A simple mistake, oversight, or your accountant’s malpractice may trigger an IRS criminal investigation. Specifically, unreported income, mismatch of information on a tax return versus third-party reporting information, a false statement, the use of an impermissible...
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IRS providing tax relief for victims of severe Florida storms
The IRS announced on May 2, 2023 that April 12 to 14 Storm victims in parts of Florida now have until August 15, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on April...
If You Can’t Beat Them, Join Them – Delaware Legalizes Adult-Use Cannabis!
If You Can’t Beat Them, Join Them – Delaware Legalizes Adult-Use Cannabis! On April 21, 2023, Delaware Governor John Carney (D) announced that he would allow a pair of bills – HB 1 and HB 2 – to become law absent his signature making Delaware the 22nd state to...
IRS providing tax relief for victims of severe Indiana storms
The IRS announced on April 18, 2023 that March 31/April 1 Storm victims in parts of Indiana now have until July 31, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on...
IRS providing tax relief for victims of severe Tennessee storms
The IRS announced on April 10, 2023 that March 31 Storm victims in parts of Tennessee now have until July 31, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on April 3,...
New IRS Commissioner Unveils 2023 Strategic Operating Plan – Warning the IRS Is About to Go “Beast Mode”
Danny Werfel was sworn in as the 50th IRS Commissioner on April 4, 2023. Given the $80 billion in new funding that the IRS is receiving under the Inflation Reduction Act, one of his first tasks is to produce the IRS’s strategic operating plan on how it will spend...
IRS providing tax relief for victims of severe Arkansas storms
The IRS announced on April 3, 2023 that March 31 Storm victims in parts of Arkansas now have until July 31, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on January 10,...
If You Can’t Beat Them, Join Them – Kentucky Legalizes Medical Cannabis!
If You Can’t Beat Them, Join Them – Kentucky Legalizes Medical Cannabis! On March 31, 2023, Kentucky Governor Andy Beshear (D) signed into law a bill (SB 47) legalizing medical marijuana. The new law allows patients with recommendations from doctors or advanced nurse...
Why Taxpayers Involved In Offshore Accounts, Cryptocurrency Or Cannabis Should Be Filing An Extension For Their 2022 Income Tax Returns.
If you did not report your offshore accounts, cryptocurrency income or cannabis income earned before 2022, you should hold off on filing your 2022 taxes and instead file an extension. An extension is your way of asking the IRS for additional time to file your tax...
IRS providing tax relief for victims of severe Mississippi storms
The IRS announced on March 28, 2023 that March 24 and 25 Storm victims in parts of Mississippi now have until July 31, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on...