Entries by Tax Attorney

US Virgin Islands Passes Cannabis Legalization Bill – If You Can’t Beat Them, Join Them!

If You Can’t Beat Them, Join Them! US Virgin Islands Passes Cannabis Legalization Bill On January 18, 2023 the U.S. Virgin Islands legislation to legalize cannabis for adult, medicinal and sacramental use (Virgin Islands Cannabis Use Act “Act 8680”) was signed into law by Governor Albert Bryan Jr.  The governor of the Caribbean island territory also […]

Getting Ready For Tax Season 2023 – What You Need To Know About Reporting Cryptocurrency

Getting Ready For Tax Season 2023 – What You Need To Know About Reporting Cryptocurrency.  Cryptocurrency / Bitcoin – Is this the 21st century answer to hiding assets in Swiss bank accounts?  The IRS thinks this is the case which is why the IRS has stepped up its investigation efforts to uncover non-compliant taxpayers just like […]

IRS and FTB providing tax relief for victims of severe winter storms, flooding, and mudslides in California

IRS and FTB providing tax relief for victims of severe winter storms, flooding, and mudslides in California The IRS announced on January 10, 2023 that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Subsequently on January 13, 2023 the FTB announced that […]

IRS providing tax relief for victims of severe winter storms, flooding, and mudslides in California

IRS providing tax relief for victims of severe winter storms, flooding, and mudslides in California The IRS announced on January 10, 2023 that California storm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. IRS Tax Relief Details The IRS is offering this relief […]

New Tax Rule Affecting People Who Use Venmo, Paypal Or Other Payment Apps Put On Hold

New Tax Rule Affecting People Who Use Venmo, Paypal Or Other Payment Apps Put On Hold IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item marketplace and […]

Starting January 1, 2024 – Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders

Starting January 1, 2024 – Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate Transparency Act (CTA). This rule will require […]

California Continues Applying Pressure On Delinquent Taxpayers To Pay

California Continues Applying Pressure On Delinquent Taxpayers To Pay Like the Federal government, State governments also enforce collection of taxes.  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. But California has three tax agencies! […]