President Trump’s execution on December 18, 2025 of an Executive Order Increasing Medical Marijuana and Cannabidoil Research to remove cannabis from a Schedule I classification to a Schedule III classification should result in cannabis businesses with IRS debt to pursue discounted settlements under the IRS Offer In Compromise program. What Is An Offer In Compromise? […]
The prime benefits of reclassifying cannabis from a Schedule I substance to a Schedule III substance is that the Federal government would recognize medical benefits of cannabis, make IRC Section 280E inapplicable to licensed cannabis operators. On December 18, 2025, President Trump signed an Executive Order Increasing Medical Marijuana and Cannabidoil Research . President Trump’s […]
An Offer In Compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability or doing so creates a financial hardship. The IRS will consider your unique set of facts and circumstances: Ability to pay Income […]
The IRS released the Criminal Investigation Division’s (CI) annual report, highlighting significant successes and criminal enforcement actions taken in fiscal year ending September 30, 2025. The IRS noted that a key achievement was the identification of over $10.5 billion in tax fraud and other financial crimes. In issuing this report IRS Chief Of IRS Criminal Investigation Guy […]
What can we learn from Sam Walton, Walmart’s founder? Long before the Walmart retail business took off, Sam was gifting interests in his business to his children. As Sam explained in his autobiography Made in America, “giving assets away early prevents future tax headaches because their value hasn’t skyrocketed yet”. That advice still holds true […]
Former IRS Commissioner Danny Werfel expressed concern over events since his resignation in January 2025 that he believes will have an adverse impact on IRS’ ability to handle operations for the 2026 filing season. Those events comprise of – The 2025 government shutdown that just ended, IRS furloughs including seven different senior IRS officials, The […]
In the summer of 2025 the White House proposed that Congress should consider drafting legislation that would force U.S. residents and companies to report foreign digital asset accounts on their taxes. A digital asset is a digital representation of value that is recorded on a cryptographically secured, distributed ledger or any similar technology. Common digital […]
The U.S. Justice Department (“DOJ”) announced on November 17, 2025 that Victor Cruz, age 41, of Bakersfield, California was sentenced to 18 months in prison for participating in a scheme to submit fraudulent individual federal income tax returns that claimed $25 million in refunds. According to court records, between November 2019 and June 2023, Miguel Martinez, […]
On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. One of the provisions of the OBBBA […]
On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. New Threshold For Issuance Of 1099’s Effective […]
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