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 […]
68% of Americans support legalizing the possession and use of cannabis by adults, according to recent nationwide polling data compiled and reported by Gallup. 1969, when Gallup first began surveying the question, only 12% of Americans backed cannabis legalization. The poll results were released just days after voters in five states (Arizona, Mississippi, Montana, New Jersey and […]
IRS Criminal Investigation Division Releases Its 2020 Annual Report On November 16, 2020 the IRS released the Criminal Investigation Division’s (CI) annual report, highlighting significant successes and criminal enforcement actions taken in fiscal year ending September 30, 2020. The IRS noted that a key achievement was the identification of over $10 billion in tax fraud and other […]
IRS Gearing Up To Resume Home Visits – What High Income Taxpayers Should Know About Filing Late Tax Returns Every year, about 9 million taxpayers miss tax deadline or fail to file their tax returns according to data from the Internal Revenue Service. How To Handle Late Tax Returns? The Treasury Inspector General for Tax Administration on […]
Attention College Students: Do Not Miss Out On Your Economic Impact Payment Deadline is November 21, 2020 to register with IRS. 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. […]
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 […]
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