Entries by Tax Attorney

If You Can’t Beat Them, Join Them – Biden Administration Publishes Proposed Rule Moving Cannabis to Schedule III

Biden Administration Publishes Proposed Rule Moving Cannabis to Schedule III.  If this proposed rule is approved, the Federal government would recognize medical benefits of cannabis, make Section 280E inapplicable to licensed cannabis operators, and open up financial and banking markets. The Associated Press reported on April 30, 2024 that the Drug Enforcement Administration (“DEA”) will […]

Ohio taxpayers impacted by March 2024 tornados qualify for tax relief

On May 16, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by tornadoes that began on March 14, 2024 in Ohio. These taxpayers now have until September 3, 2024, to file various federal individual and business tax returns and make tax payments. The September 3, 2024, deadline will now apply to: Individual […]

If You Can’t Beat Them, Join Them – DEA to Propose Rule Moving Cannabis to Schedule III

If this change is approved, the Federal government would recognize medical benefits of cannabis, make Section 280E inapplicable to licensed cannabis operators, and open up financial and banking markets. The Associated Press reported on April 30, 2024 that the Drug Enforcement Administration (“DEA”) will propose a rule to reschedule cannabis to Schedule III under the […]

IRS further extends tax relief for Rhode Island and Maine 2024 flooding and storm victims

IRS further extends tax relief for Rhode Island and Maine 2024 flooding and storm victims On April 4, 2024 the Internal Revenue Service (IRS) announced further postponement until July 15, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by severe storms and flooding that began on December 17, 2023, and January 9, […]

IRS Using Inflation Reduction Act Funding To Catch Taxpayers Who Illegally Secured COVID Funds

IRS Using Inflation Reduction Act Funding To Catch Taxpayers Who Illegally Secured COVID Funds IRS announced it has investigated 1,644 tax and money laundering cases related to COVID fraud potentially totaling $8.9 billion, with well over half that amount coming from cases opened in the last year. Under the Inflation Reduction Act the IRS is […]

IRS further extends tax relief for Hawaii 2023 wildfire victims

IRS further extends tax relief for Hawaii 2023 wildfire victims On March 27, 2024 the Internal Revenue Service (IRS) announced further postponement until August 7, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by the August 8, 2023, wildfires in Hawaii. Previously, the deadline was February 15, 2024. The August 7, 2024, […]

IRS Using Inflation Reduction Act Funding To Ramp Up Audits Of High-income Non-filers

IRS Using Inflation Reduction Act Funding To Ramp Up Audits Of High-income Non-filers IRS has identified 125,000 persons who failed to file tax returns with financial activity topping $100 billion. Under the Inflation Reduction Act the IRS is receiving $80 billion in new funding over nine years. The $80 billion price tag is more than […]

Alaska taxpayers impacted by November 2023 severe storms qualify for tax relief

Alaska taxpayers impacted by November 2023 severe storms qualify for tax relief On March 25, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by severe storms, landslides and mudslides that began on November 20, 2023 in parts of Alaska. These taxpayers now have until June 17, 2024, to file various federal individual […]

IRS Using Inflation Reduction Act to Launch Further Initiatives and Penalties to go after High-Income Taxpayers

IRS Using Inflation Reduction Act to Launch Further Initiatives and Penalties to go after High-Income Taxpayers More than $482 million recovered from 1,600 millionaires who have not paid tax debts and even more taxpayers will be subject to further scrutiny. Under the Inflation Reduction Act the IRS is receiving $80 billion in new funding over […]

Spokane area taxpayers impacted by August 2023 wildfires qualify for tax relief

Spokane area taxpayers impacted by August 2023 wildfires qualify for tax relief On February 28, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by wildfires that began on August 18, 2023 in parts of Washington State. These taxpayers now have until June 17, 2024, to file various federal individual and business tax […]