Entries by Tax Attorney

Jews Granted Minority Status By U.S. Department Of Commerce, Opening Access To Billions In Benefits

/0 Comments/in /by

In a landmark agreement, the U.S. Department of Commerce during the Biden administration announced it has officially recognized Jewish-owned businesses as Minority Business Enterprises (“MBE”). This designation, formalized through a memorandum of understanding (“MOU”) between the Orthodox Jewish Chamber of Commerce and the Minority Business Development Agency (“MBDA”), enables Jewish entrepreneurs to access a plethora of federal […]

Former DEA Official Derek Maltz: Trump’s nominee to lead the DEA. What Could This Mean To The Future Of Cannabis Rescheduling?

/0 Comments/in , /by

On January 20, 2025 President Trump named Derek Maltz to take over as DEA administrator on an interim basis.  Since his previous retirement from the DEA, Maltz was working as head of government relations for a software company.   Maltz, whose 28-year DEA career included 10 years as special agent in charge of the agency’s Special […]

Former Missouri Congressman and Auctioneer – Billy Long: Trump’s nominee to lead IRS. What Could This Mean To The Future Of IRS Tax Enforcement?

/0 Comments/in , /by

Danny Werfel who was sworn in as the 50th IRS Commissioner on April 4, 2023 announced his resignation effective January 20, 2025 even though his current 4-year term does not expire until 2027.  Donald Trump who will be inaugurated as President on January 20, 2025 has named his nominee, former U.S. Representative Billy Long of […]

Cannabis Rescheduling Hearing Indefinitely Stayed

/0 Comments/in , /by

The prime benefits of reclassifying cannabis from a Schedule 1 substance to a Schedule 3 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 26, 2024 the Drug Enforcement Administration (“DEA”) released its notice scheduling […]

California Wildfire Victims Qualify For IRS Tax Relief

/0 Comments/in /by

On January 10, 2025 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on January 7, 2025. These taxpayers now have until October 15, 2025, to file various federal individual and business tax returns and make tax payments. The California Department Of Tax And […]

Court Authorizes IRS to Issue John Doe Summonses for Records Relating to U.S. Taxpayers with Offshore Bank Accounts With Trident Trust Group

/0 Comments/in , , , /by

A number of U.S. taxpayers with beneficial ownership and control over funds held in accounts at Trident Trust Group and its affiliates (collectively, “Trident”), have admitted failing to report income earned from their offshore accounts on their federal tax returns.  The IRS has reason to believe that other U.S. taxpayers who held or presently hold […]

When Is Sales Tax Due On Vehicles Sold In California?

/0 Comments/in /by

California under its Sales And Use Tax Law, imposes sales tax on vehicles purchased and delivered in the State. This applies to new and used vehicles. The sales tax is based on the sales price of the vehicle without any reduction for trade-in value of a vehicle owned by the buyer. The California Department Of […]

In A Major Flip-Flop Of Position, The 5th Circuit Court of Appeals Reinstates The Nationwide Injunction Of Enforcement of the Corporate Transparency Act.

/0 Comments/in , /by

Requirement For Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders Put On Hold By The 5th Circuit Court Of Appeals. The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate […]

5th Circuit Court of Appeals allowing enforcement of the Corporate Transparency Act … at least for now.

/0 Comments/in , /by

Requirement For Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders Still Remains Despite Challenge At The 5th Circuit Court Of Appeals. The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to […]

Nationwide Block On The Corporate Transparency Act Remains In Place

/0 Comments/in , /by

Nationwide Block On The Corporate Transparency Act Remains In Place Requirement For Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders Put On Hold The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant […]