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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 […]
According to an analysis of sales data published in the journal Cannabis and Cannabinoid Research, older patients are more likely to purchase sublingual formulations of cannabis, as well as products higher in CBD. Researchers from New York University’s School of Medicine analyzed invoice data from nearly 6,000 patients ages 50 and older who patronized a state-licensed medical dispensary […]
Why Taxpayers Involved In Offshore Accounts, Cryptocurrency Or Cannabis Should Be Filing An Extension For Their 2020 Income Tax Returns. If you did not report your offshore accounts, cryptocurrency income or cannabis income earned before 2020, you should hold off on filing your 2020 taxes and instead file an extension. An extension is your way of asking the IRS […]
Living In The Era Of COVID-19 – Business Meals May Be Fully Deductible The Consolidated Appropriations Act, 2021, Pub. L. No. 116- 260, 134 Stat. 1182 (December 27, 2020) amended §274 of the Internal Revenue Code (Code) providing a temporary 100-percent deduction for expenses that are paid or incurred after December 31, 2020, and before […]
Maryland Tax Preparer Pleads Guilty To Conspiring To Defraud the IRS The U.S. Department Of Justice announced on March 5, 2021 in a press release that Anita Fortune, age 56, of Upper Marlboro, Maryland, who provided return preparation services under multiple business names, including Tax Terminatorz Inc., pleaded guilty to conspiracy to defraud the United States and […]
First It Was Coinbase, Now It Is Poloniex – Court Authorizes Service of John Doe Summons Seeking Identities of U.S. Taxpayers Who Have Used 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 in 2018 the IRS […]
In a hearing before the House Appropriations Financial Services and General Government Subcommittee on February 23, 2021, IRS Commissioner Charles Rettig told Congress that the federal agency would “prefer” for state-legal marijuana businesses to be able to pay taxes electronically, as the current largely cash-based system under federal cannabis prohibition is onerous and presents risks […]
Democratic Governor Andrew M. Como signed the Marijuana Regulation And Taxation Act (S.854-A/A.1248-A) into law on March 31, 2021 – $2.5 billion market expected. Governor Como’s office in a press release stated that the development of an adult-use cannabis industry in New York State under this legislation has the potential to create significant economic opportunities for […]
More COVID-19 Tax Relief: IRS extends additional tax deadlines for individuals to May 17 and affirms deductibility of PPE The IRS announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15th, such as making IRA contributions and filing certain claims for refund. Additionally, the IRS announced that […]
“Tax Day” For Individuals To File And Pay Extended To May 17, 2021. On March 17, 2021 The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Formal guidance from […]
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