Towards the end of 2021 Bitcoin was in its last bull run of the year that would result in a record highs around $60,000. Since then Bitcoin and other cryptocurrencies have drastically fallen in value – around $16,000 at the end of 2022, and there is no sign of them...
IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and it’s probably...
The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate Transparency Act (CTA). This...
Like the Federal government, State governments also enforce collection of taxes. California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal government uses a single tax agency called the IRS. But California has...
Before you know it, April 18, 2023 (the deadline to file your 2022 Individual Income Tax Return) will be here. We get three extra days because April 15th is a legal holiday in Washington D.C. (Emancipation Day) and the next business day is Monday, April 18th. Here...
New Tax Benefit Available for California Qualified Licensed Cannabis Retailers Beginning January 1, 2023 Beginning January 1, 2023, the responsibility for collecting and paying the cannabis excise tax to the California Department of Tax and Fee Administration (CDTFA)...
Biden Signs Marijuana Research Bill Into Law – If You Can’t Beat Them, Join Them! The Medical Marijuana and Cannabidiol Research Expansion Act is the first standalone federal marijuana reform law enacted since the adoption of the Controlled Substances Act in 1971. The...
IRS Examinations Of Cannabis Businesses Expected To Rise In 2023 – Are You Ready For An I.R.C. § 280E IRS Tax Audit? Under the Inflation Reduction Act the IRS is receiving $80 billion in new funding. Speaking at an IRS facility in New Carrollton, Maryland on September...
Why Tax Planning Is More Important If You Earn Income From The Gig Economy. From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and it’s probably available through the gig economy which is...
On August 16, 2022 President Biden signed the 2022 Inflation Reduction Act which has some favorable tax changes you should be aware especially now that we are approaching the end of 2022. Major Changes From The New Law Include: A three-year extension of expanded...
