Don’t think that you can avoid California tax enforcement action just because we are in a pandemic. 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....
The third round of the Recovery Rebate Credit is authorized by the American Rescue Plan Act (ARPA) of 2021 which expanded the Child Tax Credit (CTC) for tax year 2021 only. Generally, this credit will increase the amount of your tax refund or decrease the amount of...
California Raising Cannabis Taxes In 2022 The California Department Of Tax And Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry under Emergency Regulation 3700 established a new category and tax rate...
When Facing An IRS Tax Audit, How Do Marijuana Businesses Explain To IRS A Cash Stash Accumulated From The Past? With the proliferation of licensed cannabis businesses sprouting in the State Of California and a growing number of States, a lot of cannabis business will...
Celebrating The 25th Anniversary Of Proposition 215 California Proposition 215 a/k/a The Compassionate Use Act of 1996, legalized medical cannabis in the state of California. It granted persons with a doctor’s permission access to cannabis from criminal prosecution...
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...
Most people with gross income of $12,400 or more must file a federal tax return. Some people with a lower income are not required to file. However, these individuals should still consider filing for a refund of federal income tax withheld. They may also be eligible...
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 investigation efforts to uncover non-compliant taxpayers just like the IRS successfully did in...
States offering prizes to incentivize people to get the COVID-19 vaccine. In California - get vaccinated, get rewarded. Are you already vaccinated or about to be? Great! You’ll have a chance at winning $50,000 or a grand prize of $1.5 million! Not yet vaccinated...
If You Can’t Beat Them Then Join Them! Legal Cannabis States Have Generated Nearly $8 Billion In Tax Revenue Since Recreational Sales Launched States that have legalized marijuana for adult use have collectively generated nearly $8 billion in tax revenue from cannabis...
