Every year, about 9 million taxpayers miss tax deadline or fail to file their tax returns according to data from the Internal Revenue Service. How To Handle Late Tax Returns? The Treasury Inspector General for Tax Administration on May 29, 2020 issued a report finding...
Federal Court Of Appeals Rules That Cannabis Is Just Like Any Other Industry Subject To IRS Audits On October 20, 2020, the U.S. Court of Appeals for the 10th Circuit issued its opinion ruling against a group of Colorado cannabis dispensaries and their affiliates that...
The U.S. Attorney’s Office for the Southern District of Mississippi announced on November 5, 2020 in a press release that Talvesha Glaude who owned and operated a tax return preparation business was sentenced to 22 months in prison for preparing false income tax...
Election 2020: The Results Are In And Cannabis Is Declared The Winner! On November 3, 2020, voters in five states (Arizona, Mississippi, Montana, New Jersey and South Dakota) passed new medical or recreational cannabis laws. South Dakota voters adopted legalization...
The IRS announced on October 19, 2020 that victims of the California wildfires that began September 4th may qualify for tax relief. Individuals who reside or have a business in Fresno, Los Angeles, Madera, Mendocino, San Bernardino, San Diego and Siskiyou counties in...
IRS Releases Tax Guidance For Cannabis Industry The Internal Revenue Service released updated guidance on tax policy for the cannabis industry. The new guidance briefly covers the rules for income reporting, cash payment options, estimating tax payments and keeping...
Election 2020: States Voting On Cannabis Legalization This November This year, voters in five states (Arizona, Mississippi, Montana, New Jersey and South Dakota) will decide whether to adopt either new medical or recreational cannabis laws with South Dakota looking to...
What To Do If You Have Not Received Your Economic Impact Payment. On March 27, 2020 President Trump signed the $2 trillion Stimulus Bill formally known as the Coronavirus Aid, Relief and Economic Security [CARES] Act (the “CARES Act”) to provide assistance to...
The IRS announced on August 31, 2020 that victims of Hurricane Laura starting August 22, 2020 may qualify for tax relief. Individuals who reside or have a business in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis and Vernon parishes in Louisiana, have until...
Inyo County Sheriff’s Department Shuts Down Massive Illegal Cannabis Farms Located In The California Wilderness 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...
