IRS Issues Notice Updating Prior Guidance On Taxation Of Cryptocurrency On April 24, 2023 the IRS issued Notice 2023-34 as an update to its previous Notice 2014-21 governing taxation of cryptocurrency. The IRS in 2014 issued Notice 2014-21 stating that it treats crypto currency as property for tax purposes. At the time this Notice was issued, […]
On April 21, 2023, Delaware Governor John Carney (D) announced that he would allow a pair of bills – HB 1 and HB 2 – to become law absent his signature making Delaware the 22nd state to legalize cannabis for adult-use (previously Delaware legalized only medical cannabis). House Bill 1 eliminates criminal and civil penalties for […]
IRS providing tax relief for victims of severe Indiana storms The IRS announced on April 18, 2023 that March 31/April 1 Storm victims in parts of Indiana now have until July 31, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on April […]
IRS providing tax relief for victims of severe Tennessee storms The IRS announced on April 10, 2023 that March 31 Storm victims in parts of Tennessee now have until July 31, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on April 3, […]
New IRS Commissioner Unveils 2023 Strategic Operating Plan – Warning the IRS Is About to Go “Beast Mode” Danny Werfel was sworn in as the 50th IRS Commissioner on April 4, 2023. Given the $80 billion in new funding that the IRS is receiving under the Inflation Reduction Act, one of his first tasks is […]
IRS providing tax relief for victims of severe Arkansas storms The IRS announced on April 3, 2023 that March 31 Storm victims in parts of Arkansas now have until July 31, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on January 10, […]
On March 31, 2023, Kentucky Governor Andy Beshear (D) signed into law a bill (SB 47) legalizing medical marijuana. The new law allows patients with recommendations from doctors or advanced nurse practitioners could qualify to use cannabis if they have cancer, severe pain, epilepsy, multiple sclerosis, muscle spasms or spasticity, chronic nausea or cyclical vomiting, post-traumatic […]
Why Taxpayers Involved In Offshore Accounts, Cryptocurrency Or Cannabis Should Be Filing An Extension For Their 2022 Income Tax Returns. If you did not report your offshore accounts, cryptocurrency income or cannabis income earned before 2022, you should hold off on filing your 2022 taxes and instead file an extension. An extension is your way of asking the IRS […]
IRS providing tax relief for victims of severe Mississippi storms The IRS announced on March 28, 2023 that March 24 and 25 Storm victims in parts of Mississippi now have until July 31, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having Extended Deadlines: The IRS announced on […]
IRS providing tax relief for victims of severe New York winter storms The IRS announced on March 24, 2023 that the December 23 to December 28, 2022 Storm victims in parts of New York now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. Other Areas Having […]
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