The U.S. Tax Court’s recent decision in Ayla A. Savage v. Commissioner (165 T.C. No. 5, September 11, 2025) delivers a setback to cannabis businesses, by shutting them out of tax benefits available to other industries. The Tax Court’s ruling demonstrates how Section 280E’s restrictions limits cannabis operators’ access to newer tax advantages. Internal Revenue Code Section […]
The California Department Of Tax And Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis, in consultation with the Department Of Finance, is required by law to adjust the cannabis excise tax rate for the 2025-26 fiscal year and every two years thereafter. The rate change reflects an additional […]
Focus: Deduction For Tips From Income Tax On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. […]
On August 27, 2025 the Treasury Inspector General for Tax Administration issued a report that looked at a lesser-known pandemic relief provision that allowed employers and self-employed individuals to defer Social Security tax payments during the pandemic. That report stated that nearly 1.1 million employers opted to use the deferment which amounted to approximately $133 […]
With all the resignations and firings in IRS earlier this year that resulted in 26,000 employees leaving the IRS (26% of its workforce), officials at the IRS are now recognizing that this cut was too deep and the agency is having problems in carrying out its duties. Another complication is the need for the IRS […]
Focus: Charitable Contribution Deductions On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. The passing […]
The prime benefits of reclassifying cannabis from a Schedule I substance to a Schedule III substance is that the Federal government would recognize medical benefits of cannabis, make Section 280E inapplicable to licensed cannabis operators, and open up financial and banking markets. On August 11, 2025 President Donald Trump said his administration was “looking at […]
On June 12, 2025, the Senate confirmed President Donald Trump’s nomination of former U.S. Rep. Billy Long of Missouri to be Internal Revenue Service commissioner, clearing the path for him to begin a term that will end in November 2027; but that service ended on August 8, 2025 when Trump announced Long being removed from […]
Focus: Casualty and Business Losses Deduction On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. […]
Focus: Interest on Car Loans Deduction On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. […]
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