With the proliferation of licensed cannabis businesses sprouting in the State Of California and a growing number of States, a lot of cannabis business will be filing tax returns with the IRS for the first time. But beware, the IRS is well aware that successful cannabis businesses don’t just sprout overnight and now that your […]
Infrastructure Bill Tax Provisions Include Increased Reporting Requirements For Cryptocurrency Transactions Section 80603 of the bill imposes new crypto-assets information reporting requirements on brokers. Cryptocurrency / Bitcoin – Is this the 21st century answer to hiding assets in Swiss bank accounts? The IRS thinks this is the case which is why the IRS has stepped up […]
California Proposition 215 a/k/a The Compassionate Use Act of 1996, legalized medical cannabis in the state of California. It granted persons with a doctor’s permission access to cannabis from criminal prosecution regarding the possession or cultivation of cannabis. California voters approved Proposition 215 in November 1996 which was the start of other states legally allowing […]
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 […]
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 Expands Its Wave Of Tax Relief To More Victims Of Hurricane Ida The IRS announced on August 31, 2021 that victims of Hurricane Ida that began on August 26, 2021 now have until January 3, 2022 to file various individual and business tax returns and make tax payments. This relief was announced with a […]
You should know that when the IRS wants to talk about a particular business sector that it is usually a sign that such business sector is identified as having a high potential for non-compliance and thus more tax revenues. On September 27, 2021, De Lon Harris, the Commissioner of the IRS Small Business/Self Employed (SB/SE) […]
You should know that when the IRS wants to talk about a particular business sector that it is usually a sign that such business sector is identified as having a high potential for non-compliance and thus more tax revenues. On September 27, 2021, De Lon Harris, the Commissioner of the IRS Small Business/Self Employed (SB/SE) […]
Tax Planning In The Era Of COVID-19 – What You Need To Know About Business Meals And Advertising And Marketing Costs The Consolidated Appropriations Act, 2021, Pub. L. No. 116- 260, 134 Stat. 1182 (December 27, 2020) amended §274 of the Internal Revenue Code (Code) providing a temporary 100-percent deduction for expenses that are paid […]
Another Leak Of Taxpayers Allegedly Involved In Hiding Assets Offshore – What You Need To Know About The “Pandora Papers” A compilation based on 11.9 million financial records uncovers more than 100 billionaires, 30 world leaders and 300 public officials and their use of offshore accounts to avoid taxes or otherwise hide ownership of assets. On […]
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