29 states plus the District Of Columbia and recreational marijuana is legal in 8 states plus the District Of Columbia) deal in cash and do not maintain accounting systems that are […]
New January 31st Filing Deadline For Businesses To File All W-2’s And 1099’s
To expedite IRS’ ability to match up W-2’s and 1099’s reported by businesses to the income reported on taxpayers’ tax returns, all these forms must be submitted to IRS and given to taxpayers no later than January 31st. This filing deadline was made uniform under The Protecting Americans from Tax Hikes (PATH) Act. Prior law […]
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