On October 20, 2020, the U.S. Court of Appeals for the 10th Circuit issued its opinion ruling against a group of Colorado cannabis dispensaries and their affiliates that includes The Green Solution Retail Inc., The Green Solution LLC, Infuzionz, LLC, Green Earth Wellness Inc., TGS Management LLC, S-Type Armored LLC, IVXX Infuzionz LLC, Medicinal Wellness […]
Mississippi Tax Preparer Sentenced to Prison for False IRS Returns The U.S. Attorney’s Office for the Southern District of Mississippi announced on November 5, 2020 in a press release that Talvesha Glaude who owned and operated a tax return preparation business was sentenced to 22 months in prison for preparing false income tax returns and ordered […]
On November 3, 2020, voters in five states (Arizona, Mississippi, Montana, New Jersey and South Dakota) passed new medical or recreational cannabis laws. South Dakota voters adopted legalization of both medical and recreational cannabis. Arizona, Montana and New Jersey voters adopted expansion of cannabis legalization to recreational use. Mississippi voters adopted legalization of medical cannabis […]
IRS Provides Tax Relief For Victims Of September 2020 Wildfires In California. The IRS announced on October 19, 2020 that victims of the California wildfires that began September 4th may qualify for tax relief. Individuals who reside or have a business in Fresno, Los Angeles, Madera, Mendocino, San Bernardino, San Diego and Siskiyou counties in […]
Federal Government Extends 2019 FBAR Filing Deadline For Certain Taxpayers Involved In Offshore Accounts If you did not report your offshore accounts before 2019, beware of criminal and civil penalties that could be imposed on you. An extension is your way of asking the IRS for additional time to file your tax return. The IRS will automatically […]
More Guidance From IRS On PPP Loans: Lenders Should Not File Form 1099-C for Forgiven PPP loans 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 […]
Were You Affected By Hurricane Sally? IRS Is Providing You With Tax Relief And Extending Upcoming Tax Deadlines. The IRS announced on September 24, 2020 that victims of Hurricane Sally that began on September 14, 2020 may qualify for tax relief. This follows the August 31, 2020 announcement by IRS granting tax relief for victims […]
The California Department Of Tax And Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis industry under Emergency Regulation 3700 established a new category and tax rate for the cannabis cultivation tax that took effect January 1, 2018, along with the other existing cultivation tax rates. Every six months […]
The IRS announced on September 17, 2020 that victims of the Oregon wildfires that began September 7 may qualify for tax relief. Individuals who reside or have a business in Clackamas, Douglas, Jackson, Klamath, Lane, Lincoln, Linn and Marion counties in Oregon, have until January 15, 2021, to file certain individual and business tax returns and make certain tax […]
The Internal Revenue Service released updated guidance on tax policy for the cannabis industry. The new guidance briefly covers the rules for income reporting, cash payment options, estimating tax payments and keeping financial records. Under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance due to the historical belief […]
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