The IRS announced on September 8, 2023 that under the Inflation Reduction Act where the IRS is receiving $80 billion in new funding, the IRS is shifting more attention onto high-income earners, partnerships, large corporations and promoters abusing the nation's tax...
On August 18, 2023 the Internal Revenue Service (IRS) announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until February 15, 2024, to file various federal individual and business tax returns and make tax...
As part of a larger transformation effort, the Internal Revenue Service (IRS) announced on August 3, 2023 a major policy change that will end most unannounced visits to taxpayers by IRS Revenue Officers to reduce public confusion and enhance overall safety measures...
Why You Should Not Disregard The October 16, 2023 Extended Filing Deadline The most important thing anyone with a tax liability should do is file a return by the filing due date (October 16, 2023 if on extension), even if you can’t pay in full, or request a six-month...
Individuals and businesses in parts of four states where Federal Disaster Relief was announced are facing a deadline of July 31, 2023 to file their 2022 federal income tax returns and make tax payments. You can file an extension to get additional time to October 16,...
A man who did not file tax returns for 8 year in a row pleaded guilty before a Federal District Court Judge to evading his income taxes and now must serve 57 months in jail. As reported by the Department Of Justice in a press release, from 2009 through 2016 Daryl...
Chances are you are involved in one of these areas – Income from the Gig Economy, Dealing with Virtual Currency, or Having Foreign Source Income And Assets. If so, pay particular attention to what the IRS will be looking for on your 2022 income tax return. Gig economy...
Current State Of Tax Enforcement On Cannabis Businesses If you are conducting business in cannabis in the State of California, there are several taxing authorities that have interest in your business, specifically: Internal Revenue Service (IRS), Franchise Tax Board...
If You Can’t Beat Them, Join Them – Minnesota Legalizes Adult-Use Cannabis! On May 30, 2023, Minnesota Governor Tim Walz (D) signed a bill into law legalizing recreational marijuana use in the state, this making Minnesota the 23rd state to legalize cannabis for...
The IRS and Franchise Tax Board (“FTB”) may grant individuals and businesses additional time to file or pay when a major disaster in their area is declared by the federal or state government. California generally follows the IRS extended deadlines to file and pay...
