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...
On December 22, 2017, President Trump signed into law the 2017 Tax Cuts And Jobs Act. It’s been a good 30 years since the last time the Internal Revenue Code received such a major update. Major Changes From The New Law Include: Compressed And Lower Income Tax Rates...
On March 27, 2020 President Trump signed the $2 trillion Stimulus Bill formally known as the Coronavirus Aid, Relief and Economic Security [CARES] Act (the “CARES Act”) to provide assistance to workplaces and employees. The CARES Act provides many benefits intended to...
UN Votes To Remove Cannabis From Schedule IV Drug Classification The United Nations Commission on Narcotic Drugs held a vote on December 2, 2020 that medical cannabis be taken off the Single Convention on Narcotic Drugs (1961) Schedule IV list. The list contains other...
Getting Harder For Legal Cannabis To Find Banking Even though more and more states are allowing the sale of cannabis at the medical and/or recreational level, it is still a business that deals essentially in cash only. Why? Because most traditional banks refuse to...
Every year, about 9 million taxpayers miss tax deadline or fail to file their tax returns according to data from the Internal Revenue Service. How To Handle Late Tax Returns? The Treasury Inspector General for Tax Administration on May 29, 2020 issued a report finding...
Federal Court Of Appeals Rules That Cannabis Is Just Like Any Other Industry Subject To IRS Audits On October 20, 2020, the U.S. Court of Appeals for the 10th Circuit issued its opinion ruling against a group of Colorado cannabis dispensaries and their affiliates that...
The U.S. Attorney’s Office for the Southern District of Mississippi announced on November 5, 2020 in a press release that Talvesha Glaude who owned and operated a tax return preparation business was sentenced to 22 months in prison for preparing false income tax...
Election 2020: The Results Are In And Cannabis Is Declared The Winner! On November 3, 2020, voters in five states (Arizona, Mississippi, Montana, New Jersey and South Dakota) passed new medical or recreational cannabis laws. South Dakota voters adopted legalization...
The IRS announced on October 19, 2020 that victims of the California wildfires that began September 4th may qualify for tax relief. Individuals who reside or have a business in Fresno, Los Angeles, Madera, Mendocino, San Bernardino, San Diego and Siskiyou counties in...
