Federal & California Governments Making It Easier For Taxpayers In The Gig Economy To Be Treated As Independent Contractors. Why Tax Planning Is More Important If You Earn Income From The Gig Economy. From renting spare rooms and vacation homes to car rides or using a bike…name a service or a craft & handmade item […]
Israel Is Dominating Global Medical Cannabis Research Despite An Anti-Federal U.S. Climate Most people would be surprised to hear that Israel is the global leader in medical cannabis research. Not a surprise here considering that Israel is already known as an agricultural heavyweight and first allowed patients with qualifying conditions to use cannabis in the […]
Where Is My IRS Second Economic Impact Payment? Starting December 29, 2020 the IRS begins delivering the second round of Economic Impact Payments On December 27, 2020 President Trump signed the $900 million Stimulus Bill formally known as the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (the “CARES Act II”) to provide assistance […]
Why You Don’t Mess With California Even During A Pandemic – A Primer On California Tax Collection Actions. Don’t think that you can avoid California tax enforcement action just because we are in a pandemic. California is unique in the structure of its tax system. Most States operate under a single tax agency. The Federal […]
We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures in a negative light while attempting to portray the drug as a national threat. The IRS appears to be following the agenda of the […]
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 […]
5 Moves To Make Before Year End That Can Save You A Lot of Money on Your 2020 Taxes On December 22, 2017, President Trump signed into law the 2017 Tax Cuts And Jobs Act. It’s been a good 30 years since the last time the Internal Revenue Code received such a major update. Major […]
More Guidance From IRS On PPP Loans: Deductibility of Expenses Where a Business Received a PPP Loan On March 27, 2020 President Trump signed the $2 trillion Stimulus Bill formally known as the Coronavirus Aid, Relief and Economic Security [CARES] Act (the “CARES Act”) to provide assistance to workplaces and employees. The CARES Act provides […]
The United Nations Commission on Narcotic Drugs held a vote on December 2, 2020 that medical cannabis be taken off the Single Convention on Narcotic Drugs (1961) Schedule IV list. The list contains other drugs such as fentanyl, cocaine and heroin. This runs contrary to U.S. Federal law where under the Controlled Substances Act (21 U.S.C. 801) cannabis […]
Even though more and more states are allowing the sale of cannabis at the medical and/or recreational level, it is still a business that deals essentially in cash only. Why? Because most traditional banks refuse to deal with any cannabis businesses. This forces cannabis businesses to seek alternative financial institutions, smaller banks and credit unions […]
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