Entries by Tax Attorney

How California Cannabis Retailers Compute And Pay Taxes For Cannabis Acquired Before January 1, 2018 That Is Being Sold Now

New cannabis taxes have been in effect in California starting January 1, 2018. Beginning January 1, 2018, licensed distributors who supply you with cannabis or cannabis products are required to calculate and collect the 15% cannabis excise tax from you. When you sell those items at retail you are required to collect the cannabis excise […]

What You Need To Know To Deduct Charitable Contributions On Your 2017 Income Tax Return

The more itemized deductions you can rack up on you individual income tax return, the smaller amount of taxable income you will have which now puts more money in your pocket. Taxpayers who gave money or goods to a charity should be able to claim charitable contributions which get included as an itemized deduction on […]

Beware If You Have Unreported Crypto Currency Transactions Through Coinbase, You Should Be Receiving Contact By The IRS

As of March 16, 2018, the IRS is getting information that many people thought would stay secret forever. If you are an American client of Coinbase and engaged in Bitcoin transactions during 2017, you better hold off on completing your 2017 income tax return until you first check your email as Coinbase has a surprise […]

Top Eight Myths About Crypto-Currency.

It is believed that as of September 2017 at least 80% of all Americans have heard of bitcoin. Unfortunately, a lot of myths have been circulating on bitcoin and other crypto-currencies so here are the top eight myths to consider. Crypto-currency Is A New Phenomenon – FALSE. Bitcoin which is the world’s most popular crypto-currency […]

The Door Is Closing – IRS To End Offshore Voluntary Disclosure Program.

Taxpayers with undisclosed foreign assets are urged to come forward before the Offshore Voluntary Disclosure Program (“OVDP”) closes September 28, 2018. The IRS announced on March 13, 2018 that it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (“OVDP”) and close the program on September 28, 2018. In a statement made by […]

The Federal Government Has Bitcoin To Sell To You!

U.S. marshals in recent months having confiscated over 2,000 bitcoin in conjunction with federal prosecutions has announced the sale of this bitcoin to commence March 19th. Feds Don’t Mine – They Confiscate. When the Federal Government shuts down any illegal operation including cannabis enterprises (which despite State law legalizing cannabis, it is still illegal under […]

Your Right to Challenge the IRS’ Position and Be Heard

Taxpayers have the right to challenge the IRS’s position and be heard. This is one of ten of rights listed in the Taxpayer Bill of Rights, which clearly outlines the fundamental rights of every taxpayer. The IRS Says That Taxpayers Have The Right To: Raise objections. Provide additional documentation in response to formal or proposed […]

Weedmaps Now Pinned On California’s Enforcement Map

According to reports from the Sacramento Bee and Marijuana Business Daily, Lori Ajax, chief of the California Bureau Of Cannabis Control, issued on February 16, 2018 a cease and desist order to Weedmaps.com, an internet company based in Irvine that maps marijuana dispensaries, to immediately stop promoting cannabis businesses that do not have state licenses. […]

Beware If You Are Getting Divorced And Have Crypto-currency.

The anonymous nature of crypto-currencies creates the possibility for individuals to accumulate wealth that is concealed from tax agencies, creditors and spouses. With all the discussion about the progress IRS is making to get information on crypto-currency transactions and parties to those transactions, query how soon this will be commonplace and routine for divorce attorneys […]