Entries by Tax Attorney

IRS Criminal Investigation Division Releases Its 2019 Annual Report

IRS Criminal Investigation Division Releases Its 2019 Annual Report On December 5, 2019 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, 2019. In issuing this report IRS Commissioner Chuck Rettig states: “CI is critical to the overall enforcement efforts […]

Federal Government Opens Up Banking For Hemp-Related Businesses

On December 3, 2019 Four federal agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency) in conjunction with the state bank regulators announced new policy clarifying the legal status of hemp growth and production and the relevant requirements under the […]

“Kushy Punch” Looses Its State Cannabis License For Engaging In Illegal Activity

Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical […]

California Raising Cannabis Taxes In 2020

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 for the cannabis cultivation tax that took effect January 1, 2018, along with the other existing cultivation tax rates. Every six months […]

MORE Act Approved By The House Judiciary Committee To End Cannabis Prohibition – If You Can’t Beat Them, Then Join Them!

Under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical supervision.   The federal penalties for possession of […]

Riverside County Sheriff’s Office Shuts Down Illegal Cannabis Grow Operation Seizing 1,700 Marijuana Plants

Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief that it has a high potential for abuse, no currently accepted medical use in treatment, and lack of accepted safety for use under medical […]