In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS audit, IRS agents are looking for undisclosed...
New announcement extends tax deadlines to October 16, 2023. The IRS announced on January 10, 2023 that California storm victims have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Subsequently on January 13, 2023...
Under prior law, a taxpayer generally can deduct business-related meal and entertainment expenses paid or incurred in entertaining a client, customer, or employee. The taxpayer had to show that the item was directly related to (or, in certain cases, associated with)...
On February 10, 2023 the IRS announced the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these...
If You Can’t Beat Them, Join Them! US Virgin Islands Passes Cannabis Legalization Bill On January 18, 2023 the U.S. Virgin Islands legislation to legalize cannabis for adult, medicinal and sacramental use (Virgin Islands Cannabis Use Act “Act 8680”) was signed into...
Getting Ready For Tax Season 2023 – What You Need To Know About Reporting Cryptocurrency. Cryptocurrency / Bitcoin – Is this the 21st century answer to hiding assets in Swiss bank accounts? The IRS thinks this is the case which is why the IRS has stepped up its...
Tips For Cannabis Businesses To Prepare for the 2022 Tax Filings On January 12, 2023, the Internal Revenue Service (IRS) announced that it will process 2022 tax returns beginning January 23, 2023. The IRS states that with the three previous tax seasons dramatically...
The IRS announced on January 19, 2023 that Storm victims in parts of Georgia and Alabama now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief to any area...
The IRS announced on January 10, 2023 that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Subsequently on January 13, 2023 the FTB announced that California storm victims also...
The IRS announced on January 10, 2023 that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief to any area designated by the...
