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While the sale of cannabis is legal in California as well as in a growing number of states, cannabis remains a Schedule 1 narcotic under Federal law, the Controlled Substances Act. As such businesses in the cannabis industry are not treated like ordinary businesses. Despite state laws allowing cannabis, it remains illegal on a federal […]
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 […]
Top Four Tax Errors That Can Be Costly For Small Businesses When Dealing With The IRS A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat but even innocently […]
5 Moves To Make Before Year End That Can Save You A Lot of Money on Your 2019 Taxes On December 22, 2017, President Trump signed into law the 2017 Tax Cuts And Jobs Act. It’s been a good 30 years since the last time the Internal Revenue Code received such a major update. Major […]
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 […]
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 […]
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 […]
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 […]
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 […]
Why You Don’t Mess With California – A Primer On California Tax Collection Actions. 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! They are the Franchise Tax Board […]
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