IRS Putting Final Touches On Its New Data Processing System To Chase Down Tax Cheats Known as the Customer Account Data Engine 2 (“CADE 2”), the IRS touts this is one of the most complex modernization programs in the federal government … and it will be fully in place before you know it. History And […]
How To Know When You May Be A Target In An IRS Criminal Investigation A simple mistake, oversight, or your accountant’s malpractice may trigger an IRS criminal investigation. Specifically, unreported income, mismatch of information on a tax return versus third-party reporting information, a false statement, the use of an impermissible accounting or banking service, or […]
According to a report published by The Iowa Orthopedic Journal, a study conducted by a team of orthopedic specialists affiliated with the State University of New York (SUNY) Downstate Health Sciences University in Brooklyn found that patients with a history of cannabis use are less likely than non-users to experience adverse medical outcomes following thoracolumbar […]
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 […]
U.S. Supreme Court To Weigh In On How FBAR Penalties Are Calculated In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS audit, IRS agents are looking for […]
New Mileage Rates Announced By IRS For Balance Of 2022 In recognition of recent gasoline price increases, the IRS announced an increase in the optional standard mileage rate for the final 6 months of 2022. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, […]
Be Prepared – All Taxpayers Should Plan Ahead For Natural Disasters. Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them. IRS Tax Relief Details The IRS usually announces tax relief to any area designated by […]
On May 25, 2022 Rhode Island officially became the 19th state in the U.S. to legalize adult-use marijuana when Democratic Governor Dan McKee signed into law a bill passed by state lawmakers the day before. Existing medical cannabis operators will be able to obtain hybrid adult-use licenses on December 1, 2022 so recreational sales are expected to begin then. […]
Every six months the California Department Of Tax And Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry re-determines the cannabis markup rate. This rate is the markup between the wholesale cost and the retail selling price and is based on statewide market data. For the period commencing […]
Advantages To Filing A 2021 Tax Return – Getting Money Due To You Most people with gross income of $12,550 or more must file a federal tax return. Some people with a lower income are not required to file. However, these individuals should still consider filing for a refund of federal income tax withheld. They […]
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