The IRS announced on March 24, 2023 that the December 23 to December 28, 2022 Storm victims in parts of New York now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The...
How Did Cannabis Fare In The Oklahoma March 2023 Special Election? On March 7, 2023, Oklahoma held a single-issue special election to legalize adult-use cannabis. State Question 820 was left off the ballot last fall, after the Oklahoma Supreme Court flagged the...
How California Taxes Unlicensed Cannabis Cultivation Just because California suspended the cultivation tax on cannabis, don’t think that as an unlicensed grower you have nothing to worry about. Legal California cannabis businesses have been complaining about taxes,...
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...
