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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 […]
Just because California suspended the cultivation tax on cannabis, don’t think that as an unlicensed grower you have nothing to worry about. Legal California cannabis businesses have been complaining about taxes, which in parts of the state are among the highest in the nation. This is one of the reasons why the black market continues to […]
On March 7, 2023, Oklahoma held a single-issue special election to legalize adult-use cannabis. State Question 820 was left off the ballot last fall, after the Oklahoma Supreme Court flagged the petitioners for a missed deadline but Gov. Kevin Stitt called this March 7th vote specifically to give the electorate a shot at the issue. […]
U.S. Supreme Court Provides Relief From FBAR Penalties – What You Must Know About IRS FBAR Penalty Negotiations 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 […]
IRS and FTB providing tax relief for victims of severe winter storms, flooding, and mudslides in California New announcement extends tax deadlines to October 16, 2023. The IRS announced on January 10, 2023 that California storm victims have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. […]
Tax Planning For Businesses – What You Need To Know About Business Meals, Business Travel, And Advertising And Marketing Costs Under prior law, a taxpayer generally can deduct business-related meal and entertainment expenses paid or incurred in entertaining a client, customer, or employee. The taxpayer had to show that the item was directly related to […]
IRS Issues Guidance On Taxability Of State Tax Payments On February 10, 2023 the IRS announced the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments […]
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