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. Deductions Relating to Meal And...
President Trump Seeking To Prosecute Legalized Adult-use Marijuana Businesses On June 20, 2019, the House of Representatives voted to restrict the Department Of Justice (“DOJ”) from interfering with States that have legalized adult-use marijuana, including those...
Why Is Taxation Related To Cannabis Businesses So Complicated? Beware 2020 Could Be A Banner Year For IRS Audits Of Cannabis Businesses. We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the...
The IRS announced on January 17, 2020 that victims of earthquakes that took place beginning on December 28, 2019 in parts of the Commonwealth of Puerto Rico may qualify for tax relief. Individuals and households who reside or have a business in the municipalities of...
Attention California Cannabis Businesses: New Cannabis QR Code Regulations Are In Effect Following the recent announcement of the Bureau Of Cannabis Control (BCC) of its QR Code campaign, on January 23, 2020 the BCC announced new proposed emergency regulations...
Tips For Cannabis Businesses To Prepare for Tax Season And IRC Sec. 280E On January 6, 2020, the Internal Revenue Service (IRS) announced that it will process 2019 tax returns beginning January 27, 2020. April 15th Filing Deadline. The filing deadline to submit 2019...
Could California Finally Get Cannabis Tax Reform? In a previous blog we reported that the California Department of Tax and Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry after conducting an analysis...
When Facing An IRS Tax Audit, How Do Marijuana Businesses Explain To IRS A Cash Stash Accumulated From The Past? With the proliferation of licensed cannabis businesses sprouting in the State Of California and a growing number of States, a lot of cannabis business will...
Appealing An I.R.C. § 280E IRS Tax Audit While the sale of cannabis is legal in California as well as in a growing number of states, cannabis remains a Schedule 1 narcotic under Federal law, the Controlled Substances Act. As such businesses in the cannabis industry...
Federal Government Opens Up Banking For Hemp-Related Businesses On December 3, 2019 Four federal agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the...
