Entries by Tax Attorney

Why Taxpayers Involved In Offshore Accounts, Crypto-Currency Or Cannabis Should Be Filing An Extension For Their 2018 Income Tax Returns.

Why Taxpayers Involved In Offshore Accounts, Crypto-Currency Or Cannabis Should Be Filing An Extension For Their 2018 Income Tax Returns. If you did not report your offshore accounts, crypto currency income or cannabis income earned before 2018, you should hold off on filing your 2018 taxes and instead file an extension. An extension is your […]

Federal Cannabis Banking Bill Moving Through Congress – 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. This status has prompted banks to prevent […]

Fail To Pay In Enough Tax Withholding And Estimated Tax Payments For 2018? Relief May Be Available To You.

Fail To Pay In Enough Tax Withholding And Estimated Tax Payments For 2018? Relief May Be Available To You. The IRS announced additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. At first on January 16, 2019 the […]

Why Is Taxation Related To Cannabis Businesses So Complicated?

Beware 2019 Could Be A Banner Year For IRS Audits Of Cannabis Businesses. We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures in a negative light while attempting to portray the drug as […]

Evolution Of California Cannabis Law – Pending Bills Considered By The Legislature: Senate Bill 34 and Senate Bill 67.

Two bills currently being considered by the California State legislature that would authorize legal cannabis businesses to provide free cannabis or cannabis products to a medicinal cannabis patient and would allow temporary licenses to be re-validated if an annual license application has been submitted. These measures if enacted into law could help legal cannabis businesses […]