On September 13, 2023 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by Idalia in 28 of the state’s 159 counties in Georgia. These taxpayers now have until February 15, 2024, to file various federal individual and business tax returns and make tax payments. The February 15, 2024, deadline will now apply to: […]
IRS using Artificial Intelligence to crack down on millionaires to collect millions in back taxes The IRS announced on September 8, 2023 that under the Inflation Reduction Act where the IRS is receiving $80 billion in new funding, the IRS is shifting more attention onto high-income earners, partnerships, large corporations and promoters abusing the nation’s […]
Hawaii Wildfire Victims Qualify For Tax Relief On August 18, 2023 the Internal Revenue Service (IRS) announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until February 15, 2024, to file various federal individual and business tax returns and make tax payments. The February 15, 2024, deadline will now […]
IRS Ending Unannounced Revenue Officer Visits To Taxpayers As part of a larger transformation effort, the Internal Revenue Service (IRS) announced on August 3, 2023 a major policy change that will end most unannounced visits to taxpayers by IRS Revenue Officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. The […]
Facing A Surprise Tax Bill? Here Is Why You Should Still File Your 2022 Income Tax Return By October 16th. Why You Should Not Disregard The October 16, 2023 Extended Filing Deadline The most important thing anyone with a tax liability should do is file a return by the filing due date (October 16, 2023 […]
Storm victims in 4 states facing expiration of IRS tax relief: File and pay by July 31; parts of Arkansas, Indiana, Mississippi and Tennessee. Individuals and businesses in parts of four states where Federal Disaster Relief was announced are facing a deadline of July 31, 2023 to file their 2022 federal income tax returns and […]
Can You Go To Jail For Not Filing Tax Returns? Beware this can happen to you. A man who did not file tax returns for 8 year in a row pleaded guilty before a Federal District Court Judge to evading his income taxes and now must serve 57 months in jail. As reported by the […]
IRS Looking For Taxpayers To Report Gig Economy Income, Virtual Currency Transactions, And Foreign Source Income And Assets Chances are you are involved in one of these areas – Income from the Gig Economy, Dealing with Virtual Currency, or Having Foreign Source Income And Assets. If so, pay particular attention to what the IRS will […]
If you are conducting business in cannabis in the State of California, there are several taxing authorities that have interest in your business, specifically: Internal Revenue Service (IRS), Franchise Tax Board (FTB), California Department Of Tax & Fee Administration (CDTFA) and your local jurisdiction (municipality). Additionally, if your business has workers, the Employment Development Department […]
On May 30, 2023, Minnesota Governor Tim Walz (D) signed a bill into law legalizing recreational marijuana use in the state, this making Minnesota the 23rd state to legalize cannabis for adult-use (previously Minnesota legalized only medical cannabis). Under the measure, Minnesota residents who are 21 years and older will be able to possess up […]
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