Starting December 29, 2020 the IRS begins delivering the second round of Economic Impact Payments On December 27, 2020 President Trump signed the $900 million Stimulus Bill formally known as the Coronavirus Response and Relief Supplemental Appropriations Act of 2021...
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....
2020 Taxes For California Cannabis – What You Need To Know We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures...
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...
